,

 

DOUBLE DIGIT GROWTH IN MV SEGMENT SUPPORTED PELITA SAMUDERA SHIPPING REVENUE PERFORMANCE IN 3RD QUARTER/2020

 

JAKARTA, NOVEMBER 3, 2020

 

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

Supported by a double digit growth in Mother Vessel business segment, the Company posted Total Revenue of US$51.2 million as of Q3/2020, lower by a mere 7% from Q3/2019.

The President Director of the Company, Alex Iriawan Ibarat said, “The fairly stable Revenue mainly contributed by MV volume increase of 49% to 1.2 million metric tons from the same period last year of 782 thousand metric tons. The achievement of total volume transport was at 18.8 million metric tons for TNB, FLF and MV segments as of September 30, 2020. Fixed Time Charter Revenue increased significantly by 54% to US$10.3 million from US$6.7 million. The average freight rate also increased by 12% to US$2.72 per metric ton in Q3/2020 from US$2.42 per metric ton in Q3/2019.”

PSSI succeeded in controlling the cost of revenue in a sustainable efficiency, decreased by 2% to US$40.8 million from US$41.6 million. The Company recorded EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) of US$18.2 million, strengthening its EBITDA margin of 37%, a higher percentage compared to the same period of last year at 34%. The Company managed to post a Net Profit of US$4.6 million as of September 30, 2020.

Total Asset was recorded at US$149.5 million, an increase by 4% from US$143.2 million at the end of 2019. Total Equity also increased by 3% to US$91.3 million from US$88.6 million at the end of 2019. Cash and cash equivalent as of September 30, 2020 was at US$18.5 million, an increase by 440% from US$8.2 million as of December 31, 2019.

Alex further said, “The Company operational performance in the third quarter performed better despite the Covid-19 pandemic, with long-term contract composition vs spot contract at 95% vs 5% for FLF, 86% vs 14% for TNB and 55% vs 45% for MV respectively.” Extension of long-term contracts for coal and multi-cargo transportation as well as new contracts, PSSI managed to secure contract value of US$101 million as of September 2020.

Capex realization at US$4.7 million was spent at fleet repair and maintenance (docking) which was mostly carried out in the first semester of 2020, so as to catch up with the demand for transportation volume in the second semester. As part of the fleet expansion strategy, the Company plans to purchase 1 unit of the seventh MV Supramax vessel by the end of Q4/2020 or early 2021.

Alex highlighted that, “PSSI will remain focused on various cost-saving initiatives by continuing to maintain a healthy liquidity and leverage position, targeting cargo diversification besides coal transport, also pursuing international market segments.”

Information regarding PSSI Q3/2020 financial position based on Unaudited Financial Statements

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