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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, 07 April 16
PANAMAX RATES ARE FIRMING IN BOTH HEMISHEPHERES - FEARNLEYS
Capesize
With a great volume our of west Australia, rates were finally moving to upper 3's. and stabilizing towards the middle of the week in ...
Thursday, 07 April 16
BIMCO AND GIIGNL PUBLISH A GROUNDBREAKING VOYAGE CHARTER PARTY FOR LNG TRADE
BIMCO and the International Group of Liquefied Natural Gas Importers (GIIGNL) have today jointly issued the first definitive voyage charter party & ...
Wednesday, 06 April 16
HOW LONG SHIPPING CRISIS WILL BE; WHEN SHOULD OWNERS EXPECT THE BULK CARRIERS TO BECOME PROFITABLE? - INTERMODAL
It is the consensus that dry bulk shipping has been in a crisis for quite some time now. Bulk carrier values are at historical low levels, therefor ...
Tuesday, 05 April 16
DRY BULK REVISITS 1980S LOWS AND FACES UNCERTAIN LONGER TERM OUTLOOK - MSI | HELLENIC SHIPPING NEWS
With the market near bottom, attention is turning to the length of the downturn, the effect on asset values and the impact of broader demand side c ...
Monday, 04 April 16
THE LOADING, AND SUBSEQUENT DISCHARGE, OF UNSAFE NICKEL ORE - ALL TIME TO 'COUNT' - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
In a recent, published, London arbitration award the English tribunal has held that all time lost as a result of loading, ...
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- Bhoruka Overseas - Indonesia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Indian Oil Corporation Limited
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Maheswari Brothers Coal Limited - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Malabar Cements Ltd - India
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- White Energy Company Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Iligan Light & Power Inc, Philippines
- Sojitz Corporation - Japan
- Directorate Of Revenue Intelligence - India
- Pipit Mutiara Jaya. PT, Indonesia
- MS Steel International - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Salva Resources Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Grasim Industreis Ltd - India
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Karbindo Abesyapradhi - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Independent Power Producers Association of India
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Vedanta Resources Plc - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Savvy Resources Ltd - HongKong
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Medco Energi Mining Internasional
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- The University of Queensland
- New Zealand Coal & Carbon
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- Dalmia Cement Bharat India
- Mjunction Services Limited - India
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- Planning Commission, India
- Tamil Nadu electricity Board
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- India Bulls Power Limited - India
- Kobexindo Tractors - Indoneisa
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Binh Thuan Hamico - Vietnam
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