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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

STRONG GROWTH, PELITA SAMUDERA SHIPPING’S Q1/2021 NET PROFIT ROSE MORE THAN 50% YOY

JAKARTA, 24 May 2021

PT Pelita Samudera Shipping Tbk (IDX “PSSI”), an integrated logistics services provider and sea transportation solutions for coal and mineral transport announced its first-quarter results ended March 31, 2021. Revenue increased by 6% (YoY) to US$20.5 million from US$19.3 million.

Despite the economy not being recovered due to pandemic challenges, the high and stable price of coal since the end of 2020, contributing positively to the increase in the company’s asset utilization in all business segments.

  • Tugboats & Barges (T&B) segment reached 92.8% utilization by contributing the highest revenue of US$8.7 million, followed by Bulk Carrier Motor Vessel (MV) which reached 100% utilization and Floating Loading Facilities (FLF) at 64.7%, each contributing Revenue at US$5.9 million.
  • Cost of Revenue only increased by 4% (YoY) to US$15.5 million from US$14.9 million, contributed by the increase in vessels repair and maintenance costs and time charter costs, but offset by a decrease in fuel costs, resulting in the Company posting a higher gross profit margin of 24.5% compared to Q1/2020 of 22.7%.

The T&B segment expanded its business diversification to transport nickel commodities in addition to coal, contributing the most to Time Charter Revenue which increased significantly by 98% (YoY) to US$5.7 million from US$2.9 million. Followed by the MV segment that has penetrated the wider market reach in the international market with higher average freight rates from the domestic market and increased multi-cargo transportation such as cement, steel billet, iron products, sugar in addition to coal. The Company posted a Net Profit for the year of US$2.5 million in Q1/2021, a significant increase of 54% (YoY) from US$1.6 million.

President Director, Iriawan “Alex” Ibarat said, ”The Company continues to take strategic steps to take advantage of global market conditions that are slowly starting to recover. In addition to focusing on diversification of multi-cargo transport commodities, the Company also maximized capital expenditure for fleet expansion with the purchase of 2-unit Tugboat in the first quarter and maximized the utilization of the asset.”

  • Total Assets of US$148.8 million, slightly higher than US$146.8 million as of December 31, 2020.
  • Total Equity of US$97.2 million, an increase of 3% from US$94.5 million as of December 31, 2020, contributed by a 7% increase in Retained Earnings to US$42.1 million from US$39.4 million.
  • Healthy capital and liquidity structure, the Company posted Cash and Cash Equivalents at the end of Q1/2021 of US$11.7 million, up 131% from Q1/2020 of US$5.1 million.
  • EBITDA of US$6.7 million with EBITDA margin at 33%.
  • The increase in Net Profit lifted Return on Invested Capital (ROIC) to 1.97%, Return on Asset (ROA) to 1.71%, and Return on Equity (ROE) to 2.62%.

Alex continued, “Nickel production volume in the first quarter year-over-year showed a positive trend with an average growth of 19%, predicted to grow significantly by 29% in 2021. This growth will contribute positively to the demand for transport of Tug and Barges and MV. We are optimistic that the good momentum in Q1 will continue in the second quarter and throughout 2021. With business diversification, asset optimization, and fleet expansion as part of our sustainable strategy, our targets to Increase Revenues by 15 to 20 percent in 2021,” concluded Alex.

Information regarding PSSI financial position as of March 31, 2021, based on Unaudited Financial Statements.

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Pelita Samudera Shipping Tbk conducted Swab Antigen Test For Its Employee Post Eid-Al Fitr Holiday

PT Pelita Samudera Shipping Tbk (PSS) conducted antigen swab tests for its employees in Jakarta and Samarinda after the Eid al-Fitr holiday.  The move is part of the company’s commitment to continue to implement health protocols for the health of all staff and Covid-19 transmission prevention in the company’s work environment.

