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Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
 The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to deal with the future of its business there.
A source said the sale was a result of cabotage laws in Indonesia and the current trend where large coal mines were moving to take control of the logistics of shipping coal.
The buyer, said to be involved in the coal business, would become a strategic partner for Scomi Marine’s business in Indonesia.
“A big boy in the business is coming in,” said the source.
The marine logistics business of Scomi Marine primarily involves the transportation and provision of logistics support for major coal producers in Indonesia.
According to its annual report, the company carried almost 28 million tonnes of coal in 2009, 3% lower than in 2008 due to the slowdown in coal demand.
Scomi Marine yesterday halted trading in its stock on Bursa Malaysia until the close of trading on Tuesday.
The company said in a filing the suspension of trading was to facilitate a material corporate exercise involving a substantial transaction which would entail the disposal of certain subsidiaries of the company.
No further details were given. The stock closed up 2.5 sen yesterday at 43 sen after surging nearly 18% this week.
Scomi Marine has an 80.54% stake in PT Rig Tenders Indonesia Tbk, a company listed on the Jakarta Stock Exchange.
According to its website, Rig Tenders is involved in the chartering of tugs and barges to transport coal and other bulk aggregates as well as chartering of supply vessels, work-over and accommodation barges to support the offshore oil and gas industry.
Rig Tenders currently owns and operates a fleet of 53 vessels consisting of 10 supply vessels, 25 tug boats, two accommodation/work-over barges, nine flat-top barges and seven self-discharging barges. It has 491 personnel, including 437 contractual workers.
For its first quarter ended March 31, Scomi Marine’s net profit nearly doubled to RM21.9mil from RM11.1mil in the previous corresponding period.
Revenue was marginally lower at RM102.8mil compared with RM110.4mil previously.
In April, Scomi Marine completed the sale of a 29.07% stake in Singapore-listed CH Offshore Ltd for S$143.5mil, which saw the company make a gain of RM161.9mil.
Source: The Star online (By JAGDEV SINGH SIDHU )
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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
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- Edison Trading Spa - Italy
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- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
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- Kalimantan Lumbung Energi - Indonesia
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- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Maheswari Brothers Coal Limited - India
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- Kumho Petrochemical, South Korea
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- Romanian Commodities Exchange
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- Sindya Power Generating Company Private Ltd
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- Ceylon Electricity Board - Sri Lanka
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- Indogreen Group - Indonesia
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- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
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- Bharathi Cement Corporation - India
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- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
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- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Salva Resources Pvt Ltd - India
- SMG Consultants - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Mines - Canada
- Eastern Coal Council - USA
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
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- Indian Oil Corporation Limited
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- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- PetroVietnam Power Coal Import and Supply Company
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- Coastal Gujarat Power Limited - India
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- Electricity Generating Authority of Thailand
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- The Treasury - Australian Government
- Power Finance Corporation Ltd., India
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- Mercuria Energy - Indonesia
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- Minerals Council of Australia
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- Parliament of New Zealand
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- VISA Power Limited - India
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- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- Videocon Industries ltd - India
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
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- Orica Australia Pty. Ltd.
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