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EXPANSION OF 2 TUGBOATS IN SEMESTER I, PELITA SAMUDERA SHIPPING READY TO ACCELERATE REVENUE GROWTH IN 2021

The Board of Directors of PT Pelita Samudera Shipping Tbk (IDX: “PSSI”), a logistics and marine transportation solution provider integrated into the transportation of coal and minerals, attended the handover ceremony of 1 unit of Tug boat named JKW Pelita 1 on Wednesday (2/6) in Pangkalpinang, Bangka Belitung Islands. JKW Pelita 1 is produced at PT Pahala Harapan Lestari (PHL) shipyard, with a production cost of around Rp13.6 billion. JKW Pelita 1 production began on December 8, 2020, to pursue business expansion targets in the second quarter of 2021.

JKW Pelita 1 has a gross tonnage weight of 213 GT and will be managed by 10 crew. The dimensions of the tugboat are 27 meters long, 8.2 meters wide, and 4 meters high. The power of the JKW Pelita 1 engine can produce up to 2200 horsepower and go at a maximum speed of up to 12.50 knots. Before being handed over, JKW Pelita 1 underwent series of tests on the Pangkal Balam river, Pangkalpinang, May 27, 2021.

The addition of JKW Pelita 1 is part of PSSI’s sustainable fleet expansion program. In Q1/2021, PSSI has also completed the purchase of 1 unit of Tugboats. The expansion of the tugboat fleet immediately showed the results, where the T&B segment of PSSI reached utilization at 89.2% and contributed the highest Operating Income of US$8.7 million at the end of Q1-2021, including a very significant increase of 1708% in Time Charter Revenue to US$2.3 million from US$125 thousand in the same period last year. This was 39% of total Time Charter Revenue at US$5.7 million in the first quarter.

The addition of these 2 tugboats is in line with the Company’s business diversification target, the T&B segment managed to obtain new contracts and expansion into bauxite transportation in the first quarter in the West Kalimantan area, in addition to the transportation of nickel and coal commodities. The target of diversification of multi-cargo transport other than coal is 29% from the MV segment of about 17%, and the T&B segment by 12%.

 

President Director, Iriawan “Alex” Ibarat said, “as of the end of Q1 2021, the Company’s fleet of 89 units consists of 41-units of tugs and 39-units of barges (TNB), 3-units of Floating Loading Facilities (FLF), and 6-units of MV. The Company targets to purchase several sets of T&B and Floating Cranes in the second semester as part of the capital expenditure target in 2021 of US$21 million.” Alex concluded
The Company continues to take strategic steps to take advantage of global market conditions that are slowly starting to recover. With the strength of the current fleet, all assets are expected to provide profitable and sustainable investment results. The 2021 revenue target is around 30% – 35% of Time Charter Revenue.

Contributor: Hariman Chalid
Corporate Communication
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ANNUAL GENERAL MEETING OF SHAREHOLDERS

SOLID PERFORMANCE AND AMPLE LIQUIDITY, PSS TO DISTRIBUTE DIVIDEND FOR SHAREHOLDERS

• Obtain shareholders’ approval for all of the meeting agenda
• Distribution of cash dividends of US$2.9 million or IDR 8 per share. Fifth dividends since IPO in 2017
• Additional long-term loan facility of up to USD13 million for long term funding
• Approval of Shares Buyback

PT Pelita Samudera Shipping Tbk (“The Company”, “PSS”, IDX code: PSSI) has held its Annual General Meeting of Shareholders (AGMS) of which all agendas are approved by shareholders.
First, shareholders approved the Company’s 2020 Annual Report with solid performance and strong growth in 2020 in the midst of the COVID-19 pandemic. The Company focuses on diversifying its multi-cargo transport commodity business, expanding its potential market business including internationally, and optimizing asset utilization.