In Jakarta, an antigen swab test was conducted at PT MSI Ship Management office, Sudirman Park, Central Jakarta on Monday morning (17/5). The Antigen swab test is in collaboration with the Maritime Occupational Health Center (BKKP) Directorate of Sea Transportation, Ministry of Transportation. The officer takes a sample of respiratory fluid from the nose with a test kit, then placed it in a special solution to see whether or not there is a coronavirus antigen. 87 employees took tests divided into several sessions to prevent crowds. The result showed no COVID-19 was detected based on the test results or Negative for all employees

Antigen swab test is routinely done every month in the company’s work environment (PSS &MSI). The test this time is mandatory due to the Eid holiday, and also to prevent office clusters.

Meanwhile, at the PSS Representative Office in Samarinda, 65 employees of PSS and PT Permata Bahari Shipping, a sister company of PSS, also conducted antigen swab tests on Tuesday (18/5) afternoon. The test was also in collaboration with BKKP Samarinda. The result showed no COVID-19 was detected based on the test results or Negative for all employees.

contributed by
Hariman Chalid
Corporate Communication
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PT Pelita Samudera Shipping Indonesia Tbk (PSS) inaugurated a new branch office in Kendari, April 7, 2021.

PSS branch office in Kendari is located in Citra Land, a new Lifestyle City Center and Central Business District (CBD) area in Kendari City. The inauguration of this branch office was attended by the Director of PSS Harry Chan, PSS Advisor Zulkarnaen Adinegara Corporate Secretary Imelda Agustina Kiagoes, and Capt. Komang representing MSI Ship management. Also present were Galley’s Kendari customers including Ferdinand Mapaye from Jakarta, and other stakeholders

The event went smoothly thanks to the excellent cooperation of team GA of the Samarinda team (Dedy Kusminto) and the PSS Kendari team. At least five employees are based here from the Department of Operations, Procurement, HSSE, Technical, and Crewing.

The strategic office location and close to Kendari New Port and Airport can be used to attract potential customers and investors in Kendari. Exports from Kendari are diverse because the potential of Southeast Sulawesi is diverse, including in the field of mining, a mainstay commodity in Southeast Sulawesi.

PSS as a reliable provider of logistics services and integrated marine transportation solutions is ready to support the local coal mining industry, minerals, and power plants in Indonesia by serving inter-island transportation to various industries, coal power plants, and other industries.

***

Contributed by
Hariman Chalid
Corporate Communication

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PELITA SAMUDERA SHIPPING DISTRIBUTED 265 FOOD PACKAGES AND PROVIDE ALLOWANCE FOR ORPHANS IN FOUR CITIES DURING THE MONTH OF RAMADAN

PELITA SAMUDERA SHIPPING DISTRIBUTED 265 FOOD PACKAGES AND PROVIDE ALLOWANCE FOR ORPHANS IN FOUR CITIES DURING THE MONTH OF RAMADAN

 

Jakarta, 10 May, 2021

PT Pelita Samudera Shipping Tbk (PSS) distributed a total of 265 packages of food staples and allowance to orphans living in a number of orphanages and mosques in four cities this Ramadan. This activity is part of the Corporate Social Responsibility to the community or environment in which PSS operates.

The distribution of food packages and allowance is carried out simultaneously in four PSS working areas, Jakarta, Samarinda, Berau, and Kendari.
In Jakarta, PSS distributed 115 packages of food staples in two locations not far from PSS headquarters, at Yayasan Masjid Al Itishom in Karet Tengsin area, Tanah Abang, Central Jakarta; and also, Yayasan Muslim Nusantara Foundation, in Kuningan, Setiabudi, South Jakarta. The food staple packages provided including rice, sugar, cooking oil, eggs, milk, tea, instant noodles, canned food, and syrup. In addition to food packages, PSS also provides allowances to orphans who live there.
In Samarinda, East Kalimantan, the food packages and allowance were given to two places, in Al Hayat Orphanage as many as 20 packages of food and allowance. And also, to the FJDK Elderly & Orphans House as many as 45 packages of food and also allowance. While in Berau, the donation is given in the form of 25 packages of uniforms and allowance for Boarding school children and administrators who live in the school.
At the new PSS branch office in Kendari, Southeast Sulawesi, 55 packages of food and compensation were distributed to the Sultan Al-Amin Foundation House.
PSS President Director, Iriawan “Alex” Ibarat hopes that the donation provided can be useful and help to meet the basic needs of orphans in the midst of the Covid-19 pandemic situation and also for Eid al Fitr Day. “We believe that creating a balance between business interests and realizing the welfare of society and the environment can make Indonesia better. Thank you to all of our employees who support and make this activity a success. “
PSS has three pillars that focus and aim to make Indonesia better, they are Indonesia Smarter, Indonesia Healthier, and Indonesia More Environmentally Friendly.
The total value of donations provided in this activity amounted to more than Rp92 million.

