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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Monday, 14 December 15
CFR SOUTH CHINA COAL SWAP IS STILL SLIDING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 0.93(2.18%) per ton month over month.
A commodity swap ...
Sunday, 13 December 15
THE LOW VESSEL DEMANDS PUSHED DOWN BALTIC DRY INDEX FURTHER DOWN
COALspot.com: The low vessel demand across nearly all vessel sizes pushed the Baltic Exchange’s main sea freight index further down in this F ...
Sunday, 13 December 15
DRY BULK RATES KEEP ON FALLING AS LOW VESSEL DEMAND IS STILL THE NORM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market nowadays is in an endless downward spiral, which as it turns out is unable to recover, at least as long as the current balance ...
Friday, 11 December 15
US COAL PRODUCTION UP 7.7% IN WEEK ENDED DECEMBER 5, 2015
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 16.1 million shor ...
Thursday, 10 December 15
LIENING CARGO - WHICH LIEN CLAUSE APPLIES TO THE BILL OF LADING? : WIKBORG REIN | HELLENIC SHIPPING NEWS
KNOWLEDGE TO ELEVATE
In a dry bulk market where a charterer is not paying freight or hire, its counterparty is often left to consider whether ...
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- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Chettinad Cement Corporation Ltd - India
- Planning Commission, India
- LBH Netherlands Bv - Netherlands
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Mercuria Energy - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Indonesian Coal Mining Association
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Singapore Mercantile Exchange
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Kobexindo Tractors - Indoneisa
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- OPG Power Generation Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- ICICI Bank Limited - India
- Bulk Trading Sa - Switzerland
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Xindia Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Bhatia International Limited - India
- Parliament of New Zealand
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Goldman Sachs - Singapore
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
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