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Tuesday, 16 November 10
ROTHSCHILD BUYS INDONESIAN COAL STAKES FOR $3 BILLION - BLOOMBERG
Bloomberg reported that, Nathaniel Rothschild, the only son of U.K. financier Jacob Rothschild, agreed to invest $3 billion in two Indonesian coal companies through Vallar Plc, allowing the nation’s biggest producer of the fuel to list in London.
Bloomberg further reported, Vallar will buy 75 percent of PT Berau Coal Energy and 25 percent of PT Bakrie & Brothers’ PT Bumi Resources in a cash and stock transaction, the company said today in a statement. Bakrie Group will be the largest combined shareholder in Vallar -- to be renamed Bumi Plc -- and have the right to nominate the chairman, chief executive officer and chief financial officer.
The reverse takeover, which gives control to the holders of the acquired company, will create an Indonesian “resources champion,” combining the nation’s largest coal producer, Bumi, and fifth-largest, Berau, according to Vallar. Rothschild, former co-president of New York hedge-fund firm Atticus Capital LLC, raised 707.2 million pounds ($1.13 billion) in Vallar’s initial public offering in London in July and had considered deals of as much as $5 billion.
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“This acquisition should be well received by investors since this is a good price for high-quality coal assets,” Liberum Capital analysts wrote in a report. “A London-listed, large scale, pure play Indonesian coal play should offer a unique commodity exposure and have strong investment appeal.”
Bumi Plc will target coal output of 140 million metric tons a year and be the largest thermal-coal supplier to China, Rothschild said on a conference call.
Mandatory Offer
Vallar, whose London-traded shares were suspended today, plans to make a mandatory offer to Berau’s minority shareholders and increase its ownership in Bumi in 2011, it said. Bakrie Group will hold 43 percent of Vallar stock after the deal.
The planned London listing, the first for an Indonesian company, “will enhance our international profile, provide a currency and platform for development in the region and put us in a much stronger position to build on the organic growth that our combined assets already provide,” Indra Bakrie, proposed chairman of Jersey, Channel Islands-based Vallar, said in the statement.
The “remarkable” deal is a “win-win” for shareholders, said Rothschild, who in April ranked seventh in the Sunday Times “Rich List,” an annual estimate of net worth of the 25 wealthiest U.K.-based hedge-fund managers.
Bumi Production
Indonesia is Asia’s biggest exporter of thermal coal, used in power stations. Bumi Resources, the country’s largest coal miner by volume with a market value of 54 trillion rupiah ($6 billion), produced 60 million tons and sold 58 million tons of the fuel last year.
The Jakarta-based company is a unit of Bakrie & Brothers, an investment company controlled by the family of billionaire and politician Aburizal Bakrie, Indonesia’s fourth-richest man, according to Forbes Asia. Sovereign wealth fund China Investment Corp. bought $1.9 billion of debt from Bumi in September 2009.
Bumi shares reversed losses after today’s announcement, rising 2 percent to 2,600 rupiah at 3:40 p.m. Jakarta time. The stock has climbed 7.2 percent this year, compared with a 44 percent gain in the benchmark Jakarta Composite Index.
Berau, with a market value of 18.2 trillion rupiah, is 75 percent owned by PT Bukit Mutiara, a unit of PT Recapital Advisors. Bukit Mutiara will retain 15.3 percent after the sale, Berau said in a statement.
Berau expects to produce 17.9 million tons of coal this year, rising to as much as 22 million tons by 2012, President Director Rosan Roeslani said Aug. 19. The Jakarta-based company raised $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Tuesday, 25 December 18
FUEL QUALITY AND SAFETY IN IMO CONVENTIONS: A GROWING CHALLENGE, EVEN PRIOR TO 1 JANUARY 2020 - IUMI
At the 100th session of the International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) meeting discussions on fuel quality a ...
Monday, 24 December 18
DRY BULK MARKET: CAPESIZE MARKET ON BACKFOOT AS 2018'S END DRAWS NEAR - THE BALTIC BRIEFING
Capesize
Panic set in in the East as the holiday season approaches, with owners chasing rates lower. Rates on the key West Australia/China route ...
Friday, 21 December 18
4.2 MILLION DWT OF DRY BULK SHIPS SCRAPPED UNTIL 17 DEC, DOWN 71.6% Y/Y - BIMCO
2018 has been a slow year for dry bulk demolitions, with only 4.2 million DWT scrapped (as of 17 December), down 71.6% compared to last year. An al ...
Thursday, 20 December 18
INDONESIAN COAL PRICES DIVERGE FROM KEY BENCHMARK - FITCH RATINGS
The Newcastle 6,000kcal coal price benchmark that is widely used to determine most coal price estimates for Indonesian coal miners has increasingly ...
Wednesday, 19 December 18
CHINA'S IMPORT RESTRICTIONS ON COAL SPOILS THE PARTY FOR PANAMAXES - DREWRY
The Chinese government’s objective of suppressing coal and lignite imports in November and December 2018 is adversely impacting demand for Pa ...
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- McConnell Dowell - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Gujarat Sidhee Cement - India
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Port Waratah Coal Services - Australia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Renaissance Capital - South Africa
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Jorong Barutama Greston.PT - Indonesia
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Latin American Coal - Colombia
- Star Paper Mills Limited - India
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- The State Trading Corporation of India Ltd
- Asmin Koalindo Tuhup - Indonesia
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Mercuria Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bulk Trading Sa - Switzerland
- European Bulk Services B.V. - Netherlands
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Bukit Asam (Persero) Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Bayan Resources Tbk. - Indonesia
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
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