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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, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current mar ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
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- Heidelberg Cement - Germany
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- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
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- Therma Luzon, Inc, Philippines
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- Carbofer General Trading SA - India
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- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
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- Independent Power Producers Association of India
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- Australian Commodity Traders Exchange
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- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Sical Logistics Limited - India
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- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- McConnell Dowell - Australia
- Latin American Coal - Colombia
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Parliament of New Zealand
- Wilmar Investment Holdings
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Thai Mozambique Logistica
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- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
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- Agrawal Coal Company - India
- Electricity Generating Authority of Thailand
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- Makarim & Taira - Indonesia
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- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
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- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
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- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- CIMB Investment Bank - Malaysia
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- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
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- Kepco SPC Power Corporation, Philippines
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- Mintek Dendrill Indonesia
- European Bulk Services B.V. - Netherlands
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
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- Bayan Resources Tbk. - Indonesia
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- SMG Consultants - Indonesia
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- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- San Jose City I Power Corp, Philippines
- Cement Manufacturers Association - India
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
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- Coal and Oil Company - UAE
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
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- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
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- GAC Shipping (India) Pvt Ltd
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