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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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- Baramulti Group, Indonesia
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- Bangladesh Power Developement Board
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
- Economic Council, Georgia
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- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
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- Indo Tambangraya Megah - Indonesia
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
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- Parliament of New Zealand
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- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
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- Posco Energy - South Korea
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- Timah Investasi Mineral - Indoneisa
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- Ambuja Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Sojitz Corporation - Japan
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- Wilmar Investment Holdings
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- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Africa Commodities Group - South Africa
- Vizag Seaport Private Limited - India
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- Indian Energy Exchange, India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Orica Mining Services - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- International Coal Ventures Pvt Ltd - India
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Price Waterhouse Coopers - Russia
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- Meralco Power Generation, Philippines
- ICICI Bank Limited - India
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
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- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Aboitiz Power Corporation - Philippines
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
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- Miang Besar Coal Terminal - Indonesia
- Australian Commodity Traders Exchange
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- AsiaOL BioFuels Corp., Philippines
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- Karbindo Abesyapradhi - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
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- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
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- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Minerals Council of Australia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
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- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
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- Oldendorff Carriers - Singapore
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- Medco Energi Mining Internasional
- Indonesian Coal Mining Association
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- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
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- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Central Electricity Authority - India
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- Thai Mozambique Logistica
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- Mintek Dendrill Indonesia
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- Singapore Mercantile Exchange
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- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Bhatia International Limited - India
- Goldman Sachs - Singapore
- Heidelberg Cement - Germany
- Coastal Gujarat Power Limited - India
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Kideco Jaya Agung - Indonesia
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- London Commodity Brokers - England
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