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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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- Electricity Generating Authority of Thailand
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- Independent Power Producers Association of India
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- Tamil Nadu electricity Board
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Aditya Birla Group - India
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Baramulti Group, Indonesia
- The University of Queensland
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- White Energy Company Limited
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Timah Investasi Mineral - Indoneisa
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- Indian Energy Exchange, India
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- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
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- SN Aboitiz Power Inc, Philippines
- Malabar Cements Ltd - India
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- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- Indika Energy - Indonesia
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- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
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- Asmin Koalindo Tuhup - Indonesia
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Marubeni Corporation - India
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- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
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- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Gujarat Mineral Development Corp Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Simpson Spence & Young - Indonesia
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- The Treasury - Australian Government
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- Thiess Contractors Indonesia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Orica Mining Services - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Makarim & Taira - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Global Business Power Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Petron Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
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- Latin American Coal - Colombia
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- Xindia Steels Limited - India
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- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Planning Commission, India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Ind-Barath Power Infra Limited - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
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