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