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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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Saturday, 17 July 21
COAL PRICES TRADE AT DECADE HIGH OF $140 PER TONNE, HERE ARE SOME FACTORS AT PLAY: CNBC-TV18
Coal prices are trading at $140 per tonne. In the last one week, coal has seen more than 8 percent gains; the last one month has seen 24 percent ju ...
Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
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- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Economic Council, Georgia
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Salva Resources Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Price Waterhouse Coopers - Russia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- PTC India Limited - India
- Gujarat Sidhee Cement - India
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Essar Steel Hazira Ltd - India
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Commonwealth Bank - Australia
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Bhushan Steel Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Vizag Seaport Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- PNOC Exploration Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Parry Sugars Refinery, India
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Latin American Coal - Colombia
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