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Wednesday, 30 June 21
DELTA DUNIA MAKMUR RECORDED AN IMPROVED REVENUE IN Q1 2021; REVENUE INCREASED BY 49% QOQ TO US$160 MILLION ON THE BACK OF COAL PRICE RECOVERY
 PT Delta Dunia Makmur Tbk. (“DOID”) released its consolidated financial and operating results that include its primary and wholly-owned subsidiary, PT Bukit Makmur Mandiri Utama (“BUMA”).
The Company recorded an improved volume of 25% QoQ to 65.0 million bcm and revenue increased by 49% QoQ to US$160 million on the back of coal price recovery that continued to strengthen at the beginning of 2021.
According to the report, overburden removal volume for 1Q 2021 was 65.0 million bcm, 25% higher from 52.1 million bcm recorded in 4Q 2020. Coal production was 12.7 million tonnes in 1Q 2021, 10% higher compared to 11.4 million tonnes in 4Q 2020. Volume recovery was visible in 1Q 2021, despite being affected by heavier rainfall and ramp up challenges. The Company is on track to meet volume target for the year.
The report further noted that, Net revenues for 1Q 2021 was US$160 million, 49% higher QoQ than US$108 million recorded in 4Q 2020. EBITDA was US$31 million for 1Q 2021, a 149% increase compared to US$13 million in 4Q 2020. Coal price recovery has led to higher rates despite volume not fully recovered yet. However, the Company incurred upfront costs related to recovery ramp up efforts and higher costs due to certain challenging work area. Therefore, EBITDA margin was impacted at 21.8%.
Net loss of US$26 million was recorded for 1Q 2021 compared to US$19 million net loss in previous quarter, given the Company incurred certain refinancing cost in 1Q 2021.
th report says, free cash flows generation was at US$13 million and operating cash flows was at US$27 million in 1Q 2021. This is mainly the result of ramp up activities that require upfront expenditures and transaction costs related to refinancing. Total capital expenditure spent was US$14 million for 1Q 2021. The Company expects higher capex spending for the year as we prepare for incremental volumes. Net debt5) was US$452 million as of March 31st, 2021 and the Company’s consolidated net debt to EBITDA ratio was 3.4x.
Given the strong recovery in coal price at the beginning of 2021, gradual volume recovery is expected for the rest of 2021 on the back of coal market improvement. The Company shall remain focused on securing new contracts, liquidity preservation, optimization of existing assets and cost reduction to gain momentum and seize opportunities as market recovers.
In January 2021, BUMA entered into an extension agreement with IPR on its mine located in Tabang, the Kutai Kartanegara Regency, Province of East Kalimantan. The agreement extends the existing contract to December 2031, and includes a significant expansion of the work entailed, providing additional volume of over 650 million bcm of overburden removal, over 210 million tonnes of coal to be extracted and over 75 million tonnes of coal to be hauled.
In June 2021, BUMA also signed a new contract with Adaro for its Tutupan Mine Operation, located in Tabalong Districts, South Kalimantan and Barito Selatan Districts, Central Kalimantan. The term of the contract is until December 2025. Total volume of the contract is over 234 million bcm of overburden removal and over 44 million tonnes of coal to be extracted. Average annual production is expected to be within the range of 30- 70 million bcm of overburden removal and 5.0 – 12.0 million tonnes of coal.
On 10 February 2021, BUMA successfully issued a US$400 million 7.75% 5NC2 Senior Notes due 2026 (“Senior Notes 2026”). Concurrently, a tender offer and consent solicitation were completed in order to align terms of BUMA’s US$350 million 7.75% Senior Notes due 2022 (“Senior Notes 2022”) with that of Senior Notes 2026. Following transactions above, bank loans were fully settled, and full redemption of Senior Notes 2022 were completed by 31 March 2021.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
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- Aditya Birla Group - India
- Siam City Cement - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Power Finance Corporation Ltd., India
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- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Kaltim Prima Coal - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Independent Power Producers Association of India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- SMG Consultants - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Malabar Cements Ltd - India
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- Neyveli Lignite Corporation Ltd, - India
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- OPG Power Generation Pvt Ltd - India
- Orica Mining Services - Indonesia
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- Tamil Nadu electricity Board
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- IHS Mccloskey Coal Group - USA
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- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
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- Semirara Mining Corp, Philippines
- Economic Council, Georgia
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- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Mercuria Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
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- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
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- McConnell Dowell - Australia
- The University of Queensland
- Tata Chemicals Ltd - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Parliament of New Zealand
- Xindia Steels Limited - India
- Lanco Infratech Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Ambuja Cements Ltd - India
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- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
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- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
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- Mjunction Services Limited - India
- Central Electricity Authority - India
- Riau Bara Harum - Indonesia
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- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Borneo Indobara - Indonesia
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- Parry Sugars Refinery, India
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- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Carbofer General Trading SA - India
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- Global Green Power PLC Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- New Zealand Coal & Carbon
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- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
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- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
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