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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, 29 September 16
FREIGHT RATES MIGHT CONTINUE TO SLIDE NEXT WEEK DUE TO HOLIDAYS IN CHINA
Supramax
Flat start to week followed by a slight gain in rates for Supramaxes, says Fearnleys in its latest weekly report.
According to Fear ...
Wednesday, 28 September 16
WITHOUT A DOUBT FREIGHT RATES HAVE MOVED UP A BIT TO HEALTHIER LEVELS - INTERMODAL
As we are approaching Q4, it is interesting to perform a review of the last nine months with respect to the second-hand prices of Supramax and Pana ...
Tuesday, 27 September 16
THE CAPESIZE RATE OF INCREASE HAS BEEN IMPRESSIVE, UP 39% W/W AND 123% MONTH TO DATE - ALLIED
The Dry bulk market has seen a rare shine in its performance as the capesize sector manages to rally at an unprecedented rate compared to its perfo ...
Monday, 26 September 16
COAL PRICES HAVE BEEN MOVING STEADILY HIGHER AFTER YEARS OF DECLINE
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 26 September 16
THE FREIGHT MARKET WAS FIRM; ALL SEGMENTS WERE UP THIS PAST WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
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- Globalindo Alam Lestari - Indonesia
- The University of Queensland
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- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Timah Investasi Mineral - Indoneisa
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
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- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
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- London Commodity Brokers - England
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Economic Council, Georgia
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
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- Posco Energy - South Korea
- Interocean Group of Companies - India
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- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- White Energy Company Limited
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Australian Commodity Traders Exchange
- Kapuas Tunggal Persada - Indonesia
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
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- Ind-Barath Power Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
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- Coastal Gujarat Power Limited - India
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- Sindya Power Generating Company Private Ltd
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- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Mercuria Energy - Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- The Treasury - Australian Government
- Leighton Contractors Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Rashtriya Ispat Nigam Limited - India
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Planning Commission, India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
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- Bhatia International Limited - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
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- Malabar Cements Ltd - India
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- Eastern Energy - Thailand
- Thai Mozambique Logistica
- SMG Consultants - Indonesia
- Oldendorff Carriers - Singapore
- Central Java Power - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- Kartika Selabumi Mining - Indonesia
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Krishnapatnam Port Company Ltd. - India
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
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- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
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- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Sojitz Corporation - Japan
- MS Steel International - UAE
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
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