PELITA SAMUDERA SHIPPING REACHED A DOUBLE DIGIT GROWTH REVENUE IN FIRST SEMESTER OF 2019

PELITA SAMUDERA SHIPPING REACHED A DOUBLE DIGIT GROWTH REVENUE IN FIRST SEMESTER OF 2019

JAKARTA, JULY 31, 2019

PT Pelita Samudera Shipping Tbk (“The Company”, “PSS”, IDX code: PSSI) reported Unaudited Financial Performance with a double digit growth in revenue ended June 30, 2019 of USD36.1 million, an increase by 16% from USD31.1 million ended June 30, 2018.

Time charter revenue growth experienced a significant increase by 100% with the highest growth contributed by the latest Motor Vessel (MV) bulk carrier business line with an almost three-fold increase as of June 30, 2019 compared to the same period last year, followed by the service of Tug and Barge and Floating Loading Facility (FLF).

As of June 2019, 3 MV vessels (Supramax and Handysize) out of a total of 5 MVs have long-term time charter contracts compared to only 1 MV per June 30 2018. The MV fleet transport capacity of 205.6k dwt has increased almost 7 times from June 2018.

The largest revenue composition is from Tug and Barge (TNB) segment of 47% with long-term contracts until June 2019 reaching an average of 75% and 25% on spot basis. TNB contributed around 51% of total EBITDA. The achievement of fleet utilization is quite high at an average of 95% as of 30 June 2019. With some TNB new contract extension at the beginning of second semester of 2019, the Company targets higher composition of long-term contracts in the second semester of 2019 compared to first semester of 2019.

With asset optimisation in the form of divestment of 1 unit of FLF in September 2018, FLF segment remains the second largest revenue contribution of around 30 percent, where the composition of long-term contracts has reached almost 90 percent. The extension of new FLF contracts has also been carried out at the beginning of second semester of 2019 with some of largest customers.

The Company has spent USD30.3 million as of June 2019 from a total 2019 capex budget at USD61.3 million. Capex realization of almost 50% has been invested in 3 MV vessels that was purchased in the past few months as part of the fleet expansion program. The investment is funded in part from the Company’s internal cash and bank loans.

Backed by an increase of domestic and export demand, PSSI targets to bring one MV vessel in second semester of 2019.

The Company continues to build up stronger financial position as Total Assets increased by about 18% as of June 30, 2019 to USD130.3 million from USD110.1 million as of December 31, 2018. Total Equity increased by about 3% as of June 30, 2019 to USD73.7 million from USD71.7 million as of December 31, 2018 with an increase in Retained Earnings of 8%.

The Company’s well-managed capital structure with Debt to Asset Ratio remains healthy at 34% as of June 30, 2019, slightly up from the same period last year due to bank loans which mostly used for fleet expansion.

Amid falling coal price, the Company managed to increase its Net Profit by around 3% to USD4.4 million as of June 30, 2019 from USD4.3 million as of June 30, 2018. With solid operational performance, the Company targets revenue growth above 20% from 2018.

Note: Financial Report as of June 30, 2019 is currently under review by PwC Indonesia public accounting firm which will be published in Limited Review report in August 2019.

PELITA SAMUDERA SHIPPING SUCCESSFULLY SECURED LONG- TERM CONTRACT FOR COAL TRANSPORT WORTH USD15.7 MILLION

PELITA SAMUDERA SHIPPING SUCCESSFULLY SECURED LONG- TERM CONTRACT FOR COAL TRANSPORT WORTH USD15.7 MILLION
 
JAKARTA, JULY 22nd, 2019
 
PT Pelita Samudera Shipping Tbk (“The Company”, “PSS”, IDX code: PSSI) began the second semester of 2019 by successfully secured a long-term contract for coal transport and transshipment with contract extension worth USD15.7 million.
 
The first contract for 2 year extension with a  coal mining company PT Jembayan Muarabara part of PTT Thailand business group (Sakari Resources Group). Coal transshipment from Floating Loading Facility (FLF) service operated in the East Kalimantan area.
 
Jembayan’s trust in PSSI completed the two previous long-term contracts for tug and barge services signed last year worth USD39 million and USD18 million in which  one of the contracts was to transport coal to East Java area, one of the largest power plants in Indonesia.
 
The second long-term contract for one year extension with LG International, a Korean-based company with domestic coal miner PT Ganda Alam Makmur. The coal transport by tug and barge service in the East Kalimantan area with guaranteed a contract volume at the minimum around 1.3 million metric tons.
 
Up to first semester in 2019, the composition of long-term contracts for Floating Loading Facility segment has reached almost 90% with remaining 10% on spot basis. This percentage of long-term contracts contributed higher than 2018. The tug and barge segment has reached 75% for long-term contract with 25% on spot basis. High fleet utilization at an average of 95% until the end of June 2019.
 
With revenue target is set higher in the second semester of 2019 compared to first semester of 2019, the Floating Loading Facility and tug and barge segments also contribute to Company’s revenue growth in 2019 in addition to the latest business lines of bulk carrier Mother Vessel.
 
Both contract extension with the two well-known coal miners in Indonesia proves the high confidence of coal business players to PSSI performance in the logistics industry.