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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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Monday, 14 June 21
'WISHFUL THINKING': WHY CHINA NEEDS AUSTRALIAN IRON ORE FOR 'MANY YEARS' TO COME - YAHOO FINANCE AU
A “wintry period”.
That’s what’s expected to happen to Australia’s economy “when” China st ...
Sunday, 13 June 21
COAL AND LNG’S SURGE IN ASIA PLAYS INTO RENEWABLE ENERGY HANDS - REUTERS
Liquefied natural gas (LNG) and thermal coal prices in Asia have been roaring ahead in recent months amid strong demand, but while welcome news for ...
Friday, 11 June 21
5 REASONS GLOBAL SHIPPING COSTS WILL CONTINUE TO RISE - ING
No short-term relief
Shipping costs have been growing strongly since the autumn of 2020, but the first months of this year have seen a new surg ...
Friday, 11 June 21
ASIA COAL PRICES SURGE, BUT CHINA-AUSTRALIA DISPUTE MEANS RALLY IS UNEVEN - REUTERS
Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have don ...
Thursday, 10 June 21
INDONESIA COAL EARNINGS RECOVERY TO SLOW AFTER STRONG 1Q - FITCH RATINGS
Fitch Ratings expects the recovery in operating and financial performance of Indonesian coal miners and coal contractors to slow during rest of 202 ...
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- AsiaOL BioFuels Corp., Philippines
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- Mjunction Services Limited - India
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- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
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- Electricity Generating Authority of Thailand
- Altura Mining Limited, Indonesia
- Oldendorff Carriers - Singapore
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Deloitte Consulting - India
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- PTC India Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
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- South Luzon Thermal Energy Corporation
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- Krishnapatnam Port Company Ltd. - India
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- Mercator Lines Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
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- Bukit Asam (Persero) Tbk - Indonesia
- Heidelberg Cement - Germany
- Banpu Public Company Limited - Thailand
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Coastal Gujarat Power Limited - India
- Interocean Group of Companies - India
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- Offshore Bulk Terminal Pte Ltd, Singapore
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- PetroVietnam Power Coal Import and Supply Company
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- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Edison Trading Spa - Italy
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- Pipit Mutiara Jaya. PT, Indonesia
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- Indian Energy Exchange, India
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- Ministry of Mines - Canada
- Xindia Steels Limited - India
- Siam City Cement - Thailand
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Ceylon Electricity Board - Sri Lanka
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- SMG Consultants - Indonesia
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
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- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Madhucon Powers Ltd - India
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- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
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- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
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- Coalindo Energy - Indonesia
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
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- Orica Australia Pty. Ltd.
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Jorong Barutama Greston.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Goldman Sachs - Singapore
- Australian Coal Association
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- Bayan Resources Tbk. - Indonesia
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- Gujarat Mineral Development Corp Ltd - India
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
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- Metalloyd Limited - United Kingdom
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
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- Sical Logistics Limited - India
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- Planning Commission, India
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- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- MS Steel International - UAE
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- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
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- Bhatia International Limited - India
- Aboitiz Power Corporation - Philippines
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- CIMB Investment Bank - Malaysia
- Parliament of New Zealand
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- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Indo Tambangraya Megah - Indonesia
- Port Waratah Coal Services - Australia
- Energy Development Corp, Philippines
- Chamber of Mines of South Africa
- Larsen & Toubro Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
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- Directorate General of MIneral and Coal - Indonesia
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- Ministry of Finance - Indonesia
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