The Company’s net profit at the end of 2020 was recorded at USD8.4 million. With the approval of shareholders, the Net Income will be partly used for a cash dividend of Rp8 per share that will be distributed on July 21, 2021. This dividend payment is the fifth since the Company listed its initial public offering in December 2017. The total dividend of Rp8 per share reflects 35% of net income in 2020 or USD2.97 million (equivalent to Rp43.3 billion). Meanwhile, USD421,000 (equivalent to Rp6.1 billion) or 5% was set aside for the Company’s reserve fund. The remaining net profit for the year was USD5.04 million or 60% recorded as retained earnings of the Company.

The Company has also approved the results of the Audit of financial statements for the fiscal year 2020 conducted by the Independent Public Accounting Firm Tanudiredja, Wibisana, Rintis, and Rekan (global network member firm Pricewaterhouse Coopers). For Fiscal Year 2021, the Company will delegate authority to the Board of Commissioners to appoint a CPA firm registered with OJK with criteria following applicable regulations.

 

The determination of salaries and benefits and other income for members of the Board of Directors and Board of Commissioners also obtained shareholder approval.

As part of continuous efforts to penetrate more into international markets, the Meeting also approved the addition of Members of the Board of Commissioners, namely by appointing Mr. Loh Niap Juan as a new member of the Board of Commissioners. Mr. Loh Niap Juan is the Chief Corporate Officer of IMC Group Singapore, part of IMC Group Corporate Strategy for portfolio investment, governance, and management. As a great practitioner of logistics and financial corporate strategy, Mr. Niap added to the diversity of the composition of the 4 members of the Board of Commissioners led by the Independent President Commissioner, Mr. Hamid Awaluddin, who previously served as Minister of Law and Human Rights in Indonesia Bersatu Cabinet.

Fleet expansion strategy is the Company’s target that has been carried out for the last five years. This move has increased the company’s assets significantly by 46% as of March 31, 2021, at US$148.8 million compared to US$101.8 million as of December 31, 2017. To support the company’s sustainable growth plan, the Meeting also approved a long-term loan facility of USD13.9 million (equivalent to Rp200 billion) with a tenor of up to four (4) years for long-term funding from Bank Permata Indonesia. This long-term loan is part of a sustainable fleet expansion strategy, one of which is for the purchase of three sets of Tugboat and Barge (T&B). In Q1/2021, the Company has completed the purchase of 2 units of Tugboat and immediately gave a positive result. T&B segment contributed the highest Revenue of US$8.7 million at the end of Q1-2021, including a very significant 1708% increase in Time Charter Revenue to US$2.3 million from USD125,000 in the same period last year.
The addition of the tugboat fleet is in line with the Company’s business diversification target, the T&B segment managed to obtain new contracts and expansion into bauxite transportation in the first quarter in the West Kalimantan area, in addition to the transportation of nickel and coal commodities. The target of diversification of multi-cargo transport other than coal is 29% from the MV segment of about 17%, and the T&B segment by 12%.

As the last agenda in the annual meeting is to approve the buyback of the Company’s shares as many as 300 million shares or 5.5% of the issued and fully paid-up capital, will be carried out gradually from June 17, 2021 – June 16, 2022. President Director, Iriawan “Alex” Ibarat said, ”Buyback is based on the Company’s cash flow that exceeds the amount required in sustaining the improvement and growth, a good level of a debt obligation(leverage) and aims to increase earnings per share, greater flexibility in managing long-term capital, achieving an efficient capital structure and a sustainable Return on Equity.”

Contributor: Hariman Chalid
Corporate Communication
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PSS Collaborates with Shipping Occupational Health Center (BKKP) Director General of Sea Transportation Ministry of Transportation

PT Pelita Samudera Shipping Tbk (IDX Code: “PSSI”) collaborates with Shipping Occupational Health Center (BKKP) Director General of Sea Transportation Ministry of Transportation, for medical and health services of employees and crew of PSSI.

With this collaboration, PSSI entrusts periodic health checks of its employees and crew to BKKP including for the prevention of COVID-19 and health protocols on board. This collaboration is to create an environment of healthy and productive workers, as well as to improve and maintain the degree of physical, mental &social health of employees and crew aboard PSSI. Thank you to the Head of BKKP, Dr. Hesti Ekawati, M.MTr for the collaboration.

