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2019 FLEET EXPANSION SUPPORTED PELITA SAMUDERA SHIPPING PERFORMANCE

JAKARTA, FEBRUARY 20, 2020

  • Amid the challenges of coal commodity price fluctuation in 2019, PSSI reported Total Unaudited Revenues of US$75.3 million (almost IDR1.1 trillion) as of 31 December 2019, an increase of 18% from the same period last year at US$63.6 million.
  • The double-digit growth was supported by a significant increase in Non-Audit Time Charter Revenues by 304% to US$9.9 million from US$2.4 million in 2018 with the largest growth in the Bulk Carrier (MV) vessel segment.
  • The realization of 2019 capital expenditure (Capex) was at US$50 million or 81% of the Capex budget, mainly for the purchase of 4 units of MV Supramax and Handysize class, 1 unit of tugboat and 2 units of the 330-feet barge (TNB) in addition to fleet docking cost. The 4 units of MV added to become 6 MVs while TNB purchase added to a total of 39 sets to pursue logistics opportunities in the export and domestic markets. Total Assets have increased by 28% compared to 2018.
  • 2 units of MV have been awarded long-term contracts worth US$39.4 million, one of the largest time-charter contract achievements in the last 5 years, the units dedicated to transport nickel ore and coal. The last MV unit purchased at the end of 2019 has also been awarded a long term time-charter contract worth US$6 million for the iron products and coal transport. MV fleet expansion as one of the business diversification targets outside of coal commodities transport.
  • Post divestment of 1 unit Floating Loading Facility (FLF) “Ratu Barito” in September 2018 resulted in the increase of FLF utilization in 2019. The time-charter out of 1 unit FLF in 2019 has also made a significant contribution to Company’s Revenue.
  • Some new contracts and long-term contract extensions were achieved for FLF and TNB business segments. By the end of 2019, the composition of long-term contracts for FLF reached 91% and 9% spot basis and TNB reached 74% for long-term contracts and a 26% spot basis. Fleet utilization reached an average of 94% until the end of 2019.
  • The Capex allocation target in 2020 at US$30 million with the plan to add TNB assets as well as for fleet repair and docking cost. 4 units of MV purchased in 2019 will be fully operated in 2020. The Company will continue to explore potential new logistics markets including non-coal.
  • The Revenue growth target to increase by 20% – 25% in 2020 to US$92 – 95 million with asset optimization strategy, business diversification and asset expansion. Time Charter Revenue, similar with 2019, is one of the revenue growth, besides the increase of transport volume. 2019 volume was at 30.2 million metric tons with a growth target of 10% -15% in 2020 or around 32 – 34 million metric tons.
  • Information regarding PSSI 2019 financial position will be published after the completion of the audited financial statement in March 2020.

 

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PSSI’S KICK-OFF MEETING

REACHING 20-25% GROWTH REVENUE

JANUARY 31, 2020

As a public company, PSS continues and commits to maintain credibility, public’s trust and increase Company’s values for shareholders and all stakeholders.

With the successful revenue achievement in 2019 amount USD75.3 million (unaudited financial data as of December 31, 2019), PSS then targeted its revenue growth target of 20-25% in 2020.

In order to achieve the target, PSS held the Kickoff Meeting, an annual activity , on Friday 31 January 2020. The event was held at Ayana Hotel, Central Jakarta and attended by managerial level from three cities: Jakarta, Samarinda and Banjarmasin.

The event was opened by all Directors who explained the achievement of the Company’s performance during 2019 and outlined the targets and challenges faced in 2020.

Open remarks from Independent President Commissioner Mr. Hamid Awaluddin who delivered information on coal and non-coal commodity trend, the future direction of global business and PSS’s competitive advantage as a logistics provider in the coal and mineral industry.

Then to consolidate the meeting material, the participants were divided into 4 groups, and each group was asked to present 2 new strategies that could be directly implemented this year. The material strengthening event was led by the Independent Commissioner Mrs. Lilis Halim.

A very useful one day briefing training for employees and we are all ready to face challenges in 2020.

-Corporate Communications-