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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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- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Kepco SPC Power Corporation, Philippines
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Jorong Barutama Greston.PT - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
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- PTC India Limited - India
- Central Java Power - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Carbofer General Trading SA - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Mercuria Energy - Indonesia
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- The Treasury - Australian Government
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Medco Energi Mining Internasional
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Vijayanagar Sugar Pvt Ltd - India
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- OPG Power Generation Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- New Zealand Coal & Carbon
- London Commodity Brokers - England
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
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