***

Contributed by
Hariman Chalid
Corporate Communication
PT Pelita Samudera Shipping Tbk
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PELITA SAMUDERA SHIPPING MAINTAINED STABLE MARGIN THROUGH CHALLENGING 2020

PELITA SAMUDERA SHIPPING MAINTAINED STABLE MARGIN THROUGH CHALLENGING 2020

 

Jakarta, April 26, 2021

PT Pelita Samudera Shipping Tbk (IDX:”PSSI”)

in 2020 focused on diversifying multi-cargo transport commodities to penetrate potential market share including international markets. The Company’s strategy was to optimize the utilization of assets owned in the midst of the downturn of export and domestic markets due to Covid-19 pandemic situation that was depressing the global industry, especially the falling demand of coal commodity.

The Company managed to post Total Audited Revenue as of December 31, 2020 of US$68.4 million (equivalent IDR 0.96 trillion), or a decrease by only 9% from the same period in 2019 of US$ 75.3 million, with average freight rate increased by 10% to US$2.74/metric ton from US$2.49/metric ton in 2019 and booked a total volume transport of 24.9 million metric tons. President Director of PSSI Iriawan “Älex” Ibarat emphasized that ‘’Time Charter Revenue increased significantly by 35% to US$13.3 million from US$9.9 million in 2019, experienced an increase in all business segments, Floating Loading Facility (FLF), Tugs and Barges (TNB) and Bulk Carrier Motor Vessel (MV),” explained Alex.
Cost of Revenue decreased slightly to US$55.9 million from US$56.2 million in 2019, mainly contributed by the increase in fleet depreciation expense but offset by lower fuel expense. Alex continued, ”in the midst of the decline of coal market, the Company spent majority of repairs and fleet maintenance (docking) in the first semester so as to pursue the demand of transportation volume in the second semester, as evidenced by the strengthening of coal prices towards the beginning of fourth quarter in 2020.” The Company recorded a Gross Profit margin of 18% or US$12.5 million. EBITDA margin was achieved at 35% or US$24.3 million, indicating a fairly stable cash cost from 2019 margin at 40% or EBITDA of US$29.9 million.
The full utilization and multi-cargo expansion of Bulk Carrier Motor Vessel (MV) reached almost 25% for freight charter transportation volume of commodities outside coal such as nickel, alumina, copper concentrate, cement clinker, silica sand, steel billet and iron products. In mid-2020, Tugs and Barges (TNB) expanded into nickel segment, especially in the Southeast Sulawesi area and opened a representative office in Kendari at the end of fourth quarter of 2020. Expanding market share and asset optimization helped PSS to report a Net Profit for the Period of US$8.4 million as of December 31, 2020.
The Company built a strong financial position with Total Assets increased by 3% YoY to US$146.8 million from US$143.2 million and Total Equity increased by 7% YoY to US$94.5 million from US$88.6 million, mainly contributed by increase in Retained Earnings by 18% to US$39.4 million as of December 31, 2020 from US$33.4 million from December 31, 2019. In the same period, the Company posted Cash and Cash Equivalents of US$14 million (including Restricted Cash of US$1.3 million).
Debt-to-Asset Ratio and Debt-to-Equity Ratio were 0.24 times and 0.37 times respectively, lower from 2019 at 0.28 times and 0.45 times respectively, contributed by full repayment of UOB long-term bank loans as well as principal installments of ICICI and Citibank bank loans with total loan repayments of US$30.5 million. The bank loan repayments also contributed to a better Gearing Ratio position of 0.22 times vs. 0.37 times in 2019. This financial position shows that the Company has a well-maintained capital structure and solid financial position. Price Earning Ratio also increased at 7.7 times vs. 5.3 times from 2019.
Alex concluded, ”With PSS securing contract value of US$164.6 million in 2020 for new contracts and long-term contract extensions in the next 1 – 3 years, we are optimistic that we will grow strong with business diversification, asset optimization and fleet expansion as sustainable strategies.” The allocation of capital expenditure in 2021 is targeted at around US$21 million mainly for fleet expansion strategy. ‘’The target of Revenue growth in 2021 is to increase by about 15 – 20% from 2020, with a target higher than 2019 or pre-pandemic.”
Information regarding PSSI financial position as of December 31, 2020 based on Audited Financial Statements.
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PELITA SAMUDERA SHIPPING REMAINS RESILIENT TO MAINTAIN POSITIVE GROWTH AMIDST GLOBAL DYNAMICS OF 2020

