Nov 19, 2010

Adaro picks 3 coal barging contractors

One of Indonesia's coal miner PT Adaro Energy Tbk (ADRO) today announces that its wholly-owned PT Adaro Indonesia has signed three long term coal barging contracts today in a bid to strengthen the barging segment of the coal supply chain and lower freight rates by en estimated 15%.
In a press statement filed to Indonesia Stock Exchange (IDX) today, the deals were done to support growth, improve efficiency, and lengthen the maturity of contracted barging volumes.
Following a tender process and negotiations, Adaro simultaneously signed contracts with three of its six existing contractors, PT Pulau Seroja Jaya, subsidiary of Singapore-listed Seroja Investments Pte Ltd, PT Mitra Bahtera Segara Sejati (MBSS), and PT Mandiri Abadi Maritim.
"We have created an innovative approach to awarding new barging tonnages and will enjoy lower freight costs on the associated tonnage," said Adaro President Director Boy Thohir said.
Pulau Seroja is partly owned by two of Adaro Energy's Group of five key shareholders, Edwin Soeryadjaya and Sandiaga Uno, which both own a minority interest in Adaro Energy, while Mandiri Maritim and Mitra Bahtera are not related parties.
Disclosure: No position at the stock mentioned above.

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