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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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Friday, 17 January 14
DRY BULK MARKET ENDS DECLINE, BOUNCES BACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
It's been a rough start to the New Year for the dry bulk market, which was supposed to be on the verge of rallying to new heights this year, on the ...
Friday, 17 January 14
SPOT COAL PRICE TRENDS IN US VARY ACROSS KEY BASINS DURING 2013, SAYS EIA
COALspot.com: Spot steam coal price trends in US varied across key basins in 2013, a latest EIA report says. Compared with 2012, while total coal de ...
Thursday, 16 January 14
PANAMAX : THE GAP BETWEEN SPOT AND PERIOD HAS INCREASED IN BOTH HEMISPHERES - FEARNRESEARCH
Handy
In the Atlantic we have seen rates slowly sliding on lack of enough fresh business. USG/Continent still paying excess 28k and seems on an upw ...
Thursday, 16 January 14
SHIP OWNERS SCRAP 1,119 SHIPS DURING 2013 ON THE BACK OF OVERSUPPLY ISSUES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Scrapping of older vessels is still the best bet that ship owners can make, in order to improve their newer vessels' fortunes, amid an oversupply o ...
Wednesday, 15 January 14
KOREA MIDLAND POWER CO INVITES BIDS FOR 360K MT OF SUB-BITUMINOUS COAL FOR ITS BORYEONG PLANT
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International open bidding for 360,000 Metric Tons (MT) of sub-bituminous ...
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- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- GAC Shipping (India) Pvt Ltd
- New Zealand Coal & Carbon
- MS Steel International - UAE
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Videocon Industries ltd - India
- White Energy Company Limited
- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- The Treasury - Australian Government
- Antam Resourcindo - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Parliament of New Zealand
- Maheswari Brothers Coal Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Medco Energi Mining Internasional
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Trasteel International SA, Italy
- Ministry of Finance - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Mercuria Energy - Indonesia
- Planning Commission, India
- Semirara Mining and Power Corporation, Philippines
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Deloitte Consulting - India
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Bhoruka Overseas - Indonesia
- PTC India Limited - India
- Metalloyd Limited - United Kingdom
- India Bulls Power Limited - India
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Agrawal Coal Company - India
- Interocean Group of Companies - India
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Larsen & Toubro Limited - India
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Posco Energy - South Korea
- Australian Coal Association
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- IHS Mccloskey Coal Group - USA
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