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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Bangladesh Power Developement Board
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Mjunction Services Limited - India
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kumho Petrochemical, South Korea
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Grasim Industreis Ltd - India
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Renaissance Capital - South Africa
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Semirara Mining and Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Petron Corporation, Philippines
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Mercator Lines Limited - India
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