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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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Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
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- Rio Tinto Coal - Australia
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Singapore Mercantile Exchange
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- MS Steel International - UAE
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Finance - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Renaissance Capital - South Africa
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Coalindo Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Central Electricity Authority - India
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Gujarat Sidhee Cement - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Economic Council, Georgia
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Australian Coal Association
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Planning Commission, India
- Heidelberg Cement - Germany
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- SMC Global Power, Philippines
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Anglo American - United Kingdom
- Bhatia International Limited - India
- VISA Power Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
- Miang Besar Coal Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Vizag Seaport Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Price Waterhouse Coopers - Russia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Standard Chartered Bank - UAE
- The University of Queensland
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Sinarmas Energy and Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
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