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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- The University of Queensland
- Coal and Oil Company - UAE
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- MS Steel International - UAE
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Bahari Cakrawala Sebuku - Indonesia
- CIMB Investment Bank - Malaysia
- Power Finance Corporation Ltd., India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Sindya Power Generating Company Private Ltd
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Globalindo Alam Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Indonesian Coal Mining Association
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Global Business Power Corporation, Philippines
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Medco Energi Mining Internasional
- Australian Coal Association
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- GN Power Mariveles Coal Plant, Philippines
- TeaM Sual Corporation - Philippines
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Ministry of Transport, Egypt
- Ind-Barath Power Infra Limited - India
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- White Energy Company Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sarangani Energy Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Grasim Industreis Ltd - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- Essar Steel Hazira Ltd - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Xindia Steels Limited - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- PTC India Limited - India
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Coalindo Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Borneo Indobara - Indonesia
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Indian Energy Exchange, India
- Larsen & Toubro Limited - India
- Miang Besar Coal Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Mjunction Services Limited - India
- VISA Power Limited - India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- International Coal Ventures Pvt Ltd - India
- Bhatia International Limited - India
- Karaikal Port Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Economic Council, Georgia
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- Georgia Ports Authority, United States
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