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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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- White Energy Company Limited
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Intertek Mineral Services - Indonesia
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- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- India Bulls Power Limited - India
- Africa Commodities Group - South Africa
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- Georgia Ports Authority, United States
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Minerals Council of Australia
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- Standard Chartered Bank - UAE
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- Wood Mackenzie - Singapore
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- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
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- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Medco Energi Mining Internasional
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- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
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- Planning Commission, India
- Binh Thuan Hamico - Vietnam
- TeaM Sual Corporation - Philippines
- Renaissance Capital - South Africa
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- Salva Resources Pvt Ltd - India
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- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- GVK Power & Infra Limited - India
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- Tamil Nadu electricity Board
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
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- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
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- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Attock Cement Pakistan Limited
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- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Larsen & Toubro Limited - India
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Ambuja Cements Ltd - India
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- Antam Resourcindo - Indonesia
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
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- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Alfred C Toepfer International GmbH - Germany
- Coal and Oil Company - UAE
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Coastal Gujarat Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
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- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
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- Electricity Authority, New Zealand
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- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- CNBM International Corporation - China
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
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- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
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- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
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