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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, 24 June 24
PHILIPPINES COAL SUPPLY ENOUGH UNTIL 2030 - PHILSTAR GLOBAL
The country’s existing coal-fired power plants are sufficient to ensure enough base load capacity in the next six years, Energy Secretary Rap ...
Friday, 14 June 24
NEXTDECADE, SAUDI ARAMCO SIGN 20-YEAR LNG SUPPLY DEAL - REUTERS
U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with Saudi Aramco 2222.SE to supply 1.2 million tonnes per ...
Friday, 14 June 24
NEWBUILDING PRICES CLIMB 3% TO HIGHEST LEVEL IN 16 YEARS - NIELS RASMUSSEN
“Since the start of the year, newbuilding prices have risen 3% to their highest level since 2008. Compared to their most recent low in late 2 ...
Friday, 14 June 24
INDIA TARGETS HIGHER DOMESTIC COAL PRODUCTION, REDUCED IMPORTS: GOVT - REUTERS
India wants to reduce coal imports and increase domestic production, federal coal minister G. Kishan Reddy said on Thursday.
The cou ...
Thursday, 13 June 24
US LNG TO ASIA FOR POWER GENERATION EXPECTED TO CUT EMISSIONS VERSUS COAL - RYSTAD ENERGY
The value-chain emissions of liquified natural gas (LNG) are lower on average than for coal-fired power generation, even when the fuel is shipp ...
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- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- International Coal Ventures Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Romanian Commodities Exchange
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- OPG Power Generation Pvt Ltd - India
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Siam City Cement PLC, Thailand
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Bahari Cakrawala Sebuku - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- Globalindo Alam Lestari - Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- White Energy Company Limited
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Sical Logistics Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Wood Mackenzie - Singapore
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Thiess Contractors Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Aditya Birla Group - India
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- The State Trading Corporation of India Ltd
- VISA Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- GN Power Mariveles Coal Plant, Philippines
- Sinarmas Energy and Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Salva Resources Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Essar Steel Hazira Ltd - India
- Riau Bara Harum - Indonesia
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- PTC India Limited - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Australian Coal Association
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- South Luzon Thermal Energy Corporation
- Central Java Power - Indonesia
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