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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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Thursday, 09 January 14
CAPESIZE: WEST AUSTRALIA FREIGHT IS NOW DOWN IN THE $8S AND STILL DROPPING - FEARNLEYS
Handy
In the Atlantic we see rates sliding slowly for the start of 2014. Several players cvrd over the holidays and the rate decline was som ...
Thursday, 09 January 14
THE SHIPPING MARKET IN 2013 AND LOOKING FORWARD GLOBAL ECONOMY: STEADY AS SHE GOES UPWARDS - BIMCO
Over the past year, developed economies have gained traction while developing and emerging economies have suffered from slower growth. Despite key e ...
Wednesday, 08 January 14
DRY BULK MARKET PROSPECTS LOOKING BRIGHTER DESPITE SLOW START TO THE NEW YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the fact that the dry bulk market's benchmark, the BDI has been on a fall since the start of 2014, ending yesterday's session down to 1,87 ...
Wednesday, 08 January 14
AUSTRALIAN NEWCASTLE PORT'S WEEKLY COAL EXPORTS FALL
COALspot.com: In the week ended January 6, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 3.27 m ...
Wednesday, 08 January 14
THE DRY BULK MARKET HAS LOST SOME OF ITS STEAM THESE PAST COUPLE OF DAYS: INTERMODAL
Chartering (Wet: Softer- / Dry: Softer- )
The Dry Bulk market has lost some of its steam these past couple of days although hires, espe ...
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- Intertek Mineral Services - Indonesia
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Binh Thuan Hamico - Vietnam
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Ministry of Mines - Canada
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- White Energy Company Limited
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Sree Jayajothi Cements Limited - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Gujarat Sidhee Cement - India
- Central Java Power - Indonesia
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- PTC India Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Agrawal Coal Company - India
- Thai Mozambique Logistica
- Neyveli Lignite Corporation Ltd, - India
- Petrochimia International Co. Ltd.- Taiwan
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- Vedanta Resources Plc - India
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Orica Australia Pty. Ltd.
- Star Paper Mills Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Eastern Energy - Thailand
- Aditya Birla Group - India
- India Bulls Power Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Planning Commission, India
- Indika Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Asmin Koalindo Tuhup - Indonesia
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