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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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Monday, 19 November 18
SUPRAMAX: THE BSI CONTINUED TO FALL LAST WEEK, ESPECIALLY THE ASIAN ROUTES - BALTIC BRIEFING
Capesize
After a cut throat couple of weeks, the market finally appeared to have found a floor and rates ticked up. Those analysts that predict ...
Sunday, 18 November 18
COAL STOCKS IN A THIRD OF NTPC PLANTS CLOSE TO NIL - FINANCIAL EXPRESS
Coal supply shortage continues to haunt NTPC, the country’s largest power generator, with latest government data showing 31% of the company&r ...
Thursday, 15 November 18
OIL MARKET REPORT: HEEDING THE WARNINGS - IEA
In last month’s Report, we noted that since the middle of the year oil supply had increased sharply, with gains in the Middle East, Russia an ...
Wednesday, 14 November 18
BIMCO ADOPTS 2020 BUNKER CLAUSES
BIMCO has developed two 2020 bunker clauses that deal with general compliance and the transitional period for an early December release.
...
Wednesday, 14 November 18
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The shipping industry is going through an interesting period across all markets. Since the end of last year, the Dry Baltic Index has been showing ...
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- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Planning Commission, India
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Madhucon Powers Ltd - India
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Economic Council, Georgia
- Makarim & Taira - Indonesia
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- ICICI Bank Limited - India
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Straits Asia Resources Limited - Singapore
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Aditya Birla Group - India
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Cigading International Bulk Terminal - Indonesia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Australian Coal Association
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
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