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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, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
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- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- GMR Energy Limited - India
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- Indian Energy Exchange, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Wood Mackenzie - Singapore
- Global Coal Blending Company Limited - Australia
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- New Zealand Coal & Carbon
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
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- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Gujarat Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Savvy Resources Ltd - HongKong
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- CNBM International Corporation - China
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Coalindo Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- SMC Global Power, Philippines
- Toyota Tsusho Corporation, Japan
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Posco Energy - South Korea
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- Renaissance Capital - South Africa
- GVK Power & Infra Limited - India
- Commonwealth Bank - Australia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- GAC Shipping (India) Pvt Ltd
- Binh Thuan Hamico - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- IEA Clean Coal Centre - UK
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Videocon Industries ltd - India
- Grasim Industreis Ltd - India
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Central Java Power - Indonesia
- Attock Cement Pakistan Limited
- Asmin Koalindo Tuhup - Indonesia
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