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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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Tuesday, 16 October 12
DRY BULK FREIGHT RATES COULD IMPROVE ON CHINESE STIMULUS AND WINTER CARGO DEMAND SAYS BIMCO - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
BIMCO has given out its forecast for the next six weeks, in terms of freight rates for dry bulk carriers. According to them, Capesize TC Average rat ...
Monday, 15 October 12
IT'S STRICTLY COME CHARTERING - CLARKSON RESEARCH SERVICES
The charter market is a bit of a dance between ship owner and charterer: one leader, one follower; one step, two steps, turn... The dance is symbiot ...
Sunday, 14 October 12
SUB-BIT INDONESIA COAL AND CFR SOUTH CHINA COAL SWAPS: SOFT
COALspot.com - Sub-Bit Indonesia coal swaps (FOB ) for December 2012 delivery lost 0.329 percent w- w but gained 0.248 percent d-d on Friday, 12 Oct ...
Sunday, 14 October 12
SUPRAMAX FREIGHT STEADY: PANAMAX FREIGHTS FIRM - VISTAAR
COALspot.com - The shipping market saw some hectic activity in the Cape and panamax sector and quite a lot of fixtures reported.
The BDI was up b ...
Friday, 12 October 12
HOW REAL IS THE THREAT OF PIRACY? - BIMCO
The threat of modern piracy remains serious, regardless of its seasonal variations and the fact that it is chiefly confined to the Indian Ocean, Gul ...
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- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Jindal Steel & Power Ltd - India
- Bangladesh Power Developement Board
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Bharathi Cement Corporation - India
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Ministry of Finance - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Australian Coal Association
- ICICI Bank Limited - India
- PowerSource Philippines DevCo
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- ASAPP Information Group - India
- PNOC Exploration Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Power Finance Corporation Ltd., India
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- London Commodity Brokers - England
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Parliament of New Zealand
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Heidelberg Cement - Germany
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Posco Energy - South Korea
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- IHS Mccloskey Coal Group - USA
- CIMB Investment Bank - Malaysia
- The University of Queensland
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