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2019 FLEET EXPANSION SUPPORTED PELITA SAMUDERA SHIPPING PERFORMANCE

JAKARTA, FEBRUARY 20, 2020

  • Amid the challenges of coal commodity price fluctuation in 2019, PSSI reported Total Unaudited Revenues of US$75.3 million (almost IDR1.1 trillion) as of 31 December 2019, an increase of 18% from the same period last year at US$63.6 million.
  • The double-digit growth was supported by a significant increase in Non-Audit Time Charter Revenues by 304% to US$9.9 million from US$2.4 million in 2018 with the largest growth in the Bulk Carrier (MV) vessel segment.
  • The realization of 2019 capital expenditure (Capex) was at US$50 million or 81% of the Capex budget, mainly for the purchase of 4 units of MV Supramax and Handysize class, 1 unit of tugboat and 2 units of the 330-feet barge (TNB) in addition to fleet docking cost. The 4 units of MV added to become 6 MVs while TNB purchase added to a total of 39 sets to pursue logistics opportunities in the export and domestic markets. Total Assets have increased by 28% compared to 2018.
  • 2 units of MV have been awarded long-term contracts worth US$39.4 million, one of the largest time-charter contract achievements in the last 5 years, the units dedicated to transport nickel ore and coal. The last MV unit purchased at the end of 2019 has also been awarded a long term time-charter contract worth US$6 million for the iron products and coal transport. MV fleet expansion as one of the business diversification targets outside of coal commodities transport.
  • Post divestment of 1 unit Floating Loading Facility (FLF) “Ratu Barito” in September 2018 resulted in the increase of FLF utilization in 2019. The time-charter out of 1 unit FLF in 2019 has also made a significant contribution to Company’s Revenue.
  • Some new contracts and long-term contract extensions were achieved for FLF and TNB business segments. By the end of 2019, the composition of long-term contracts for FLF reached 91% and 9% spot basis and TNB reached 74% for long-term contracts and a 26% spot basis. Fleet utilization reached an average of 94% until the end of 2019.
  • The Capex allocation target in 2020 at US$30 million with the plan to add TNB assets as well as for fleet repair and docking cost. 4 units of MV purchased in 2019 will be fully operated in 2020. The Company will continue to explore potential new logistics markets including non-coal.
  • The Revenue growth target to increase by 20% – 25% in 2020 to US$92 – 95 million with asset optimization strategy, business diversification and asset expansion. Time Charter Revenue, similar with 2019, is one of the revenue growth, besides the increase of transport volume. 2019 volume was at 30.2 million metric tons with a growth target of 10% -15% in 2020 or around 32 – 34 million metric tons.
  • Information regarding PSSI 2019 financial position will be published after the completion of the audited financial statement in March 2020.

 

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PSSI’S KICK-OFF MEETING

REACHING 20-25% GROWTH REVENUE

JANUARY 31, 2020

As a public company, PSS continues and commits to maintain credibility, public’s trust and increase Company’s values for shareholders and all stakeholders.

With the successful revenue achievement in 2019 amount USD75.3 million (unaudited financial data as of December 31, 2019), PSS then targeted its revenue growth target of 20-25% in 2020.

In order to achieve the target, PSS held the Kickoff Meeting, an annual activity , on Friday 31 January 2020. The event was held at Ayana Hotel, Central Jakarta and attended by managerial level from three cities: Jakarta, Samarinda and Banjarmasin.

The event was opened by all Directors who explained the achievement of the Company’s performance during 2019 and outlined the targets and challenges faced in 2020.

Open remarks from Independent President Commissioner Mr. Hamid Awaluddin who delivered information on coal and non-coal commodity trend, the future direction of global business and PSS’s competitive advantage as a logistics provider in the coal and mineral industry.

Then to consolidate the meeting material, the participants were divided into 4 groups, and each group was asked to present 2 new strategies that could be directly implemented this year. The material strengthening event was led by the Independent Commissioner Mrs. Lilis Halim.

