PRESS RELEASE – AMID THE FLUCTUATION IN COAL PRICE, PSS TIME CHARTER REVENUE SOARS

AMID THE FLUCTUATION IN COAL PRICE, PSS TIME CHARTER REVENUE SOARS

 JAKARTA, OCTOBER 24, 2019

PT Pelita Samudera Shipping Tbk (“the Company”, “PSS”, IDX code: PSSI)

In line with the expansion of bulk carrier (Motor Vessel), the growth of Time Charter Revenue has increased significantly by 216% which contributed to the increase in Revenue by 18% as of 30 September 2019 to US$55.2 million from US$46.8 million as of September 30, 2018. The highest Time Charter Revenue growth came from MV segment, followed by Floating Loading Facility (FLF) and Tug and Barge (TNB) segments.

MV transport capacity has increased 8 times fold by 234k DWT as of September 2019 from 31k DWT as of September 2018. With the addition of 4 MV vessels in 2019 (2 Supramax and 2 Handysize classes), the Company recorded an increase in Asset of 25% to US$137.2 million as of 30 September 2019 from US$110.1 million as of 31 December 2018. Total Asset growth is projected to increase by around 32% from 2018 with the addition of MV fleet and the purchase of 2 sets of Tugs and Barges in the fourth quarter of 2019.

The Company has spent US$38.2 million as of September 2019 from a total 2019 capex budget at US$61.3 million. Capex realization by 62% has been mostly invested in 4 MV vessels as part of the fleet expansion program. The latest MV vessel, which was recently purchased with Company’s internal cash and additional capital with the issuance of shares in September 2019, is targeted to operate at the end of fourth quarter in 2019 by obtaining a time charter contract.

The company recorded a 7% increase in Gross Profit as of 30 September 2019 compared to the same period last year in lieu of Cost of Revenue increased, mainly the increase in fuel consumption, fleet repairs, crew costs and depreciation cost which is in line with the expansion of MV fleet.

Amid the fluctuation in coal price, the Company continues to spur its operational performance with high fleet utilization at an average of 90%. With customer confidence in the Company’s solid performance, which are large coal miners in Indonesia, many long-term contracts were successfully extended in 2019. The composition of long-term FLF contracts has reached 90% up to September 2019 and 10% spot basis, while TNB long-term contract at 75% and 25% spot basis. Total contract extension in 2019 and ongoing contracts for FLF and TNB valued at around US$41 million.

Other Income as of September 2018 came from the sale of 1 FLF with gain on sale of US$7.6 million. The profit from sales contributed to a higher Net Profit of 39% as of September 2018 compared to September 2019, Earnings per Share was also higher in 2018. Net Profit as of 30 September 2019 at US$7.4 million and Earnings per Share at IDR21.

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

The Company continues to build a strong financial position with total Equity increasing by around 7% as of 30 September 2019 to US$76.7 million from US$71.7 million at 31 December 2018 with an increase in Retained Earnings of 22%.

Note: Numbers are based on interim Financial Statements as of September 30, 2019 (unaudited).

PMTHMETD-OCTOBER 2019

PT PELITA SAMUDERA SHIPPING TBK (“the Company”)

ANNOUNCEMENT OF NON PRE-EMPTIVE RIGHT (“PMTHMETD”)

IMPLEMENTATION

 

We hereby submit the results of the implementation of the PMTHMETD which was approved by the General Meeting of Shareholders of the Company which was held on September 16, 2019.

 

Shareholder Name:                        Convivial Navigation Co. Pte. Ltd.

Address:                                            9 Temasek Boulevard # 11-01 Suntec Tower Two

Singapore 038989

Line of Business:                              Shipping

Number of Shares:                          383,463,153 shares (“New Shares”)

Date of Issuance of Shares:         October 10, 2019

Payment of Deposit:                      Conversion of the Company’s obligations of  MV purchase. Maritime Coaction at USD7,525,000 (seven million five  hundred twenty-five thousand dollars United States of America).

New Shares have been listed in Company’s Register of Shareholders , administered by the Securities Administration Bureau of PT Datindo Entrycom and listed on the Indonesia Stock Exchange on October 10, 2019.

Thus we submit this report in order to comply with the provisions of article 43B (paragraph 1) of Regulation No. 14 / POJK.04 / 2019 which requires a Public Company to announce to the public the results of the Capital Increase through the Indonesia Stock Exchange website for the implementation of the issuance of New Shares in the context of PMTHMETD no later than day 2 after the date of issuance of the New Shares.

Please see detail announcement in this Link

INFORMATION DISCLOSURE REPORT OR MATERIAL FACTS-OCTOBER 2019

We announce the Information Disclosure Report or Material Facts as follows:

Name of Issuer or Public Company:                         PT Pelita Samudera Shipping Tbk

Line of Business:                                                           Sea Transportation Services

Telephone:                                                                      021-8060 0800

Facsimile:                                                                        021-8060 0801

Electronic mail address:                                               corsec@ptpss.co.id

1 Date of Transaction 8 October 2019
2 Type of Information or Fact of Material Tugboat Biak 20 Vessel Purchase
3 Description of Information or Fact of Material

 

 

 

On October 8, 2019, Sale and Purchase Agreement of Tugboat Biak 20 was signed

 

The parties:

– Seller: PT Titian Kaltim

– Buyer: PT Pelita Samudera Shipping Tbk

 

Transaction Value: Rp. 9,500,000,000

 

Payment Method: Payments are made in cash

 

Funding sources for buying assets:

All of them use the Company’s Cash

 

The purpose of purchasing vessels is to improve the Company’s performance and increase the Company’s operating income.

 

PT Titian Kaltim and the Company have no affiliation.

 

This transaction is not a Material Transaction, because the Transaction value is below 20% of the equity as stipulated in the Capital Market and Financial Institution Supervisory Agency Regulation Number: KEP-614 / BL / 2011 dated November 28, 2011.

4 Impact of events, information or material facts  
  a. Operation Activity Enhancing Company’s Operational Performance.
  b. Regulation/Law There is no material impact because the purchase is in accordance with applicable regulations
  c. Financial Condition It is expected to increase the Company’s operating income.
  d. Business continuity Positive impact for the continuity of the Company’s business.