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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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Wednesday, 11 November 15
Q3' 16 RICHARDS BAY COAL SWAP LOST 15.47% SINCE 6 AUGUST; 18.65% SINCE 6 MAY
COALspot.com: API4 FOB Richards Bay Coal swap for delivery Q1’ 2016 declined week over week and month over month.
The Q1’ 2016 &nb ...
Wednesday, 11 November 15
VESSEL VALUES ARE DOWN BY AT LEAST 20% SINCE MID-AUGUST - INTERMODAL
I had promised not to spend another broker’s insight focusing on the dry bulk side. However, the sale of the M/V Churchill Bulker (179,362 dw ...
Tuesday, 10 November 15
SELF-HEATING OF COAL HAS EMPHASISED THE IMPORTANCE OF CHECKING THE ACCURACY OF SHIPPER'S DECLARATIONS - GARD
Recent incidents involving self-heating of coal has emphasised the importance of checking the accuracy of shipper’s declarations for all type ...
Tuesday, 10 November 15
API 5 FOB NEWCASTLE COAL SWAP SLIDES CONTINUE
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $3.55 per ton (8.50%) month over month to US$ 38.20 per ton. The swap ...
Monday, 09 November 15
BUNKER PRICES TO KEEP SLIDING THIS WEEK, EXPERT SAYS - MARINE BUNKER EXCHANGE
The oil price volatility has continued this week. Two dollars up one day and the next day two dollars down. The oil market has been trading on the ...
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- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Australian Commodity Traders Exchange
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Africa Commodities Group - South Africa
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- SN Aboitiz Power Inc, Philippines
- Ministry of Mines - Canada
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Power Finance Corporation Ltd., India
- Coastal Gujarat Power Limited - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Rio Tinto Coal - Australia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Bhatia International Limited - India
- CNBM International Corporation - China
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Mercator Lines Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- Sojitz Corporation - Japan
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Riau Bara Harum - Indonesia
- The University of Queensland
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- PTC India Limited - India
- Sical Logistics Limited - India
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Jorong Barutama Greston.PT - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Planning Commission, India
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
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