A very useful one day briefing training for employees and we are all ready to face challenges in 2020.

-Corporate Communications-

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PSS DISTRIBUTES AID PACKAGES TO VICTIMS AFFECTED BY FLOOD AND LANDSLIDE LEBAK BANTEN 11 JANUARI 2020

 

PT Pelita Samudera Shipping Tbk (PSS) distributed aid packages to victims affected by flood and landslide in Lebak, Banten on Saturday, January 11, 2020. Humanitarian aid packages which were donated such as food, mineral water, medicines, baby food, maternal and child needs, clothing include underwear, blankets, personal hygiene products, school stationaries, and sleeping mattresses. All packages were handed over at the Army Combat Training Center, Sajira Subdistrict, Lebak Regency, Banten, which was received by field Coordinator Mr. Ade Ramdhani.

In addition to that, PSS employees also participated in providing the donations of suitable clothing to fulfill the needs of flood victims.

PSS hopes that the aid packages delivered can relieve the burden and provide great benefits for the victims.

 

-Corporate Secretary-

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COMPLETE PURCHASE OF ADDITIONAL 1 UNIT OF MV BULK CARRIER AT THE END OF 2019, PSS SETS TO ACCELERATE GROWTH IN 2020

 

COMPLETE PURCHASE OF ADDITIONAL 1 UNIT OF MV BULK CARRIER AT THE END OF 2019, PSS SETS TO ACCELERATE GROWTH IN 2020

Ending 2019 by completing the purchase of 1 unit of Bulk Carrier (Motor Vessel) as part of a sustainable fleet expansion program, PSSI sets to accelerate logistic opportunities not only in coal transport but also other mineral commodities.

With a capacity of 28,000 dead-weight-tons (dwt), “Dewi Gandawati” is the Company’s 6th MV, part of 4 MV vessels purchased in 2019. PSSI completed the MV acquisition at US$7.5 million, which was paid with 20% internal cash and 80% paid in shares.

A two-year time charter contract was successfully obtained for this handysize class vessel to transport iron products and coal. The time charter contract was signed in December with a domestic logistics company, the vessel handover was completed in Batam on the 3rd week. The 1st shipment plan is to transport iron products from Morowali area, South Sulawesi. Time charter revenue is one of the revenue growth targets for 2020 with above 100% increase than 2019.

The Company has begun business diversification to other energy sectors, with target composition of coal transport around 70% and 30% other minerals in 2020.

Following 4 units of MV, 1 unit of tugboat and 2 units of barge purchased in 2019, PSS now owns a total fleet of 86 units, consisted of 39 sets of Tug and Barge, 3 units of Floating Loading Facility and 6 units of MV. Asset growth has increased by 27% YoY in 11M19 to US$140.1 million.

Rising domestic logistic demand particularly for energy and mineral sector will be the Company’s main focus for 2020.

PELITA SAMUDERA SHIPPING (PSSI) FOCUSES ON DIVERSIFICATION OF NON-COAL TRANSPORTATION IN 2020

PELITA SAMUDERA SHIPPING (PSSI) FOCUSES ON DIVERSIFICATION OF NON-COAL TRANSPORTATION IN 2020

Credit: Kontan

Logistics Services and Sea Transportation Company, PT Pelita Samudera Shipping Tbk (PSSI) will focus on diversifying non-coal in 2020.

Iriawan Ibarat, President Director of PSSI, explained that the company is currently exploring three new contracts with several parties to transport iron, cement, nickel and coal in medium contracts. The contract can be executed this December or in the early of 2020.

“After the agreement between the parties is completed, the details will be shared to the public,” explained Iriawan explained to Kontan in Central Jakarta, Friday (6/12).

