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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, 09 November 12
SHIP OWNERS TURN TO SECOND HAND VESSELS, WHICH COME AT ATTRACTIVE PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The attractiveness of modern second hand vessels, which are often priced aggressively can't be ignored by cash-rich ship owners, who are taking adv ...
Thursday, 08 November 12
LARGE ECO SUPRA : INDO - INDIA NOW FIXED AT USD 11K FOR DELIVERY SINGAPORE - FEARNLEYS
Handy
The Atlantic market continues to remain weak with rates further softening on FH. Rates from USG to Feast were around USD 14k and Black Sea to ...
Thursday, 08 November 12
DRY BULK MARKET RETREATS AGAIN ON HIGHER SHIP SUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
In further evidence of a latest round of dry bulk shipping misery, the industry's benchmark fell for the 11th straight session yesterday, as the in ...
Thursday, 08 November 12
JOIN CHINA STEAM COAL SUPPLY - DEMAND FORUM
Join China Steam Coal Supply-Demand Forum & Visit Shenhua Yudean Zhuhai Port Coal Terminal
Press Release - Organized by CBI BIZ and suppo ...
Wednesday, 07 November 12
NEWBUILDING ORDERING ACTIVITY ON A STEADY PACE PRIOR TO THE END OF THE YEAR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Newbuilding orders, which to many involved in the shipping industry, are the main reason of today's low freight rates and subsequent financial prob ...
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- Orica Mining Services - Indonesia
- PTC India Limited - India
- Global Coal Blending Company Limited - Australia
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- MS Steel International - UAE
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- Indian Oil Corporation Limited
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- International Coal Ventures Pvt Ltd - India
- Romanian Commodities Exchange
- Thai Mozambique Logistica
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Tata Chemicals Ltd - India
- Bhatia International Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- TeaM Sual Corporation - Philippines
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Leighton Contractors Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- Makarim & Taira - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- The University of Queensland
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Parry Sugars Refinery, India
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Marubeni Corporation - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Kohat Cement Company Ltd. - Pakistan
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
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