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