THE CALLING AGMS and EGMS – 24 May 2019

THE CALLING

ANNUAL GENERAL MEETING OF SHAREHOLDERS &

EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

PT PELITA SAMUDERA SHIPPING Tbk

 

The Directors of PT Pelita Samudera Shipping Tbk (“Company”) hereby invite the Shareholders of the Company to attend the Annual General Meeting of Shareholders (“Annual Meeting”) and the Extraordinary General Meeting of Shareholders (“Extraordinary Meeting”) to be held on:

Day / Date             : Friday, May 24, 2019

Time                      : 10.00 WIB onwards

Venue                    : Jasmine 2 room, Ayana Midplaza Hotel

Jl. Jendral Sudirman Kav. 10-11

Jakarta 10220, Indonesia

With the Following Agenda:

Annual Meeting:

  1. Approval of the Company’s Annual Report including Company’s Activity Report, Board of Commissioner’ Supervision Report and Ratification of the Company’s Financial Statement for the financial year ended 31st December 2018.
  2. Approval on the Use of the Company’s Profit for the financial year ended 31 December 2018.
  3. Approval on the Appointment of Public Accountant to audit the Company’s financial statements for fiscal year 2019.
  4. Changes in Board of Commissioners’ composition
  5. Determination on Salaries and Allowances and other Income for members of The Directors and Board of Commissioner for the fiscal year 2019.

Extraordinary Meeting:

  1. Approval of Short Term Loans from Citibank Indonesia in the amount of up to 10 Million US Dollars with a tenor up to 1 year which will be used for the Company’s Short Term Funding.
  2. Amendment Agreement Article 3 of the Company’s Articles of Association to be adapted to the 2017 Standard Classification of Indonesian Business Fields (KBLI).
  3. Approval for the implementation of the Second Management Stock Option Plan (MSOP).

Note:

  1. Those that are entitled to attend or be represented at Annual Meeting and Extraordinary Meeting are:

a. For shares of the Company that have not been included in the Collective Depository. It is only Shareholders whose names are registered in the Register of Shareholders as of 30 April 2019 until 16.00 WIB;

b. For the Company’s shares in Collective Custody. It is only account holders whose names are registered as the Company’s Shareholders in securities accounts of custodian banks or securities companies registered in the Register of Shareholders as of 30 April 2019 at 16.00 WIB.

  1. For Securities account holders at the Indonesian Central Securities Depository (KSEI), are required to submit the List of Shareholders to KSEI in order to obtain a Written Confirmation for the Meeting (KTUR).
  2. Shareholders or their proxies who will attend the Annual Meeting and Extraordinary Meeting are asked to bring and submit a photocopy of the Share Collective Letter and a photocopy of the Identity Card (KTP) or other identification to the Company registration officer, before entering the meeting room. For shareholders in collective custody at KSEI, they are required to bring KTUR which can be obtained through exchange members or custodian banks.
  3. For the shareholders of the Company, the legal entity can be represented at the Meeting by the authorities in accordance with their respective statutes, and bring a photocopy of the articles of association and the latest amendments and the final composition of members of the Board of Directors and Board of Commissioners to be submitted to the registration officer before entering to the meeting room.
  4. a. Shareholders who are unable to attend the Annual Meeting and Extraordinary Meeting, can be represented by their proxies whose are bringing a valid Power of Attorney as determined by the Board of Directors, provided that members of the Board of Directors, members of the Board of Commissioners and employees of the Company are allowed to act as proxy of the Company’s shareholders at the Meeting Annual and Extraordinary Meeting, but the votes they issued as power of attorney were not taken into account in the voting;

b. The Power of Attorney Form can be obtained every hour and working day in the Company’s office, at Astra Tower 23rd floor Jl. Jend. Sudirman Kav. 5-6 Jakarta 10220 Phone: 021-80600800, Fax: 021 80600801, Please contact the Corporate Secretary, Mrs. Imelda Agustina Kiagoes.

c. All Power of Attorney must be received by the Company’s Board of Directors in the Company’s office as mentioned above no later than 16.00 WIB on Wednesday 22 May 2019. If the Power of Attorney submitted is in the form of a photocopy, then the original Power of Attorney must be submitted before entering the room Meeting.

