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Saturday, 10 July 10
SCOMI TO SELL STAKE IN INDONESIA OPS - THE STAR
 The star online reported that, Scomi Marine Bhd will sell a stake in its marine logistics business in Indonesia to a large Indonesian company to deal with the future of its business there.
A source said the sale was a result of cabotage laws in Indonesia and the current trend where large coal mines were moving to take control of the logistics of shipping coal.
The buyer, said to be involved in the coal business, would become a strategic partner for Scomi Marine’s business in Indonesia.
“A big boy in the business is coming in,” said the source.
The marine logistics business of Scomi Marine primarily involves the transportation and provision of logistics support for major coal producers in Indonesia.
According to its annual report, the company carried almost 28 million tonnes of coal in 2009, 3% lower than in 2008 due to the slowdown in coal demand.
Scomi Marine yesterday halted trading in its stock on Bursa Malaysia until the close of trading on Tuesday.
The company said in a filing the suspension of trading was to facilitate a material corporate exercise involving a substantial transaction which would entail the disposal of certain subsidiaries of the company.
No further details were given. The stock closed up 2.5 sen yesterday at 43 sen after surging nearly 18% this week.
Scomi Marine has an 80.54% stake in PT Rig Tenders Indonesia Tbk, a company listed on the Jakarta Stock Exchange.
According to its website, Rig Tenders is involved in the chartering of tugs and barges to transport coal and other bulk aggregates as well as chartering of supply vessels, work-over and accommodation barges to support the offshore oil and gas industry.
Rig Tenders currently owns and operates a fleet of 53 vessels consisting of 10 supply vessels, 25 tug boats, two accommodation/work-over barges, nine flat-top barges and seven self-discharging barges. It has 491 personnel, including 437 contractual workers.
For its first quarter ended March 31, Scomi Marine’s net profit nearly doubled to RM21.9mil from RM11.1mil in the previous corresponding period.
Revenue was marginally lower at RM102.8mil compared with RM110.4mil previously.
In April, Scomi Marine completed the sale of a 29.07% stake in Singapore-listed CH Offshore Ltd for S$143.5mil, which saw the company make a gain of RM161.9mil.
Source: The Star online (By JAGDEV SINGH SIDHU )
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Thursday, 15 July 10
NO IMPROVEMENT IN THE DRY BULK MARKET - INTERMODAL
Broker’s insight
With the Baltic Dry Index today (13/7/2010) standing at 1,790 points - the lowest point since early May 2009 - ...
Thursday, 15 July 10
IRON ORE PRICING MECHANISMS PUT ON THE SPOT
THE new iron ore pricing mechanisms that killed off the annual benchmark system are coming under pressure. The spot price of the steel feed has fall ...
Thursday, 15 July 10
NTPC TO PURSUE COAL MINE ACQUISITION IN AUSTRALIA, INDONESIA - BUSINESS STANDARD
Business-Standard reported that, NTPC, the India’s largest power producer, has set the ball rolling to acquire coal mines or form joint ventur ...
Wednesday, 14 July 10
SUCCESSFUL COMMISSIONING OF GTLE LOW RANK COAL UPGRADING PLANT
COALspot.com: GTL Energy Ltd (GTL Energy) announced that construction and commissioning of its proprietary ‘first-of-a-kind’, low rank c ...
Tuesday, 13 July 10
BUMI TO PRODUCE MORE THAN 67 MILLION TONS OF COAL IN 2010
COALspot.com: Bumi resources, Indonesia’s largest coal producer has previewed its operating results in KPC/Arutmin for Jan – Jun 2010. A ...
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- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
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- Commonwealth Bank - Australia
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- TNB Fuel Sdn Bhd - Malaysia
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- Parliament of New Zealand
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- GMR Energy Limited - India
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- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
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- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
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- Global Coal Blending Company Limited - Australia
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- Minerals Council of Australia
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- LBH Netherlands Bv - Netherlands
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- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
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- Parry Sugars Refinery, India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Karbindo Abesyapradhi - Indoneisa
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- Edison Trading Spa - Italy
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- Kapuas Tunggal Persada - Indonesia
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- Billiton Holdings Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- The University of Queensland
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Straits Asia Resources Limited - Singapore
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- MS Steel International - UAE
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- The State Trading Corporation of India Ltd
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- Xindia Steels Limited - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
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- PTC India Limited - India
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
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- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Indonesian Coal Mining Association
- Timah Investasi Mineral - Indoneisa
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
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- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
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- Ministry of Mines - Canada
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- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
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- ICICI Bank Limited - India
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- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
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- Tata Chemicals Ltd - India
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- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
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- Indika Energy - Indonesia
- Heidelberg Cement - Germany
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