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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Tuesday, 13 January 15
MORE PITFALLS FOR OWNERS LOOKING TO TERMINATE FOR UNPAID HIRE - INCE & CO
KNOWLEDGE TO ELEVATE
It is a debatable point whether or not the obligation to pay hire under a time charter is a condition of the contract or ...
Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
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- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Australian Coal Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- AsiaOL BioFuels Corp., Philippines
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Minerals Council of Australia
- Georgia Ports Authority, United States
- Sojitz Corporation - Japan
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- CNBM International Corporation - China
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Marubeni Corporation - India
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- GAC Shipping (India) Pvt Ltd
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Kapuas Tunggal Persada - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Parry Sugars Refinery, India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Intertek Mineral Services - Indonesia
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Videocon Industries ltd - India
- European Bulk Services B.V. - Netherlands
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Bharathi Cement Corporation - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Tata Chemicals Ltd - India
- Ind-Barath Power Infra Limited - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- CIMB Investment Bank - Malaysia
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- The University of Queensland
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Thiess Contractors Indonesia
- Orica Australia Pty. Ltd.
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