6. Meeting Materials to be discussed at the Annual Meeting and Extraordinary Meeting are available at the Company’s office as mentioned above and can be obtained by contacting the Corporate Secretary Mrs. Imelda Agustina Kiagoes.

7. The Company does not send a separate Invitation Letter to the Shareholders and this Summon advertisement is an official invitation to the Shareholders.

8. To facilitate the arrangement and order of the Meeting, the Shareholders or their authorized Proxy are requested to be present at the venue of the Meeting 30 minutes before the Meeting begins.

Jakarta, May 2, 2019

Directors of the Company

RUPST & RUPSLB – 24 May 2019

 PT PELITA SAMUDERA SHIPPING Tbk

Domiciled in Jakarta

(“Company”)

 

NOTIFICATION

TO SHAREHOLDERS OF THE COMPANY

We, hereby would like to notify the Shareholders of PT Pelita Samudera Shipping Tbk (“Company”) that Company will hold the Annual General Meeting of Shareholders and The Extraordinary General Meeting of Shareholders (“Meeting) shall be held on 24th May 2019, in Jakarta

Pursuant to article 21 of Article of Association of the Company and Indonesia Financial Services Authority Regulation No. 32/POJK.04/2014 dated 08th December 2014, Regarding the Meeting Plan and Activity, the invitation of Meeting shall be published on 2nd May 2019 in 1 (one) national daily newspaper in Indonesian Language, Indonesia Stock Exchange Website and Company’s Website.

The Shareholders are eligible to attend or represented the Meeting, whose names are recorded in the Register of Shareholders of the Company in Bureau of Securities Administration PT Datindo Entrycom on 30th April 2019 at 16.00 WIB

The shareholders who is entitled to propose the agenda of the meeting is 1 (one) shareholder or more who (collectively) represents 1/20 (one twenty) of the total shares issued by the company with valid voting rights.

The proposal of the Shareholders of the Company can be included in the agenda of AGMS subject to compliance with the requirement as stipulated in article 21 of Article of Association of the Company and Indonesia Financial Services Authority Regulation No. 32/POJK.04/2014 dated 08th December 2014 and shall be received by the Directors of the Company not later than 7 (seven) calendar date prior the date of notice AGMS.

Jakarta, 16 April 2019

PT PELITA SAMUDERA SHIPPING TBK

The Directors

SOLID PERFORMANCE AND ASSET OPTIMISATION RESULTED IN HIGH PROFITABILITY, PSS REPORTED FY2018 NET PROFIT OF US$14.1 MILLION

SOLID PERFORMANCE AND ASSET OPTIMISATION RESULTED IN HIGH PROFITABILITY, PSS REPORTED FY2018 NET PROFIT OF US$14.1 MILLION

 

  • 2018 Net Profit achievement was the highest in the last 5 years
  • Earnings per Share (EPS) reached about IDR39 (IDR 14,000/USD)
  • Bigger financial capacity will help PSS to accelerate growth

 

JAKARTA, MARCH 26, 2019

PT Pelita Samudera Shipping Tbk (“PSS”, “The Company”, IDX code: PSSI) today announced its audited financial result ended December 31, 2018.

FY2018 Net Revenue was around US$63.6 million, reflecting an increase of about 30% year-on-year (YoY) from about US$49.0 million in 2017.

Increase in volume and rate of Tugboat and Barge (TNB) and the commencement of new business line Mother Vessel (MV) attributed largely to the Company’s Revenue performance.

TNB formed about 56% of the Company’s Net Revenue in 2018, followed by Floating Loading Facility (FLF) of about 39% and MV of about 5%.

Gross Profit increased by about 54% YoY to around US$16.3 million in 2018 from around US$10.5 million in 2017, thus expanding Gross Profit Margin to 25.6% in 2018 vs. 21.5% in 2017.

Solid operational performance coupled with asset optimisation in the form of divestment of 1 unit of FLF allowed PSS to report 2018 Net Profit of about US$14.1 million, the biggest achievement in the last 5 years, showing a 4-fold increase from 2017.

Excluding non-recurring income and expenses, PSS managed to double its FY2018 Net Profit to around US$7.8 million from around US$3.9 million in 2017.

