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Friday, 23 November 18
GOLDEN ENERGY'S POTENTIAL ACQUISITION OF STANMORE CREDIT POSITIVE - FITCH RATINGS
 Golden Energy and Resources Limited's (GEAR, B+/Positive) potential acquisition of Stanmore Coal will help the company diversify its coal operations beyond Indonesia, Fitch Ratings says. GEAR's Positive Outlook reflects our expectation that the company, primarily through its 67%-owned coal-mining subsidiary, PT Golden Energy Mines Tbk (GEMS, B+/Positive), will be able to successfully continue its production ramp-up to a level commensurate with the profile of a 'BB-' rated entity over the next 12-18 months.
The completion of the potential acquisition, depending on the effective ownership GEAR is able to secure, can potentially hasten the company's improvement in scale and diversity and thereby increase the likelihood of an upgrade in GEAR's ratings. Fitch is likely to upgrade GEAR's ratings if it is able to maintain a production volume of more than 30 million tonnes (mt) per annum, which we expect the company to achieve by 2020. Production increased to about 16 mt in 9M18 from about 10 mt in 9M17.
GEAR signed an agreement on 16 November 2018 to purchase 19.9% of the shares of Australia-based Stanmore from one of its shareholders for USD35 million. GEAR has also made a takeover bid for the remainder of Stanmore shares through a 51%-owned subsidiary, Golden Investments. The transaction will be restructured such that Golden Investments will hold 100% of Stanmore eventually, which will result in GEAR effectively owning 51% of the Australian company. GEAR expects a net cash outflow of around USD90 million for its effective share of the acquisition. It plans to fund the acquisition primarily from bond issue proceeds, which it raised in February 2018.
Stanmore expects to produce about 2 mt of coal in the financial year ending June 2019 (FY19), most of which is coking coal from its Australian mines, which generates considerably higher cash profits per tonne of coal than GEAR's current production. Stanmore generated EBITDA of USD27 per tonne in the 12 months to June 2018 compared with GEMS's USD11 per tonne. GEAR reported proportionate consolidated EBITDA of USD120 million during the 12 months ended June 2018 while Stanmore expects EBITDA to increase from USD35 million in FY18 to USD94 million-108 million in FYE19.
We expect GEAR's financial profile to continue to remain strong even after the proposed acquisition, with net debt to EBITDA remaining at or below 1x (9M18: 0.6x). In our view, Stanmore's net cash position, steady earnings and absence of any large capex in the near term will support GEAR's financial profile after the acquisition. However, plans for increasing Stanmore's feeble proved (1P) reserves (end-June 2018: 9.1 mt) may have an impact on GEAR's rating over the medium term although the company's 2P reserves (proved and probable) remain adequate at 115.1 mt.
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Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
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- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Aboitiz Power Corporation - Philippines
- Latin American Coal - Colombia
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Simpson Spence & Young - Indonesia
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- MS Steel International - UAE
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Formosa Plastics Group - Taiwan
- Samtan Co., Ltd - South Korea
- Tamil Nadu electricity Board
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Bhoruka Overseas - Indonesia
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- PTC India Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- The University of Queensland
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- Siam City Cement - Thailand
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Sindya Power Generating Company Private Ltd
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Semirara Mining Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Sree Jayajothi Cements Limited - India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
- Kobexindo Tractors - Indoneisa
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Sical Logistics Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- GVK Power & Infra Limited - India
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Planning Commission, India
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Australian Coal Association
- Dalmia Cement Bharat India
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