At present, PSSI’s revenue is still dominantly filled by coal shipments. While the remaining 10%, filled with nickel and iron shipments. In the future, continued Iriawan, his party wants to widen the portion of non-coal revenues reaching 30% and coal by 70%.

Until November 2019, PSSI has also added a total of 6 units of ships, namely 4 units of bulk cargo or Motor Vessel (MV), 1 type of barge or TNB, and 1 tugboat.

In 2020, PSS, which has been on the Indonesia Stock Exchange since 2017, plans to add several more bulk cargo (MV) vessels to support the diversification plan.

“We will provide a capex of US $ 30 million. The allocation will be focused on new vessel unit, we will track the amount of transportation needs later,” he continued.

In October 2019, PSSI reaped an increase in gross profit of 25% or equivalent to US $ 16.1 million from US $ 12.9 million. While net profit was at the level of US $ 9.2 million. In the third quarter of 2019, PSSI’s net profit was US $ 7.3 million.

Revenue from Time Charter contributed 22% to the increase in the company’s revenue, while the sector also experienced a significant increase of 253% or equivalent to US $ 62.7 million from US $ 51.3 million.

While the business line of barges or TNB contributed 50% of Ebitda, FLF  accounted for 32%, and bulk cargo ships or MV contributed 18%.

The composition of long-term contracts for FLF vessels has reached 90% and 10% spot basis. Long-term contracts for barges reach 75% and 25% spot basis.

“Until October, PSSI has spent US $ 45.8 million of capex from the US $ 61.3 million budget. The majority is used to purchase 4 MV vessels, 1 tugboat unit and 2 barge units as part of the fleet expansion program,” Imelda Agustina Kiagoes explained, Corporate Secretary, Friday (6/12).

With this performance, the company is optimistic that it can reach revenue growth reaching 20% to 25% until the end of 2019. Similarly, it estimates that it can obtain growth of up to 25% by 2020.

While in terms of net income, PSSI is projecting to grow by 10% to 15% until the end of 2020.

Original Article.

PSS REACHED A DOUBLE DIGIT GROWTH REVENUE AT THE BEGINNING OF Q4/2019

PSS REACHED A DOUBLE DIGIT GROWTH REVENUE AT THE BEGINNING OF Q4/2019 

JAKARTA, NOVEMBER 28, 2019

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

With the Company’s focus in 2019 on expanding market share, fleet expansion on buk carrier (Motor Vessels) and Tug and Barge (TNB), along with increasing margin profitability, the Company is optimistic that 2019 target will be achieved. The growth of Time Charter Revenue has increased significantly by 253% as of October 31, 2019 which contributed to the increase in Revenue by 22% to US$62.7 million from US$51.3 million as of October 31, 2018. The highest Time Charter Revenue growth came from MV segment, followed by Floating Loading Facility (FLF) and TNB segments.

The Company recorded a 25% increase in Gross Profit as of October 31, 2019 to US$16.1 million from US$12.9 million compared to the same period last year.

TNB’s business segment accounts for 50% of Total EBITDA followed by FLF by 32% and MV’s latest business line by 18%. As of October 2019, the composition of long-term contracts for FLF has reached 90% and 10% spot basis, while TNB long-term contracts at 75% and 25% spot basis.

The Company has spent US$45.8 million as of October 2019 from a total 2019 capex budget at US$61.3 million. Capex realization by 75% has been mostly invested in 4 units of MV, 1 unit of tugboat and 2 units of barge as part of the fleet expansion program. The Company recorded an increase in Asset of 28% to US$140.6 million as of October 31, 2019 from US$110.1 million as of December 31,2018.

There was gain on sale of US$7.6 million from the sale of 1 FLF in September 2018 which contributed to a higher Net Profit of 19% as of October 2018 compared to October 2019. Net Profit as of October 31, 2019 at US$9.2 million. Operational performance remains solid, besides continued fleet expansion, the Company continued to take initiatives on strict cost savings monitoring, including repair and maintenance (docking) which completed faster than targeted. Fleet utilization was maintained high at an average of 94% thru October 2019.

