OFFICIAL OWNERSHIP of the North Queensland Export Terminal (NQXT) at Abbot Point has shifted from one Adani Group entity to another, with no immediate change in the facility’s operations expected.
In an announcement late last week the board of directors of India’s “largest integrated transport utility company”, Adani Ports and Special Economic Zone (APSEZ) said it had approved the acquisition of Abbot Point Port Holdings (APPH) from Carmichael Rail and Port Singapore Holdings (CRPSHPL).
APPH holds the entities that own and operate the NQXT (formerly Abbot Point Coal Terminal), approximately 25 kilometres north of Bowen and with a current nameplate capacity of 50 million tonnes per annum. It is held under a long-term lease from the Queensland Government.
The transaction will be completed on a non-cash basis. APSEZ will issue 143.8 million equity shares to CRPSHPL, in exchange for acquisition of 100 per cent interest in APPH. This is based on the enterprise value of NQXT of AU$3.975 billion (US$2.54 billion).
As part of the transaction, APSEZ will also assume other non-core assets and liabilities on APPH’s balance sheet, which APSEZ will realise within a few months of the acquisition (zero net impact on the transaction valuation). APSEZ’s leverage will remain at similar levels post the transaction.
Speaking on the acquisition, Ashwani Gupta, whole-time director & CEO, APSEZ, said: “NQXT’s acquisition is a pivotal step in our international strategy, opening new export markets and securing long-term contracts with valued users.
“Strategically located on the East-West trade corridor, NQXT is poised for robust growth as a high-performing asset, driven by increased capacity, upcoming contract renewals in the medium term, and the potential for green hydrogen exports in the long term.
“We are targeting EBITDA growing to A$400 million within four years. I am proud to welcome NQXT to our ‘Growth with Goodness’ initiative, as it exemplifies our commitment to high standards in environmental, social, and governance practices,” Mr Gupta said.
During FY25, NQXT had a contract capacity of 40MMT and handled all-time high cargo volume of 35MMT. The weighted average mine life the NQXT’s current users is c. 60 years. Cargo from NQXT was exported to 15 countries including 88% to Asia and 10% Europe. NQXT posted FY25E A$349 million revenue and EBITDA of A$228 million (incremental EBITDA margin in excess of 90% for APSEZ, excluding pass-through O&M cost included in the revenue).
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