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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, 10 October 13
SEVERAL PANAMAX FIXTURES FOR 1 YEAR TC HAVE BEEN REPORTED AROUND $13.5K/DAY - FEARNRESEARCH
Handy
The market is not much fancy as several holidays in the Far East last week. Tonnage side seems tight in SE Asia but there are many of them in ...
Wednesday, 09 October 13
PANAMAX: FIRM ; FIXING ACTIVITY INCREASED IN BOTH BASINS - INTERMODAL
This was another week of gains for the Dry Bulk market, albeit very modest ones compared to the previous ones. Charterers and owners struggled for t ...
Tuesday, 08 October 13
CHINA: INTENSE COMPETITION AMONG DOMESTIC COAL MINERS AS 2013 IMPORT DEMAND REMAINS STRONG - WOOD MACKENZIE
Prices will not fall under RMB500/t or risk supply availability to the coastal market
Despite China's lower economic growth, Wood Mackenzie says ...
Monday, 07 October 13
RICHARD BAY COAL TERMINAL SHIPPED 49.94 MMT OF COAL YTD
COALspot.com - Richards Bay Coal Terminal (RBCT), the world's single largest coal terminal has shipped 49,946,509 mt of coals YTD, according to por ...
Monday, 07 October 13
SOUTH AFRICA'S RBCT SHIPPED 7.94% MORE COAL IN SEPT' 13
COALspot.com - Richards Bay Coal Terminal (RBCT), the single largest coal export terminal in South Africa as well as in the world has shipped 7.94 p ...
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- Billiton Holdings Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- White Energy Company Limited
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- The University of Queensland
- MS Steel International - UAE
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- CIMB Investment Bank - Malaysia
- TeaM Sual Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Parliament of New Zealand
- McConnell Dowell - Australia
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- European Bulk Services B.V. - Netherlands
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Planning Commission, India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- Essar Steel Hazira Ltd - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Petrochimia International Co. Ltd.- Taiwan
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Africa Commodities Group - South Africa
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Sree Jayajothi Cements Limited - India
- Directorate General of MIneral and Coal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The State Trading Corporation of India Ltd
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Economic Council, Georgia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- London Commodity Brokers - England
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Bukit Baiduri Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- New Zealand Coal & Carbon
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Alfred C Toepfer International GmbH - Germany
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Agrawal Coal Company - India
- Vijayanagar Sugar Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Energy Exchange, India
- Sical Logistics Limited - India
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wood Mackenzie - Singapore
- Aboitiz Power Corporation - Philippines
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- GAC Shipping (India) Pvt Ltd
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Tamil Nadu electricity Board
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Australian Coal Association
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Antam Resourcindo - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
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