This achievement resulted in higher profitability with Net Profit Margin of about 12.2% in 2018 compared to about 8.0% in 2017.

EBITDA was around US$23.4 million in 2018, upped by about 32% YoY from around US$17.7 million, reflecting EBITDA margin of about 36.8% in 2018 better than about 36.2% in 2017.

Bigger financial capacity to accelerate growth

The Company continues to build up stronger financial position as Total Assets increased by about 8% YoY to around US$110.1 million and Total Equity increased by about 17% YoY to around US$71.7 million as of December 31, 2018.

On the same corresponding period, PSS has Cash and Cash Equivalent of about US$15.7 million (including Restricted Cash of about US$2.2 million) while total outstanding Bank Loans stood at about US$25.4 million.

The Company’s Gearing and Net Gearing Ratios were 0.35x and 0.13x as of December 31, 2018, much better than 0.52x and 0.26x as of December 31, 2017, respectively.

Debt to EBITDA and Net Debt to EBITDA ratios as of December 31, 2018 were respectively, 1.08x and 0.41x, lower than 1.81x and 0.89x as of December 31, 2017, respectively.

Such solid financial position displayed that PSS has a well-managed capital structure and solid financial capacity.

Utilization of the Company’s financial capacity, starting with combination of internal cash and bank financing for MV fleet expansion consisted of 1 unit of handysize class vessel in December 2018 and 2 units of supramax class vessels, each in January 2019 and February 2019, will accelerate PSS growth in 2019 and onwards.

The Company is targeting Net Revenues to grow by around 25% to 30% with EBITDA margin of around 28% to 30% in 2019.

PRESS RELEASE – PSS SUCCESSFULLY SECURED A NEW LONG-TERM CONTRACT OF COAL AND MINERAL CARGO

PSS SUCCESSFULLY SECURED A NEW LONG-TERM CONTRACT OF COAL AND MINERAL CARGO

 

  • Bagged a 5-year contract worth about USD39.4 million
  • Two (2) Supramax class vessels to meet the time charter contract

 

JAKARTA, MARCH 11, 2019

PT Pelita Samudera Shipping Tbk (“The Company”, “PSS”, IDX code: PSSI) announced the signing of time charter contract worth around USD39.4 million for shipment of nickel ores and coal for 5 years.

The contract agreement was signed to serve one major nickel smelter in Indonesia, PT Virtue Dragon Nickel Industry (VDNI). PSS will carry out the shipment of nickel ore from Halmahera Island to Sulawesi Island, with coal shipped from Kalimantan Island to Sulawesi Island.

Using the recently purchased two (2) units of supramax class vessels, the first vessel, “MV Daidan Pertiwi” acquired on January 2019 with transaction value of less than USD11 million, followed by its second vessel “MV Daidan Mustikawati” acquired on February 2019 with transaction value of less than USD10 million.

These additional two (2) supramax class vessels lifted the Company’s mother vessel (MV) cargo capacity in term of Dead Weight Ton (DWT) from about 31k DWT in 1Q 2018 to about 174.6k DWT in 1Q 2019 or more than five (5) times in the last four (4) quarters as PSS is gradually expanding its MV business line.

Such achievement is the biggest time charter contract successfully obtained by PSS in the last five (5) years, showing the Company’s strong effort to expand its customer base from mostly coal to other sectors, including mineral; hence, supporting the logistic supply chain part of Indonesia’s move in creating added value from its downstream mining industry.

OFFICE MOVING RELOCATION ANNOUNCEMENT

OFFICE MOVING RELOCATION ANNOUNCEMENT

We are pleased to announce, effective from March 4, 2019, the Company relocates to a new building as follows:

Menara Astra 23rd Floor
Jl. Jend. Sudirman Kav. 5-6
Jakarta Pusat 10220
No Telp: +62 21 80600800 , Fax : +62 21 80600801
Website: www.ptpss.co.id

All administrative purposes related to correspondence, telephone and fax should be addressed to a new office.
The Company does not send a separate announcement to the Shareholders. This information is considered as an announcement to the Shareholders, Investors and the Public.
Thank you for your attention

Corporate Secretary and Communications

 

Document download: Office_Moving_Announcement

RINGKASAN RISALAH RAPAT UMUM PEMEGANG SAHAM LUAR BIASA

 

PEMBERITAHUAN

RINGKASAN RISALAH RAPAT UMUM PEMEGANG SAHAM LUAR BIASA

Direksi Perseroan dengan ini mengumumkan bahwa Rapat Umum Pemegang Saham Luar Biasa (”Rapat”) Perseroan, yang diselenggarakan pada Senin, 25 Februari 2019,  bertempat di Gran Melia, Jl. HR Rasuna Said Kav X-O, Setiabudi, Jakarta Selatan – 12950.

