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PSS SECURED LONG TERM CONTRACT

PELITA SAMUDERA SHIPPING SUCCESSFULLY SECURED LONG TERM CONTRACT WORTH US$101 MILLION 

 

JAKARTA, OCTOBER 13, 2020

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

Executing strategic initiatives amidst the pressure of Covid-19 pandemic, the Company succeeded securing long-term contract worth US$101 million as of September 2020, including new contract.

The President Director of the Company, Alex Iriawan Ibarat said, “The recent contracts award for the transportation of coal and multi-cargo worth US$30.2 million.”

The signing of long-term contract with coal miner Toba Bara Group for Tug and Barge and Floating Loading Facility segment worth US$29.6 million for coal transport in the Pendingin area, Samarinda to Muara Berau, East Kalimantan.

The achievement of a 3-year exclusive contract with 3 subsidiaries under Toba Bara Group as the major coal miners in Indonesia, PT Adimitra Baratama Nusantara, PT Trisensa Mineral Utama and PT Indomining, shows the high confidence and trust of coal business players to Company’s excellent performance in the logistics industry.

Alex further said, “The strategy for multi-cargo transport, following the achievement of a new contract award with INALUM, the largest state-owned aluminum smelter, the Company successfully secured a new contract with PT Amman Mineral Nusa Tenggara, one of the largest copper and gold miners in Indonesia. The transport of copper concentrate is from Benete, East Nusa Tenggara to Gresik, East Java using Handysize class Bulk Carrier (MV).”

Alex concluded, “MV fleet expansion which began in 2018 has proven to be strategic step to expand the Company’s market share. Apart from coal and multi-cargo transport, the Company has penetrated into international market by transporting coal to Southeast Asian region such as Vietnam and the Philippines in the midst of 2020. The Company is also focusing on delivering the highest profitability of US$101 million contract secured.”