 

Jakarta, March 2, 2021

Pelita Samudera Shipping (IDX:”PSSI”) reported Total Unaudited Revenues as of December 31, 2020 of USD 68.4 million (approximately IDR 0.96 trillion), or a decrease by approximately only 9% from the same period last year of US$ 75.3 million. The COVID-19 pandemic had adversely affected the overall performance of 2020, nevertheless, the Company resiliently maintained its positive growth amidst the low coal demands as well as price volatility of other global commodities.

The achievement was among others contributed by an increase in 2020 Time Charter Revenues (unaudited) by 35% to USD 13.3 million from USD 9.9 million in 2019, with the highest growth in the Tug & Barge (TNB) segment, followed by Bulk Carrier Motor Vessel (MV) and Floating Loading Facility & Floating Crane (FLF/FC).

Several new contracts and long-term contract extensions were achieved, and in total the Company has secured approximately USD 164.6 million worth of contracts. By the end of 2020, the composition of long-term contracts for FLF/FC reached 96% and 4% spot basis, TNB reached 88% for long-term contracts and 12% spot basis. On MV segment, out of 6 units, 3 units have secured long-term time charter contract and 3 units on freight charter contract (volume basis).

The realization of unaudited 2020 capital expenditure (capex) was at USD 9 million mainly disbursed for fleet docking and maintenance expenses. No additional fleet unit purchase was performed in 2020 as the Company strategy to optimize existing asset utilization amidst the weakening export and domestic markets.

Until the end of 2020, the Company fleet utilization recorded an average of 83.6% for TNB, 63.8% for FLF/FC and 83.5% for MV. Four units of MV purchased in 2019 have been all operated in 2020 and have penetrated into international market by shipping voyages to China, Taiwan, Vietnam, Singapore and the Philippines. Full utilization and almost 25% multi-cargo expansion of our MV fleet for non-coal commodities such as nickel, alumina, copper concentrate, clinker cement, silica sand, steel billet and iron products are among the target of the Company business diversification. TNB segment has also diversified into nickel transport.

While the capex for 2021 is allocated at USD 21 million which the Company plans to acquire additional 1 unit of Supramax-size MV and several units of tugboat and barge to continue exploring potential new logistics markets including non-coal.

PSSI President Director Iriawan “Älex” Ibarat stressed that in addition to the diversification strategy of transport commodities, the coal market will still be the focus for it still has excellent prospects in the future, estimated target at 70 – 80% in coal transport. The Company’s performance to continue generating profits, while maintaining a small debt ratio, is an achievement to be noted. “Although declining like other industries in general. However, the Company still generated a fairly good net profit through 2020 difficult situations with stable cash cost and Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) margin at 35%, a similar performance with 2019. The trust expressed by recognized banks in supporting our fleet assets expansion plan is also proving that the Company has shown good performance,” explained Alex.

The Revenue growth is targeted to increase by 10 – 15% in 2021 to estimated USD 75 – 80 million with asset optimization strategy, business diversification, asset expansion and increase market share to international market. Similar with 2020, Time Charter Revenue will still be the key revenue growth, besides the increase of transport volume, which in 2020 reached 24.9 million metric tons with a growth target of around 10 – 12% in 2021.

Information regarding PSSI 2020 financial position will be published after the completion of audited financial statement in March 2021.

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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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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.”