 

Rapat dibuka pada pukul  10.19 WIB dan ditutup pada pukul   10.41 WIB.

A. Agenda Rapat adalah sebagai berikut :

  1. Persetujuan atas rencana fasiltas pinjaman jangka panjang;
  2. Perubahan Tempat Kedudukan Perseroan yang semula berkedudukan di Jakarta Barat menjadi di Jakarta Pusat;
  3. Persetujuan atas fasilitas Foreign Exchange dari Citibank Jakarta.

B. Rapat dihadiri oleh anggota Dewan Komisaris dan Direksi sebagai berikut :

  1. Bapak Hamid Awaluddin                       Komisaris Utama Independen
  2. Bapak Adi Harsono                                 Komisaris Independen
  3. Bapak Chavalit Tsao                                Komisaris
  4. Bapak Iriawan Ibarat                              Direktur Utama
  5. Bapak Harry Tjhen                                  Direktur
  6. Bapak Setya Rahadi                                 Direktur
  7. Ibu Yolanda Watulo                                Direktur
  8. Ibu Helena Adnan                                   Direktur Independen

 

C. Kuorum Kehadiran Para Pemegang Saham.

Rapat dihadiri oleh para pemegang saham dan/atau kuasanya sebanyak 4.863.534.808  saham yang merupakan  96,69 % dari 5.030.000.000 saham yang merupakan seluruh saham yang telah dikeluarkan atau ditempatkan oleh Perseroan, karenanya ketentuan mengenai kuorum Rapat sebagaimana diatur dalam pasal 23 ayat 1 (a) dan Pasal 23 ayat 8 (a)  Anggaran Dasar Perseroan serta Pasal 86 ayat (1)  dan Pasal 88 ayat (1) Undang-Undang Nomor 40 Tahun 2007 tentang Perseroan Terbatas telah terpenuhi.

D. Kesempatan Tanya Jawab.

Kepada pemegang saham dan/atau kuasanya yang hadir dalam Rapat diberikan kesempatan untuk mengajukan pertanyaan, pendapat, usul dan/atau saran yang berhubungan dengan Agenda Rapat yang dibicarakan, dengan mekanisme mengangkat tangan dan menyerahkan formulir pertanyaan.

Ada satu  pemegang saham dengan kepemilikan sebanyak  81.000 saham yang mengajukan pertanyaan pada Agenda Rapat Pertama.

E. Mekanisme Pengambilan Keputusan.

Mekanisme pengambilan keputusan dilakukan secara lisan dengan meminta kepada pemegang saham dan/atau kuasanya untuk mengangkat tangan bagi yang memberikan suara tidak setuju dan abstain, sedangkan yang memberikan suara setuju tidak diminta mengangkat tangan. Suara abstain dianggap mengeluarkan suara yang sama dengan suara mayoritas para pemegang saham yang mengeluarkan suara.

F. Keputusan Rapat.

Hasil pengambilan keputusan yang dilakukan melalui pemungutan suara, sebagai  berikut :

Agenda I

Tidak ada yang memberikan suara tidak setuju maupun suara abstain (blanko), dengan demikian Rapat secara musyawarah untuk mufakat, menyetujui :

  1. Mendapatkan Pinjaman Jangka Panjang dari ICICI Bank Cabang Singapura dengan jumlah sampai dengan 21 juta dollar Amerika Serikat dengan tenor sampai dengan 5 tahun 9 bulan yang akan digunakan untuk penambahan armada Perseroan serta Fasilitas Derivative dengan jumlah sampai dengan 1,5 juta dollar Amerika Serikat yang akan digunakan untuk lindung nilai (hedging) dengan persyaratan dan ketentuan yang dianggap sesuai oleh Direksi dari waktu ke waktu.
  2. Memberikan persetujuan, wewenang, dan kuasa kepada Dewan Komisaris dan Direksi untuk melakukan segala tindakan yang dibutuhkan sehubungan kegiatan melakukan pinjaman Bank Jangka Panjang untuk kepentingan Perseroan dengan tidak mengesampingkan Anggaran Dasar Perseroan dan Peraturan Perundang-undangan yang berlaku.

