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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
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- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Transport, Egypt
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Coastal Gujarat Power Limited - India
- Binh Thuan Hamico - Vietnam
- Chamber of Mines of South Africa
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- The University of Queensland
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- Petrochimia International Co. Ltd.- Taiwan
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- Trasteel International SA, Italy
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- ICICI Bank Limited - India
- Mercator Lines Limited - India
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- Merrill Lynch Commodities Europe
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- Pipit Mutiara Jaya. PT, Indonesia
- Meralco Power Generation, Philippines
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- Bukit Makmur.PT - Indonesia
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- LBH Netherlands Bv - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Singapore Mercantile Exchange
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- VISA Power Limited - India
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- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
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- Kalimantan Lumbung Energi - Indonesia
- Rio Tinto Coal - Australia
- Directorate Of Revenue Intelligence - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Grasim Industreis Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Straits Asia Resources Limited - Singapore
- White Energy Company Limited
- Gujarat Mineral Development Corp Ltd - India
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
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- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Siam City Cement PLC, Thailand
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- Wood Mackenzie - Singapore
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- Global Green Power PLC Corporation, Philippines
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- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- CNBM International Corporation - China
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Kaltim Prima Coal - Indonesia
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Bangladesh Power Developement Board
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- Jindal Steel & Power Ltd - India
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
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- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Baramulti Group, Indonesia
- Salva Resources Pvt Ltd - India
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- Savvy Resources Ltd - HongKong
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- Goldman Sachs - Singapore
- PTC India Limited - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
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- Sakthi Sugars Limited - India
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
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- Bayan Resources Tbk. - Indonesia
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- Ambuja Cements Ltd - India
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- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
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