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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$350 million 7.75% Senior Notes due 2022 (“Senior Notes 2022”) with that of Senior Notes 2026. Following transactions above, bank loans were fully settled, and full redemption of Senior Notes 2022 were completed by 31 March 2021.
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Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
Thursday, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
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- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Savvy Resources Ltd - HongKong
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Madhucon Powers Ltd - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Australian Coal Association
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Therma Luzon, Inc, Philippines
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Indian Energy Exchange, India
- Krishnapatnam Port Company Ltd. - India
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Sojitz Corporation - Japan
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- GMR Energy Limited - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- PTC India Limited - India
- Malabar Cements Ltd - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- India Bulls Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Ambuja Cements Ltd - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Riau Bara Harum - Indonesia
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Electricity Generating Authority of Thailand
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Grasim Industreis Ltd - India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Jaiprakash Power Ventures ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mjunction Services Limited - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Siam City Cement - Thailand
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Standard Chartered Bank - UAE
- The University of Queensland
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Africa Commodities Group - South Africa
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