Agenda II

Tidak ada yang memberikan suara tidak setuju maupun suara abstain (blanko), dengan demikian Rapat secara musyawarah untuk mufakat, menyetujui :

  1. Mengubah Pasal 1 ayat 1 Anggaran Dasar Perseroan mengenai Tempat Kedudukan Perseroan yang semula berkedudukan di Jakarta Barat menjadi berkedudukan di Jakarta Pusat;
  2. Memberikan kuasa dan wewenang kepada Direksi Perseroan untuk melakukan segala tindakan yang diperlukan berkaitan dengan perubahan Tempat Kedudukan Perseroan tersebut, tanpa ada yang dikecualikan.

Agenda III

Tidak ada yang memberikan suara tidak setuju maupun suara abstain (blanko), dengan demikian Rapat secara musyawarah untuk mufakat, menyetujui :

  1. Mendapatkan Fasilitas Foreign Exchange dari Citibank N.A. Indonesia dengan jumlah sampai dengan 5 juta dollar Amerika Serikat dengan tenor maksimal 12 bulan untuk lindung nilai transaksi dalam valuta asing Dollar AS dengan persyaratan dan ketentuan yang dianggap sesuai oleh Direksi dari waktu ke waktu.
  2. Memberikan persetujuan, wewenang, dan kuasa kepada Dewan Komisaris dan Direksi untuk melakukan segala tindakan yang dibutuhkan sehubungan kegiatan melakukan Fasilitas Foreign Exchange untuk kepentingan Perseroan dengan tidak mengesampingkan Anggaran Dasar Perseroan dan Peraturan Perundang-undangan yang berlaku.

Pengumuman Ringkasan Risalah Rapat Perseroan ini adalah untuk memenuhi ketentuan Pasal 34 ayat (1), ayat (2) dan ayat (6) Peraturan Otoritas Jasa Keuangan Nomor 32/POJK.04/2014 tentang Rencana dan Penyelenggaraan Rapat Umum Pemegang Saham Perusahaan Terbuka.

 

Jakarta, 26 Februari 2019

Direksi Perseroan

Pemanggilan Rapat Umum Pemegang Saham Luar Biasa – Senin, 25 Februari 2019

PEMANGGILAN

RAPAT UMUM PEMEGANG SAHAM LUAR BIASA
PT PELITA SAMUDERA SHIPPING TBK

Bersama ini Direksi PT Pelita Samudera Shipping Tbk (“Perseroan”), mengumumkan Pemanggilan Rapat Umum Pemegang Saham Luar Biasa (“Rapat”) yang akan diselenggarakan pada:

Hari/Tanggal   : Senin, 25 Februari 2019

Waktu               : Pukul 10.00 WIB s.d selesai

Tempat             : Gran Melia Jalan Haji R. Rasuna Said Kav X-0, RT.5/RW.4, Kuningan Tim., Kecamatan Setiabudi, Kota Jakarta Selatan, Daerah Khusus Ibukota Jakarta 12950

Dengan Agenda Rapat sebagai berikut :

1.     Persetujuan Atas Rencana Fasilitas Pinjaman Jangka Panjang.

2.     Perubahan Tempat Kedudukan Perseroan yang semula berkedudukan di Jakarta Barat menjadi di Jakarta Pusat

3.     Persetujuan atas fasilitas Foreign Exchange dari Citibank Jakarta

 

Catatan :

  1. Yang berhak hadir atau diwakili dalam Rapat adalah:

a. Untuk saham-saham Perseroan yang belum dimasukkan di dalam Penitipan Kolektif hanyalah Para Pemegang Saham yang namanya tercatat dalam Daftar Pemegang Saham Perseroan pada tanggal 31 Januari 2019 sampai pukul 16.00 WIB.

b. Untuk saham-saham Perseroan yang berada di dalam Penitipan Kolektif hanyalah para pemegang rekening yang namanya tercatat sebagai Pemegang Saham Perseroan dalam rekening efek bank kustodian atau perusahaan efek yang tercatat dalam Daftar Pemegang Saham Perseroan pada tanggal 31 Januari 2019 pukul 16.00 WIB.