Contributor: Hariman Chalid
Corporate Communication
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PSS Continues to Conduct the COVID-19 Employee Vaccination Drive

PT Pelita Samudera Shipping Tbk (IDX Code: “PSSI”) continues to conduct the COVID-19 vaccination program for its employees as a part of the company’s commitment to the health and safety of employees and their families.

PSSI collaborated with the Center for Occupational Health of Shipping, Directorate General of Sea Transportation Ministry of Transportation by targeting the community and maritime workers. President Joko Widodo also attended the event to witness the implementation of vaccination on the first day of the program at Tanjung Priok port last Thursday (10/6).

Vaccination for PSSI employees was conducted in groups, starting on June 10, 2021, using the Astra Zeneca vaccine.

PSSI management always ensures the implementation of all health protocols and continuous efforts in mitigating the spread of covid-19 in all work areas. Since the beginning of the pandemic, Swab Test Covid-19 for employees is also routinely conducted every month.

-end-

Contributors: Hariman Chalid
Corporate Communication
,

EXPANSION OF 2 TUGBOATS IN SEMESTER I, PELITA SAMUDERA SHIPPING READY TO ACCELERATE REVENUE GROWTH IN 2021

The Board of Directors of PT Pelita Samudera Shipping Tbk (IDX: “PSSI”), a logistics and marine transportation solution provider integrated in the transportation of coal and minerals, attended the handover ceremony of 1 unit of Tug boat named JKW Pelita 1 on Wednesday (2/6) in Pangkalpinang, Bangka Belitung Islands. JKW Pelita 1 is produced at PT Pahala Harapan Lestari (PHL) shipyard, with a production cost of around Rp13.6 billion. JKW Pelita 1 production began on December 8, 2020, to pursue business expansion targets in the second quarter of 2021.

JKW Pelita 1 has a gross tonnage weight of 213 GT and will be managed by 10 crew. The dimensions of the tugboat are 27 meters long, 8.2 meters wide, and 4 meters high. The power of the JKW Pelita 1 engine can produce up to 2200 horsepower and go at a maximum speed of up to 12.50 knots. Before being handed over, JKW Pelita 1 underwent series of tests on the Pangkal Balam river, Pangkalpinang, May 27, 2021.

The addition of JKW Pelita 1 is part of PSSI’s sustainable fleet expansion program. In Q1/2021, PSSI has also completed the purchase of 1 unit of Tugboats. The expansion of the tugboat fleet immediately showed the results, where the T&B segment of PSSI reached utilization at 89.2% and contributed the highest Operating Income of US$8.7 million at the end of Q1-2021, including a very significant increase of 1708% in Time Charter Revenue to US$2.3 million from US$125 thousand in the same period last year. This was 39% of total Time Charter Revenue at US$5.7 million in the first quarter.

The addition of these 2 tugboats is in line with the Company’s business diversification target, the T&B segment managed to obtain new contracts and expansion into bauxite transportation in the first quarter in the West Kalimantan area, in addition to the transportation of nickel and coal commodities. The target of diversification of multi-cargo transport other than coal is 29% from the MV segment of about 17%, and the T&B segment by 12%.

President Director, Iriawan “Alex” Ibarat said, “as of the end of Q1 2021, the Company’s fleet of 89 units consists of 41-units of tugs and 39-units of barges (TNB), 3-units of Floating Loading Facilities (FLF), and 6-units of MV. The Company targets to purchase several sets of T&B and Floating Cranes in the second semester as part of the capital expenditure target in 2021 of US$21 million.” Alex concluded
The Company continues to take strategic steps to take advantage of global market conditions that are slowly starting to recover. With the strength of the current fleet, all assets are expected to provide profitable and sustainable investment results. The 2021 revenue target is around 30% – 35% of Time Charter Revenue.

-end-

Contributor: Hariman Chalid
Corporate Communication