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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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Wednesday, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
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- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Deloitte Consulting - India
- CNBM International Corporation - China
- The Treasury - Australian Government
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- CIMB Investment Bank - Malaysia
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Kobexindo Tractors - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- New Zealand Coal & Carbon
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kideco Jaya Agung - Indonesia
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Goldman Sachs - Singapore
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Kapuas Tunggal Persada - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Petron Corporation, Philippines
- Kumho Petrochemical, South Korea
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- London Commodity Brokers - England
- OPG Power Generation Pvt Ltd - India
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Videocon Industries ltd - India
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- The University of Queensland
- Grasim Industreis Ltd - India
- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- Sojitz Corporation - Japan
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
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