The Company’s well-managed capital structure with Debt to Asset Ratio and Debt to Equity Ratio remain healthy at 30% and 50% respectively as of October 31, 2019, slightly up from the same period last year due to bank loans from Citibank and ICICI which mostly used for fleet expansion. Current Ratio decreased to 0.81 from 2.22 due to MV payments and short-term bank loan from Citibank. Total Equity has increased by 18% as of October 31, 2019 to US$84.6 million from US$71.7 million at December 31, 2018 with an increase in Retained Earnings of 30%, an increase of Share Capital and Additional Paid In Capital at 6% and 144% respectively due to issuance of new shares through Non Pre-Emptive Rights.

Continued fleet expansion will help PSS to achieve its organic Revenue growth target of around 20% to 25% in 2019.

Note: Numbers are based on interim Financial Statements as of October 31, 2019 (unaudited).

 

PRESS RELEASE – AMID THE FLUCTUATION IN COAL PRICE, PSS TIME CHARTER REVENUE SOARS

AMID THE FLUCTUATION IN COAL PRICE, PSS TIME CHARTER REVENUE SOARS

 JAKARTA, OCTOBER 24, 2019

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

In line with the expansion of bulk carrier (Motor Vessel), the growth of Time Charter Revenue has increased significantly by 216% which contributed to the increase in Revenue by 18% as of 30 September 2019 to US$55.2 million from US$46.8 million as of September 30, 2018. The highest Time Charter Revenue growth came from MV segment, followed by Floating Loading Facility (FLF) and Tug and Barge (TNB) segments.

MV transport capacity has increased 8 times fold by 234k DWT as of September 2019 from 31k DWT as of September 2018. With the addition of 4 MV vessels in 2019 (2 Supramax and 2 Handysize classes), the Company recorded an increase in Asset of 25% to US$137.2 million as of 30 September 2019 from US$110.1 million as of 31 December 2018. Total Asset growth is projected to increase by around 32% from 2018 with the addition of MV fleet and the purchase of 2 sets of Tugs and Barges in the fourth quarter of 2019.

The Company has spent US$38.2 million as of September 2019 from a total 2019 capex budget at US$61.3 million. Capex realization by 62% has been mostly invested in 4 MV vessels as part of the fleet expansion program. The latest MV vessel, which was recently purchased with Company’s internal cash and additional capital with the issuance of shares in September 2019, is targeted to operate at the end of fourth quarter in 2019 by obtaining a time charter contract.

The company recorded a 7% increase in Gross Profit as of 30 September 2019 compared to the same period last year in lieu of Cost of Revenue increased, mainly the increase in fuel consumption, fleet repairs, crew costs and depreciation cost which is in line with the expansion of MV fleet.

Amid the fluctuation in coal price, the Company continues to spur its operational performance with high fleet utilization at an average of 90%. With customer confidence in the Company’s solid performance, which are large coal miners in Indonesia, many long-term contracts were successfully extended in 2019. The composition of long-term FLF contracts has reached 90% up to September 2019 and 10% spot basis, while TNB long-term contract at 75% and 25% spot basis. Total contract extension in 2019 and ongoing contracts for FLF and TNB valued at around US$41 million.

Other Income as of September 2018 came from the sale of 1 FLF with gain on sale of US$7.6 million. The profit from sales contributed to a higher Net Profit of 39% as of September 2018 compared to September 2019, Earnings per Share was also higher in 2018. Net Profit as of 30 September 2019 at US$7.4 million and Earnings per Share at IDR21.

The Company’s well-managed capital structure with Debt to Asset Ratio remains healthy at 30% as of September 30, 2019, slightly up from the same period last year due to bank loans which mostly used for fleet expansion.

