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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, 15 August 16
THE SPOT FREIGHT MARKET STRENGTHEN OVER THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose as Cape and Panamax segments ending in a positive no ...
Friday, 12 August 16
U.S. WEEKLY COAL OUTPUT ENDING AUGUST 6 FELL SLIGHTLY
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.9 million short ton ...
Thursday, 11 August 16
CAPESIZE THE PACIFIC SIDE IS LOOKING MORE POSITIVE, DRIVEN BY AUSTRALIAN IRON ORE - FEARNLEYS
Supramax
Rates continue to be under pressure with index ending up with 639 points and average TC value at USD6,680, said Fearnleys. Fearnleys A/S ...
Thursday, 11 August 16
EIA ESTIMATES THE DELIVERED COAL PRICE TO U.S. ELECTRIC UTILITIES IN 2017 AVERAGED $2.24/MMBTU; $0.05/MMBTU HIGHER THAN 2016 ESTIMATES
Coal Supply
U.S. coal production in July was 65 million short tons (MMst), an 8 MMst (14%) increase from the previous month but 11 MMst (15%) low ...
Wednesday, 10 August 16
THE DRY BULK MARKET KEPT SOFTENING LAST WEEK; WE CAN SEE MUCH HEALTHIER NUMBERS STARTING SEPTEMBER
The Dry Bulk market kept softening last week as we have now started going through the traditionally quieter days of the summer season peak period, ...
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- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Thai Mozambique Logistica
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Central Java Power - Indonesia
- Thiess Contractors Indonesia
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Formosa Plastics Group - Taiwan
- Cement Manufacturers Association - India
- Minerals Council of Australia
- Miang Besar Coal Terminal - Indonesia
- Meralco Power Generation, Philippines
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- Star Paper Mills Limited - India
- PTC India Limited - India
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Wood Mackenzie - Singapore
- OPG Power Generation Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Karaikal Port Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Indian Energy Exchange, India
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Posco Energy - South Korea
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Vedanta Resources Plc - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- GVK Power & Infra Limited - India
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Ministry of Transport, Egypt
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Banpu Public Company Limited - Thailand
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Georgia Ports Authority, United States
- White Energy Company Limited
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- The University of Queensland
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Gujarat Electricity Regulatory Commission - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- McConnell Dowell - Australia
- Ind-Barath Power Infra Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
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