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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Global Green Power PLC Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- Simpson Spence & Young - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- OPG Power Generation Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Cigading International Bulk Terminal - Indonesia
- Coastal Gujarat Power Limited - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Salva Resources Pvt Ltd - India
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Renaissance Capital - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Xindia Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- LBH Netherlands Bv - Netherlands
- Samtan Co., Ltd - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Malabar Cements Ltd - India
- The University of Queensland
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- Therma Luzon, Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Intertek Mineral Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Latin American Coal - Colombia
- PNOC Exploration Corporation - Philippines
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- MS Steel International - UAE
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Chamber of Mines of South Africa
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Karaikal Port Pvt Ltd - India
- Ambuja Cements Ltd - India
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Cement Manufacturers Association - India
- Globalindo Alam Lestari - Indonesia
- Africa Commodities Group - South Africa
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Minerals Council of Australia
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
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