JAKARTA, JULY 28, 2020

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

Bulk Carrier (MV) fleet expansion strategy in 2019 supported the Company’s Revenue of US$35.5 million in the 1st Half/2020.

The Revenue decreased by 2% from 1H/2019, however the average freight rate was higher by 12% to US$2.63 per metric ton in 1H/2020 from US$2.34 per metric ton in 1H/2019. Four MV units purchased in 2019 were fully operated in 2020, supported a significant increase in Time Charter Revenue by 87% to US$6.6 million in 1H/ 2020 from US$3.5 million in 1H/2019.

The Company managed to post a Net Profit of US$2.2 million in 1H/2020. Total Assets of US$141.6 million at June 30, 2020 compared to US$143.2 million at December 31, 2019.

The leverage position was maintained well with Total Debt to Equity Ratio at 0.41 times in 1H/2020, a decrease from 0.59 times at 1H/2019.

Pursuing growth opportunities from multi-cargo expansion in Alumina transport, the Company successfully secured long-term contracts in 1H/2020 with total contract valued at US$19.8 million. 

The Company won a new long-term contract with INALUM, the largest state-owned aluminum smelters in Indonesia. A contract valued at almost US$3.3 million was signed in June 2020 for Alumina transport from Kendawangan in West Kalimantan to Kuala Tanjung in North Sumatra using MV Handysize class.

 INALUM’s contract award is in line with the Company’s core competency business strategy, to date MV segment has managed to transport coal and expanding to nickel, cement clinker, copper, iron sand and now alumina transport. 

Another contract update; the extension of long-term Time Charter contract was secured for 5 years for 1 unit of FLF (Floating Loading Facility) with PT Asian Bulk Logistics and 1 unit of Tugboat with PT Dian Ciptamas Agung. A contract valued at US$16.5 million for coal transshipment in Muara Pantai area, East Kalimantan.  

The composition of a long-term contracts to June 2020 for FLF segment at 94% and the remaining 6% on spot basis contracts. Tug and Barge segment comprised of a long-term contracts at 85% and 15% on spot basis contracts. 

Amid the weakening of Indonesia’s and global economic growth due to the Covid-19 pandemic, the Company gained high trust from coal and mineral players in the logistics industry. The Company will continue to pursue growth and strategy execution for business continuity by consistently improving operational excellence. 

Information regarding PSSI 1H/2020 financial position based on Unaudited Financial Statements