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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 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.

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Contributor: Hariman Chalid
Corporate Communication
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