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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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Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
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- Goldman Sachs - Singapore
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- Energy Link Ltd, New Zealand
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- Kapuas Tunggal Persada - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Petron Corporation, Philippines
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- SN Aboitiz Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
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- Formosa Plastics Group - Taiwan
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Mjunction Services Limited - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Coastal Gujarat Power Limited - India
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Anglo American - United Kingdom
- Kobexindo Tractors - Indoneisa
- London Commodity Brokers - England
- Leighton Contractors Pty Ltd - Australia
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- ASAPP Information Group - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Madhucon Powers Ltd - India
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bulk Trading Sa - Switzerland
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- VISA Power Limited - India
- McConnell Dowell - Australia
- Central Java Power - Indonesia
- Karaikal Port Pvt Ltd - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Sree Jayajothi Cements Limited - India
- The Treasury - Australian Government
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Ambuja Cements Ltd - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Iligan Light & Power Inc, Philippines
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Deloitte Consulting - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Rio Tinto Coal - Australia
- Uttam Galva Steels Limited - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- White Energy Company Limited
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
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