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STRENGTHENING FLEET EXPANSION STRATEGY,

PT PELITA SAMUDERA SHIPPING TBK SECURED US$20 MILLION

TERM LOAN FACILITY FROM CITIBANK

JAKARTA, September 30, 2020

The purpose of vessel financing successfully obtained from Citibank, was the first time for an Indonesian-flagged shipping company, in recent years. This further confirms a high level of confidence from a financial institution to the Company’s business prospects and solid performance.

The President Director of the Company, Alex Iriawan Ibarat said that “MV segment volume has increased by 44% YoY and managed to secure multiple long-term contracts, gaining 16 new customers compared to 2019 and started serving international markets to Vietnam and the Philippines.” 

The Company plans to expand its multi-cargo expansion strategy by obtaining a long-term Time Charter contract. Total Time Charter Revenue as of August 31, 2020, at US$9.2 million, an increase of 64% from US$5.6 million as of August 31, 2019.

The Company posted revenue of US$45.8 million as of August 31, 2020, Alex further said that “the Company successfully strengthening its EBITDA margin (Earnings before Interest, Tax, Depreciation, and Amortization) of 38%, a higher percentage compared to the same period of last year at 35%. Average freight rates increased by 25% to US$3.0 per metric ton in 8M/20 compared to US$2.39 per metric ton in 8M/19.”

The Company was able to strengthen its positive performance with a Net Profit of US$4.3 million with a net profit margin of 9.4%.

Information regarding PSSI 8M/2020 financial position based on Unaudited Financial Statements

 

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