  1. Bagi pemegang rekening efek pada PT Kustodian Sentral Efek Indonesia (KSEI), diwajibkan untuk menyerahkan Daftar Pemegang Saham yang dikelolanya kepada KSEI untuk mendapatkan Konfirmasi Tertulis Untuk Rapat (KTUR).

 

  1. Pemegang saham atau kuasanya yang akan menghadiri Rapat diminta untuk membawa dan menyerahkan fotokopi Surat Kolektif Saham dan fotokopi Kartu Tanda Penduduk (KTP) atau tanda pengenal lainnya kepada petugas pendaftaran Perseroan, sebelum memasuki ruang rapat. Untuk pemegang saham dalam penitipan kolektif di KSEI diwajibkan untuk membawa KTUR yang dapat diperoleh melalui anggota bursa atau bank kustodian.

 

  1. Bagi pemegang saham Perseroan berstatus badan hukum dapat diwakili dalam Rapat oleh pihak yang berwenang sesuai dengan anggaran dasarnya masing-masing, dan agar membawa fotokopi anggaran dasar berikut perubahannya yang terakhir serta susunan terakhir anggota Direksi dan Dewan Komisaris untuk diserahkan kepada petugas pendaftaran sebelum masuk ke ruang rapat.

 

  1. a. Pemegang saham yang tidak dapat hadir dalam Rapat dapat diwakili oleh kuasanya dengan membawa Surat Kuasa yang sah sebagaimana ditentukan oleh Direksi Perseroan, dengan ketentuan anggota Direksi, anggota Dewan Komisaris dan karyawan Perseroan diperkenankan untuk bertindak selaku kuasa pemegang saham Perseroan dalam Rapat ini, namun suara yang mereka keluarkan selaku kuasa tidak diperhitungkan dalam pemungutan suara

b. Formulir Surat Kuasa dapat diperoleh setiap jam dan hari kerja di kantor Perseroan, di Menara Citicon Lantai 19 Jalan Letjen S Parman Kav 72 Jakarta Barat 11410, No telp 021-29308801, faksimili 021-29308802 dengan menghubungi Corporate Secretary Perseroan (Imelda Agustina Kiagoes).

c. Semua Surat Kuasa harus sudah diterima oleh Direksi Perseroan di kantor Perseroan sebagaimana disebutkan diatas selambat-lambatnya pukul 16.00 WIB pada hari Jum’at 22 Februari 2019. Apabila Surat Kuasa yang diserahkan tersebut dalam bentuk fotokopi, maka asli Surat Kuasa harus diserahkan pada saat registrasi sebelum memasuki ruang Rapat

  1. Bahan-bahan untuk hal-hal yang akan dibicarakan dalam Rapat telah tersedia di kantor Perseroan sebagaimana disebutkan di atas dan dapat diperoleh dengan menghubungi Corporate Secretary Perseroan (Imelda Agustina Kiagoes).

 

  1. Untuk mempermudah pengaturan dan tertibnya Rapat, Pemegang Saham Perseroan atau kuasanya yang

sah diminta  dengan hormat untuk hadir di tempat Rapat 30 (tiga puluh) menit   sebelum Rapat dimulai.

 

Jakarta, 1 Februari 2019

Direksi Perseroan

PT Pelita Samudera Shipping Tbk

FLEET EXPANSION SUPPORTED PSS PERFORMANCE, FY 2018 REVENUE EXPERIENCED DOUBLE-DIGIT GROWTH

FLEET EXPANSION SUPPORTED PSS PERFORMANCE, FY 2018 REVENUE EXPERIENCED DOUBLE-DIGIT GROWTH

 

  • Unaudited  Revenue  in  2018  topped US$63 million figure, or posting about 30% growth from 2017
  • Shipment volume grew by about 11% to about 33.5 million metric tons in 2018
  • In a bid to support sustainable growth, PSS sets to continue fleet expansion in 2019

 

JAKARTA, FEBRUARY 6, 2019

 

PT Pelita Samudera Shipping Tbk (“The Company”, “PSS”, IDX code: PSSI) reported Unaudited Total Revenue of about US$63.5 million in 2018 compared to about US$49.0 million achieved in 2017.

