WASHINGTON — APT Satellite tv for pc says it has acquired $21 million in insurance coverage funds for the partial failure of the Apstar-6 communications satellite tv for pc in Could 2018.
In a report back to the Hong Kong inventory alternate launched Aug. eight, the operator mentioned many of the indemnity funds regarding Apstar-6’s partial solar energy loss have been collected. A remaining unquantified quantity is predicted by the top of the 12 months.
APT Satellite tv for pc moved the now-14-year-old Apstar-6 into an inclined orbit after the ability situation, and accelerated commissioning of the Apstar-6C satellite tv for pc to fill the hole. The serendipitous availability of Apstar-6C, which launched the identical month the older satellite tv for pc malfunctioned, meant the corporate didn’t endure any materials income losses, it mentioned.
APT Satellite tv for pc collected $16.5 million in insurance coverage funds final 12 months, and one other $four.four million as of June 30 this 12 months. Apstar-6 was constructed by Thales Alenia House.
Regardless of the insurance coverage funds and near-seamless transition to Apstar-6C, APT Satellite tv for pc reported a 9.four% lower in income for the primary six months of 2019. An unnamed however vital buyer didn’t renew a contract, ensuing within the decrease income of $565 million Hong Kong ($72 million) for the six months ended June 30, APT Satellite tv for pc mentioned.
APT Satellite tv for pc operates 4 spacecraft (not counting Apstar-6), two of which launched final 12 months.
APT Satellite tv for pc’s subsequent spacecraft is Apstar-6D, a high-throughput satellite tv for pc that producer China Nice Wall Trade Corp. was anticipated to ship on the bottom this 12 months. The satellite tv for pc is now anticipated in 2020, APT Satellite tv for pc mentioned. The corporate didn’t give a motive for the delay.
Apstar-6D was ordered in 2016 as the primary in a collection of three satellites that would offer international providers by means of a brand new firm known as APT Cell. APT Satellite tv for pc has dedicated to spending 600 million yuan ($85.2 million at present alternate charges) for a 30% fairness stake in APT Cell, which is headquartered in Shenzhen, in mainland China.
APT Satellite tv for pc mentioned it has spent 390 million yuan on manufacturing and launch for Apstar-6D.
APT Satellite tv for pc mentioned it paid off a 2016 mortgage price 427.three million Hong Kong , and had no excellent borrowings, internet of unamortized finance price. The corporate secured a revolving mortgage facility from the China Development Financial institution price as much as $100 million Hong Kong , however had not but used any of the credit score line as of June 30.
Market situations within the Asia-Pacific stay “fierce,” the corporate mentioned, because it has described them for years.
Apstar-5C, the latest satellite tv for pc within the operator’s fleet, has some new high-throughput capability that ought to give it an edge over older satellites, APT Satellite tv for pc mentioned. The corporate described Apstar-5C as properly positioned to “fetch up the more and more saturated typical satellite tv for pc providers enterprise” challenged by oversupply.
Telesat Canada additionally has capability on the satellite tv for pc, which it refers to as Telstar-18 Vantage. Constructed by Maxar Applied sciences, Apstar-5C ought to do notably properly in rising markets, APT Satellite tv for pc mentioned.