The Company continues to build a strong financial position with total Equity increasing by around 7% as of 30 September 2019 to US$76.7 million from US$71.7 million at 31 December 2018 with an increase in Retained Earnings of 22%.

Note: Numbers are based on interim Financial Statements as of September 30, 2019 (unaudited).

PMTHMETD-OCTOBER 2019

PT PELITA SAMUDERA SHIPPING TBK (“the Company”)

ANNOUNCEMENT OF NON PRE-EMPTIVE RIGHT (“PMTHMETD”)

IMPLEMENTATION

 

We hereby submit the results of the implementation of the PMTHMETD which was approved by the General Meeting of Shareholders of the Company which was held on September 16, 2019.

 

Shareholder Name:                        Convivial Navigation Co. Pte. Ltd.

Address:                                            9 Temasek Boulevard # 11-01 Suntec Tower Two

Singapore 038989

Line of Business:                              Shipping

Number of Shares:                          383,463,153 shares (“New Shares”)

Date of Issuance of Shares:         October 10, 2019

Payment of Deposit:                      Conversion of the Company’s obligations of  MV purchase. Maritime Coaction at USD7,525,000 (seven million five  hundred twenty-five thousand dollars United States of America).

New Shares have been listed in Company’s Register of Shareholders , administered by the Securities Administration Bureau of PT Datindo Entrycom and listed on the Indonesia Stock Exchange on October 10, 2019.

Thus we submit this report in order to comply with the provisions of article 43B (paragraph 1) of Regulation No. 14 / POJK.04 / 2019 which requires a Public Company to announce to the public the results of the Capital Increase through the Indonesia Stock Exchange website for the implementation of the issuance of New Shares in the context of PMTHMETD no later than day 2 after the date of issuance of the New Shares.

Please see detail announcement in this Link

INFORMATION DISCLOSURE REPORT OR MATERIAL FACTS-OCTOBER 2019

We announce the Information Disclosure Report or Material Facts as follows:

Name of Issuer or Public Company:                         PT Pelita Samudera Shipping Tbk

Line of Business:                                                           Sea Transportation Services

Telephone:                                                                      021-8060 0800

Facsimile:                                                                        021-8060 0801

Electronic mail address:                                               corsec@ptpss.co.id

1 Date of Transaction 8 October 2019
2 Type of Information or Fact of Material Tugboat Biak 20 Vessel Purchase
3 Description of Information or Fact of Material

 

 

 

On October 8, 2019, Sale and Purchase Agreement of Tugboat Biak 20 was signed

 

The parties:

– Seller: PT Titian Kaltim

– Buyer: PT Pelita Samudera Shipping Tbk

 

Transaction Value: Rp. 9,500,000,000

 

Payment Method: Payments are made in cash

 

Funding sources for buying assets:

All of them use the Company’s Cash

 

The purpose of purchasing vessels is to improve the Company’s performance and increase the Company’s operating income.

 

PT Titian Kaltim and the Company have no affiliation.

 

This transaction is not a Material Transaction, because the Transaction value is below 20% of the equity as stipulated in the Capital Market and Financial Institution Supervisory Agency Regulation Number: KEP-614 / BL / 2011 dated November 28, 2011.

4 Impact of events, information or material facts  
  a. Operation Activity Enhancing Company’s Operational Performance.
  b. Regulation/Law There is no material impact because the purchase is in accordance with applicable regulations
  c. Financial Condition It is expected to increase the Company’s operating income.
  d. Business continuity Positive impact for the continuity of the Company’s business.

