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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, 12 October 15
DRY BULK SHIPPING: MARKETS ARE SLOWLY IMPROVING FROM A VERY LOW LEVEL AS THE DEMAND SIDE FALTERS - HELLENIC SHIPPING NEWS
The dry bulk market is in the midst of a shift in demand patterns, which coupled with a tonnage supply overhang, has been facing headwinds over the ...
Monday, 12 October 15
BDI WEIGHED DOWN BY CAPE
COALspot.com: The BDI (Baltic Dry Index) has come back down again this week. The BDI is a benchmark index used to assess the overall cost of moving ...
Sunday, 11 October 15
TANKER SHIPPING: MORE OPTIMISM IN SIGHT FOR TANKERS IN THE WINTER SEASON - BIMCO
Demand:
2015 has been the year of the tanker. The fundamental improvements with slow supply-side growth for some years coupled with low oil pri ...
Friday, 09 October 15
US WEEKLY COAL OUTPUT UP 1.2 PERCENT TO 17.7 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 17.7 million shor ...
Thursday, 08 October 15
CAPESIZE: MOST PEOPLE AGREE A SPIKE IN RATES WILL HAPPEN; WHEN, HOW LONG AND HOW SUBSTANTIAL? - FEARNLEYS
Cape
Depressives start of the fourth quarter, with c3 approaching USD 12 pmt and c5 presently in the mind 5's. According to Fearnleys ship br ...
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- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Electricity Authority, New Zealand
- Renaissance Capital - South Africa
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Bhushan Steel Limited - India
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Carbofer General Trading SA - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Eastern Coal Council - USA
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- MS Steel International - UAE
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Coal and Oil Company - UAE
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Cigading International Bulk Terminal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Marubeni Corporation - India
- Edison Trading Spa - Italy
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Latin American Coal - Colombia
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Borneo Indobara - Indonesia
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Vizag Seaport Private Limited - India
- SMG Consultants - Indonesia
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- The Treasury - Australian Government
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
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