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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 $152 million selling shares in an August IPO.
Source: Bloomberg ( By Jesse Riseborough and Yoga Rusmana )
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Saturday, 07 December 13
A RARE TIME IN RECENT SHIPPING MARKET HISTORY: BOTH DRY BULK AND VLCC TANKER EARNINGS ARE ON THE RISE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Around this time of year, back in 2008, i.e. five years ago, the shipping markets were plagued with the aftermath of the global financial crisis tha ...
Friday, 06 December 13
INDONESIAN PARLIAMENT REJECTED A GOVERNMENT PROPOSAL TO EASE THE BAN ON EXPORTING UNPROCESSED ORE
COALspot.com: Indonesian House of Representatives rejected a proposal from Energy and Mineral Resources Minister Jero Wacik on to ease the ban on ex ...
Friday, 06 December 13
THE MINISTRY OF ENERGY & MINERAL RESOURCES OF INDONESIA FIXED DEC'13 HBA AT US$ 80.31
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 2.18 / MT ...
Friday, 06 December 13
US PRODUCED APPROXIMATELY 82.8 MILLION SHORT TONS OF COAL IN NOVEMBER 2013
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.00 million short tons (mmst) of coal in ...
Friday, 06 December 13
PANAMAXES HAVE BEEN THE ' WEAPON OF CHOICE' BY MOST DRY BULK SHIP OWNERS DURING 2013 - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Low ship prices, the direct consequence of subdued freight rates for the larger part of 2013 have been the main driving force behind this year's ag ...
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- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Oldendorff Carriers - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Gujarat Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Economic Council, Georgia
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Africa Commodities Group - South Africa
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Jindal Steel & Power Ltd - India
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- The Treasury - Australian Government
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Jaiprakash Power Ventures ltd
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Savvy Resources Ltd - HongKong
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Meralco Power Generation, Philippines
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- The University of Queensland
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Indo Tambangraya Megah - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Samtan Co., Ltd - South Korea
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Indian Oil Corporation Limited
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
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