PT Pelita Samudera Shipping Tbk (“Company”, IDX code: PSSI), performance of the company providing integrated sea logistics and transshipment solutions achieved a soaring financial achievement in the first half of 2018, which significantly increased compared to the first half of 2017. The Company managed to post a net profit after tax of US$ 4 million in the first half of 2018, up by 2859% from the same period last year of US$ 136.5k.
Excellent company revenue was generated from both business segments, the coal transport volume of tugs and barges services rose by 52% from 4.1 million metric tons in the first half of 2017 to 6.2 million metric tons in the first half of 2018. This increase contributed to a 68% year-on-year increase in revenues. The transshipment volume from Floating Loading Facility services rose by 38% from 8.2 million metric tons in the first half of 2017 to 11.4 million metric tons in the first half of 2018 which contributed to a 31% year-on-year increase in revenues.
Along with the increase in coal transport and transshipment volume, cost of revenue also increased by 28% from US$ 16.9 million in the first half of 2017 to US$ 21.7 million in the first half of 2018. Total assets reached US$ 103 million in June 2018 and total equity grew by 4% in the first half of 2018 to US$ 63.4 million from US$ 61.2 million in December 2017. The Company increased its assets by purchasing some vessels in the last two years, which is a perfect timing to purchase reasonable vessel price in line with the steady coal price where the needs for coal freight logistics is increasing.
The increasingly stable coal price in 2018 contributed to the positive performance of the Company that started this year with the signing of major contracts with major coal miners in Indonesia, including for the needs of coal-fired power plants. Operational excellence that has always been the Company’s focus for last few years is continuous efficiency in tight monitoring of diesel fuel and oil usage, fleet technical cost as well as repair and maintenance. Tight control of operational and technical costs is carried out without compromising the safety and health aspects; fleet maintenance is completed on a strict scheduled basis according to regulations by certified body in order to maintain the sea worthiness of the fleet’s condition.
With the addition of new fleet that are fully operating in 2018, the Company managed to maintain an average rate of fleet utilization quite high above 90%. The Company’s operational areas in Samarinda and Banjarmasin expanded to Berau and Sangkulirang areas in East Kalimantan, and early 2018 successfully won a tender in Bukit Asam mining area in Tanjung Kampeh, South Sumatra. Along with the expansion into larger operational area and the increasing volume of coal transportation to power plant in East Java, in 2018 the Company is optimistic to target a double digit growth from 2017.
About PT Pelita Samudera Shipping Tbk. Indonesia’s leading sea freight service company over the past 11 years for coal transport and transshipment that provides integrated tugs and barges, Floating Loading Facility, floating cranes and Mother Vessel handymax services which provide value added to the consumers. The Company is a pioneer in Floating Loading Facilities operator whereby all operations are supported by ISO Management System 9001:2015 Total Quality Management, ISO 14001:2015 Environmental Management System and OHSAS 18001: 2007 Occupational Health and Safety Assessment Series.

For further information please contact:
Imelda Agustina Kiagoes
Corporate Secretary
PT Pelita Samudera Shipping Tbk
Telp. : (62-21) 2930 8801
Fax. : (62-21) 2930 8802
E-mail :