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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, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- Kohat Cement Company Ltd. - Pakistan
- Eastern Energy - Thailand
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Posco Energy - South Korea
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Wilmar Investment Holdings
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- AsiaOL BioFuels Corp., Philippines
- Krishnapatnam Port Company Ltd. - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Sical Logistics Limited - India
- Global Green Power PLC Corporation, Philippines
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Banpu Public Company Limited - Thailand
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Australian Coal Association
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Aditya Birla Group - India
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- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- Interocean Group of Companies - India
- Coal and Oil Company - UAE
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Lanco Infratech Ltd - India
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Economic Council, Georgia
- Ceylon Electricity Board - Sri Lanka
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Bharathi Cement Corporation - India
- Sree Jayajothi Cements Limited - India
- Bhushan Steel Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Gujarat Mineral Development Corp Ltd - India
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- Jindal Steel & Power Ltd - India
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- Kaltim Prima Coal - Indonesia
- MS Steel International - UAE
- PTC India Limited - India
- Edison Trading Spa - Italy
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- CIMB Investment Bank - Malaysia
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Essar Steel Hazira Ltd - India
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