PRESS RELEASE: STRATEGIC MOVES OF PELITA SAMUDERA SHIPPING WITH ASSET DIVESTMENT

JAKARTA, 20 SEPTEMBER 2018

PT Pelita Samudera Shipping Tbk (“Company”, IDX code: PSSI), the company engaging in integrated sea logistics and transshipment solutions remain focused on maintaining their position in coal logistics business. In line with its strategic plans and to optimize the resources owned, the Company plans to sell their asset of 1 unit Floating Loading Facility (FLF), an offshore coal transfer facility made in 2007.

 

This strategic step is part of business divestment to optimize asset utilization. The sale is a very good opportunity for the Company to obtain funds to invest in assets that are more profitable, which is in line with the Company’s business strategy on fleet expansion that has been carried out over the past 2 years. Also future target to accommodate the needs of coal domestic market as well as exports which are predicted to remain stable toward Asian countries, especially Southeast Asia.

 

Company received a good offer of USD 12 million in sales transactions, planned to be sold to PT Maritim Barito Perkasa. This sale will have a positive impact on operational activities in which can increase the utilization of remaining 3 FLF and 1 Floating Crane for coal transfer services. In addition to owning 1 unit of Mother Vessel handysize, 37 units of tugboat and 37 units of barge for coal transportation services with an average utilization above 90%.

 

The sale of FLF named Ratu Barito has been approved by the shareholders at the Extraordinary General Meeting of Shareholders at Fairmont Hotel, Jakarta. The Company remains optimistic to achieve double-digit growth from 2017, after achieving significant financial performance in first half of 2018 compared to first half of 2017 with a net profit increase by 2,859%.

 

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  : corsec@ptpss.co.id