Australia's Cokal hits over 4-1/2-month high on securing chartering contract

Cokal

21/03/2024 01:32

** Shares of Cokal  CKA.AX  rise as much as 18.3% to A$0.08,
their highest since Oct 31
    ** Stock posts its biggest intraday pct gain since March 11 
    ** The coal company secures a 12-month revenue stream by
chartering barges to ensure continuous delivery of coal from
Bumi Barito Mineral (BBM) mine in Indonesia to market
    ** Co to charter two sets of 230ft jumbo barges with total
capacity of approximately 8,000 tons and transport coal from the
Batu Tuhup Jetty to the Taboneo Anchorage for onward shipment
    ** Adds the 12-month charter agreement will ensure Cokal is
able to continuously deliver BBM product coal to seaborne and
domestic markets
    ** About 1.4 mln shares change hands, compared with the
30-day average volume of 685,401
    ** Stock has fallen 40.8% this year, as of last close
    

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))