 

Such Revenue performance is the biggest for PSS in the last 5 (five) years, attributed by solid performance of global thermal coal price along with increase in domestic thermal coal consumption and the continued Company’s fleet expansion program since 2016.

 

Tugboat and Barge (TNB) business line accounted for about 55% of the Company’s Unaudited Revenue in 2018, followed by contribution from Floating Loading Facility (FLF) of about 40% and Mother Vessel (MV) of about 5%.

 

Double-digit in volume growth

TNB reported significant increase in coal shipment volume from around 9.8 million metric tons in 2017 to around 12.9 million metric tons in 2018, reflecting about 32% increase from 2017 or increase of about 3.1 million metric tons.

 

FLF reported of volume as much as 20.3 million metric tons in 2018, post divestment of one unit of FLF “Ratu Barito” in September 2018, a tad lower compared to 20.4 million metric tons handled in 2017.

 

New business line MV that just started operation with 1 unit of Handysize class vessel since March 2018 managed to contribute volume of about 280k metric tons in 2018.

 

Overall, total volume handled by PSS in 2018 has passed 33 million metric tons, by achieving about 33.5 million metric tons compared to about 30.2 million metric tons in 2017 or grew by about 11%; hence, such achievement is the highest record of volume achieved by PSS in the last 5 (five) years.

 

Continue fleet expansion to further support Volume and Revenue growth in 2019

At the end of 2018, PSS managed to add another Handysize class vessel named “Dewi Ambarwati” for US$9.6 million and recently signed a Sales and Purchase Agreement (SPA) for its first Supramax class vessel worth US$10.5 million by end of January 25, 2019.

 

Realization of these fleet additions will increase the Company’s MV cargo capacity from initially 30k DWT to 110k DWT, which is aligned with PSS strategy to support Indonesia’s logistic needs for the energy and mining sectors.

 

Backed by strong financial position, PSS is still eyeing opportunities to add another MV into its fleet as the Company has set cargo volume target of around 1.8-2.2 million metric tons in 2019 for its MV fleet, subject to market conditions and ability for further fleet addition.

 

Continued fleet expansion will help PSS to achieve its organic Revenue growth target of around 25% to 30% in 2019.

COMPLETED ADDITIONAL 1 UNIT OF MOTHER VESSEL, PSS SETS TO SUPPORT INDONESIA’S ENERGY CONSUMPTION GROWTH

COMPLETED ADDITIONAL 1 UNIT OF MOTHER VESSEL, PSS SETS TO SUPPORT INDONESIA’S ENERGY CONSUMPTION GROWTH

 

  • New fleet investment of 1 unit Handysize class Mother Vessel (MV) reached about US$9.7 million (about IDR27.2 per share)
  • Targeting at about US$50 million for organic capital expenditure (capex) in 2019
  • Indonesia’s  economic   growth   and huge domestic market will provide logistic opportunities for domestic power plants, fertilizer, cement, and metal and mineral industries

 

JAKARTA, JANUARY 30, 2019

 

PT Pelita Samudera Shipping Tbk (“The Company”, “PSS”, IDX code: PSSI) opened the new chapter of 2019 by announcing of new MV “Dewi Ambarwati”, a handysize class vessel as part of the Company’s expansion program in line with Indonesia’s increasing logistic demand for the energy sector.

 

With capacity of 32,000 dead-weight-tons (dwt), “Dewi Ambarwati” is the Company’s 2nd handysize vessel and has been chartered for coal shipment in Bunati area, South Kalimantan, starting since the first week of January 2019.

 

PSS completed the acquisition transaction of this MV by the end of 2018, paid entirely with internal cash, showing the Company’s sound liquidity and well-managed financial position.

 

Following this new MV PSS now owns a total fleet of 80 units, consisted of 38 units of tugboat, 37 units of barge, 3 units of floating loading facility (FLF) and 2 units of handysize class mother vessel compared to 77 units it owned at the beginning of 2018.

