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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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Thursday, 25 January 24
THE RED SEA ESCALATION IMPLICATIONS ON GLOBAL SEABORNE TRADE - MARIA BERTZELETOU
In recent days, discussions have intensified about the potential impact on the seaborne trade and ton-miles due to the evolving dynamics of market ...
Thursday, 25 January 24
RED SEA SHIPPING DISRUPTIONS KEEP GEOPOLITICAL PREMIUM FOR COMMODITIES - FITCH RATINGS
Shipping disruptions and re-routing away from the Red Sea will maintain the geopolitical premium in the main commodity markets, including for oil a ...
Friday, 19 January 24
INDONESIA TARGETS 710 MLN METRIC TONS COAL OUTPUT IN 2024 AFTER RECORD 2023 - REUTERS
Indonesia, a major thermal coal exporter, aims to produce 710 million metric tons of coal in 2024, its mining minister said on Monday, after postin ...
Friday, 19 January 24
DRUMMOND COLOMBIA COAL OUTPUT ROSE 7.1% IN 2023 - REUTERS
Coal production from miner Drummond’s Colombia operations rose 7.1% in 2023 to 29.5 million metric tons, while exports declined by 2.6% to 27 ...
Friday, 19 January 24
CHINA'S 2023 COAL OUTPUT HITS RECORD HIGH - REUTERS
China’s coal output reached a record high in 2023, data from the statistics bureau showed on Wednesday, amid an ongoing focus on energy secur ...
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- Orica Mining Services - Indonesia
- Indian Oil Corporation Limited
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- Bangladesh Power Developement Board
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
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- PTC India Limited - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
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- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
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- Videocon Industries ltd - India
- Parliament of New Zealand
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- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
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- Pendopo Energi Batubara - Indonesia
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Central Electricity Authority - India
- AsiaOL BioFuels Corp., Philippines
- Manunggal Multi Energi - Indonesia
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- GN Power Mariveles Coal Plant, Philippines
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- PowerSource Philippines DevCo
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Kumho Petrochemical, South Korea
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Jaiprakash Power Ventures ltd
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Indogreen Group - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Holcim Trading Pte Ltd - Singapore
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Development Corp, Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
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