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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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- San Jose City I Power Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Latin American Coal - Colombia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PowerSource Philippines DevCo
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Indo Tambangraya Megah - Indonesia
- Mercator Lines Limited - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
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- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Merrill Lynch Commodities Europe
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- Romanian Commodities Exchange
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Global Coal Blending Company Limited - Australia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Tamil Nadu electricity Board
- Australian Coal Association
- Australian Commodity Traders Exchange
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- Bukit Asam (Persero) Tbk - Indonesia
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- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Independent Power Producers Association of India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Karaikal Port Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Kohat Cement Company Ltd. - Pakistan
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- VISA Power Limited - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Attock Cement Pakistan Limited
- SMC Global Power, Philippines
- GVK Power & Infra Limited - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Heidelberg Cement - Germany
- Agrawal Coal Company - India
- Parliament of New Zealand
- Siam City Cement - Thailand
- White Energy Company Limited
- Larsen & Toubro Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Bukit Makmur.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- McConnell Dowell - Australia
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Semirara Mining Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
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- GAC Shipping (India) Pvt Ltd
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- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
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- Tata Chemicals Ltd - India
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