LAPORAN KETERBUKAAN INFORMASI ATAU FAKTA MATERIAL

Laporan Keterbukaan Informasi atau Fakta Material 

Perseroan menyampaikan Laporan Keterbukaan Informasi atau Fakta Material sebagai berikut:

Nama Emiten atau Perusahaan Publik                 : PT Pelita Samudera Shipping Tbk

Bidang Usaha                                                              : Jasa Angkutan Laut

Telepon                                                                        : 021- 8060 0800

Faksimili                                                                      : 021- 8060 0801

Alamat Surat elektronik                                           : corsec@ptpss.co.id

 

1 Tanggal Kejadian 20 September 2019
2 Jenis Informasi atau Fakta Material Pembelian Aset Kapal General Cargo MV.  Maritime Coaction
3 Uraian Informasi atau Fakta Material Pada tanggal 23 Mei 2019 telah dilakukan penandatanganan pengikatan jual beli kapal melalui Memorandum of Agreement (“Perjanjian”) dengan rincian sebagai berikut:

(i) Objek Perjanjian: 1 (satu) unit kapal General Cargo dengan nama MV. Maritime Coaction buatan tahun 2008, bulk carrier dengan GRT/DWT 17,025 / 28,282

–       Para Pihak:

–       Penjual: Convivial Navigation Co Pte Ltd

–       Pembeli: PT Pelita Samudera Shipping Tbk

(ii) Nilai Transaksi : USD 7.525.000.-

(iii) Cara Pembayaran:

–       Pembayaran pertama 20% (dua puluh persen) dari Nilai Transaksi  pembayaran dilakukan paling lambat  23 September 2019 .

–       Pembayaran kedua 80% (delapan puluh persen) dari Nilai Transaksi dibayar penuh melalui konversi saham selambatnya pada saat tanggal serah terima kapal.

(iv) Sumber pendanaan untuk beli asset:

20% menggunakan Kas Perseroan

80% dibayarkan berupa saham Perseroan

(v) Tujuan dilakukan pembelian kapal General Cargo untuk meningkatkan kinerja Perseroan dan menambah pendapatan usaha Perseroan.

(vi) Convivial Navigation Co Pte Ltd dan Perseroan memiliki hubungan afiliasi karena adanya kesamaan pemegang saham.

(vii) Sehubungan dengan Transaksi ini  tidak terdapat unsur  benturan kepentingan, berdasarkan laporan dari KJPP Rengganis, Hamid & Rekan No. 00229/2.0012- 00/BS/06/ 0005/ 1/IX/2019 tanggal 6 September 2019,rencana Transaksi yang akan dilakukan adalah wajar.

(viii) Transaksi ini bukan Transaksi Material, karena nilai Transaksi dibawah 20% dari ekuitas sebagaimana diatur dalam Peraturan Badan Pengawas Pasar Modal Dan Lembaga Keuangan Nomor: KEP-614/BL/2011 tertanggal 28 November 2011.

Penyelesaian Transaksi ini dilakukan melalui Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu (“PMTHMETD”)  dimana persetujuan atas PMTHMETD telah dipenuhi dalam RUPSLB pada 16 September 2019 dengan memperhatikan ketentuan POJK No.14/2019 Tentang Penambahan Modal Perusahaan Terbuka Dengan Memberikan Hak Memesan Efek Terlebih Dahulu.

Berdasarkan Pengikatan Jual Beli kapal (Memorandum of Agreement) tanggal 23 Mei 2019  dan Keputusan RUPSLB pada 16 September 2019, Perusahaan telah membuat Perjanjian Jual Beli (Sale and Purchase Agreement) tertanggal 20 September 2019.

4 Dampak kejadian, Informasi atau fakta material terhadap
a. Kegiatan Operasional Peningkatan Kinerja Operasional Perseroan.
b. Hukum Tidak ada dampak material dibidang hukum karena pelaksanaan pembelian sudah sesuai dengan ketentuan POJK No.14/2019 Tentang Penambahan Modal Perusahaan Terbuka Dengan Memberikan Hak Memesan Efek Terlebih Dahulu dan dalam Pasal 34 UUPT.
c. Kondisi Keuangan Diharapkan dapat menambah pendapatan usaha Perseroan.
d. Kelangsungan Usaha Berdampak positif demi kelangsungan usaha Perseroan.