Organic capex at around US$50 million in 2019

PSS spent capex of around US$21 million (including dry docks) in 2018 compared to around US$15.7 million in 2017.

 

Thanks to the Company’s strong cash flow and asset optimization strategy, PSS is yet to use any external funding for its new fleet investment in 2018.

 

PSS plans to spend capex of around US$50 million in 2019, mainly for the purchases of tugboats, barges and mother vessels, funded by a combination of external and internal financing, subject to the market development and condition.

 

Currently, the Company maintains a well managed financial position, reflected on several ratios as below.

 

As of September 30, 2018, PSS had Gearing Ratio of 0.38x and Net Gearing Ratio of 0.23x with Debt-to-LTM EBITDA Ratio of 1.07x and Net Debt-to-LTM EBITDA Ratio of 0.66x.

 

Along with the Company’s capex needs in 2019, to secure its working capital needs, PSS has recently signed non-collateral loan facilities with Citibank Indonesia in both US Dollar and Rupiah amounted up to US$12 million (including standby LC).

 

Such loan facility reflects the bank’s high trust in the Company’s prospects and its financial strength.

 

Pursuing multiple logistic opportunities

Rising domestic logistic demand particularly for energy and mineral sector will be the Company’s main focus for 2019.

 

As such, PSS is targeting cargo volume of around 1.8 – 2.2 million metric tons in 2019 for its MV fleet, subject to market condition and ability for fleet additions.

 

The addition of bulk carrier is in line with the Company’s strategy to tap multiple logistic opportunities in the domestic market from energy, mining, agriculture to building material sectors.

Laporan Keterbukaan Informasi

Laporan Keterbukaan Informasi atau Fakta Material sebagai berikut:

Nama Emiten atau Perusahaan Publik               : PT Pelita Samudera Shipping Tbk

Bidang Usaha                                                             : Jasa Angkutan Laut

Telepon                                                                       : 021- 29308801

Faksimili                                                                    : 021- 29308807

Alamat Surat elektronik                                        : corsec@ptpss.co.id

1 Tanggal Kejadian 25 Januari 2019
2 Jenis Informasi atau Fakta Material Di perolehnya Fasilitas Pinjaman Jangka Pendek dan Fasilitas Pinjaman Kontijensi dari  Citibank,N.A Cabang Jakarta (“Citibank”) kepada PT Pelita Samudera Shipping Tbk (“Perseroan”)
3 Uraian Informasi atau Fakta Material

 

 

 

Perjanjian Fasilitas  Pinjaman Jangka Pendek dan Fasilitas Pinjaman Kontijensi telah ditandatangani pada tanggal 25 Januari 2019, dengan rincian sebagai berikut:

(i)             Fasiltas Pinjaman Jangka Pendek (Revolving Loan)  sebesar sampai dengan  AS$10,000,000 (Sepuluh Juta Dollar Amerika Serikat). Jangka waktu Fasilitas Pinjaman adalah 12 bulan. Pinjaman ini digunakan untuk Pendanaan Jangka Pendek

(ii)            Fasilitas Pinjaman Kontijensi sebesar sampai dengan AS$ 2,000,000 (Dua Juta Dollar Amerika Serikat). Jangka waktu Fasilitas Pinjaman adalah 12 bulan. Pinjaman ini digunakan untukfasilitas Letter of Credit dan Standby Letter of Credit dan/atau Guarantee

(iii)           Tidak ada jaminan dalam Pinjaman tersebut. .

Transaksi ini telah memperoleh  persetujuan Rapat Umum Pemegang Saham Luar Biasa (“RUPSLB”) yang telah dilaksanakan pada 5 Desember 2018.

4 Dampak kejadian, Informasi atau fakta material terhadap
  1. Kegiatan Operasional
Peningkatan Kinerja Operasional Perseroan.
  1. Hukum
Tidak ada dampak material dibidang hukum.
  1. Kondisi Keuangan
Fasilitas pinjaman yang diperoleh akan meningkatkan modal kerja Perseroan yang akan digunakan untuk mendukung kegiatan operasional dan ekspansi bisnis Perseroan.
  1. Kelangsungan Usaha
Berdampak positif demi kelangsungan usaha Perseroan.