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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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Tuesday, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vijayanagar Sugar Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Antam Resourcindo - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Kumho Petrochemical, South Korea
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Ind-Barath Power Infra Limited - India
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Indogreen Group - Indonesia
- London Commodity Brokers - England
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Videocon Industries ltd - India
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Mercator Lines Limited - India
- Timah Investasi Mineral - Indoneisa
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Minerals Council of Australia
- Planning Commission, India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- New Zealand Coal & Carbon
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Rio Tinto Coal - Australia
- Thai Mozambique Logistica
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate Of Revenue Intelligence - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Wilmar Investment Holdings
- White Energy Company Limited
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Economic Council, Georgia
- Riau Bara Harum - Indonesia
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Asam (Persero) Tbk - Indonesia
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Makarim & Taira - Indonesia
- MS Steel International - UAE
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