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THE INVITATION

INVITATION
ANNUAL GENERAL MEETING OF SHAREHOLDERS &
EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS
PT PELITA SAMUDERA SHIPPING TBK

The Directors of PT Pelita Samudera Shipping Tbk (“the Company”) hereby invites the Company’s Shareholders to attend the Annual General Meeting of Shareholders (“Annual Meeting”) and the Extraordinary General Meeting of Shareholders (“Extraordinary Meeting”), (collectively called a “Meeting”) which will be held on:

Day/Date : Wednesday, June 3, 2020
Time : 10.00 am – finish
Venue : IMC Logistic Centre
Astra Tower 23rd floor
Jl. Jendral Sudirman Kav 5-6
Jakarta Pusat 10220

Annual Meeting Agenda:

  1. Approval of the Annual Report and Ratification of the Financial Statements of the Company for the Financial Year 2019.
  2. Determination of the Utilization of the Company’s Net Profit for Financial Year 2019.
  3. Appointment of a Public Accountant to Audit the Financial Statement for Financial Year 2020.
  4. Determination of Salary and Allowances for Member of The Directors and Board of Commissioners of the Company.
  5. Change of Composition of The Directors.

 

Extraordinary Meeting Agenda:

  1. Approval of Term Loans from Citibank Indonesia in the amount of USD 20 million.
  2. Approval for the Establishment of a Subsidiary in Singapore.
  3. Amendment to the Articles of Association to Conform to Financial Services Authority (OJK) Rules No.15/POJK.04/2020 dan No.16/POJK.04/2020.

IMPORTANT NOTES:
PREVENTIVE MEASURES AGAINST THE SPREAD OF COVID-19 VIRUS
As preventive measures against the spread of COVID-19 virus, the Company urges Shareholders to follow the directions of the Government of the Republic of Indonesia by conducting Social Distancing during the Large-Scale Social Restrictions (PSBB), the Company facilitates the Meeting as follows:

  1. The Shareholders who have the right to attend the Meeting are the Shareholders whose names are duly registered within the Company’s Share Registry and/or Shareholders of the Company whose sub-accounts at PT Kustodian Sentral Efek Indonesia (“KSEI”) by the close of trade at the Indonesia Stock Exchange on May 11,
  2. The Company urges Shareholders who are entitled to attend the Meeting whose shares are included in KSEI’s collective custody, to authorize the Company’s Securities Administration Bureau/Shares Registrar, PT Datindo Entrycom through the KSEI’s Electronic General Meeting System (eASY.KSEI) facility in https://akses.ksei.co.id which is provided by KSEI as an electronic proxy /power attorney mechanism in relation to the Meeting

In the event that Shareholders will attend the Meeting outside the eASY.KSEI mechanism, the Shareholders can download the power of attorney form from the Company’s website www.ptpss.co.id. The Shareholders or their Proxies who will attend the Meeting shall submit the photocopies of their National Identity Card (Kartu Tanda Penduduk or KTP) or other proof of identity to the registration officer prior to entering the Meeting room. For Shareholders that are in the form of Legal Entities are required to bring a photocopy of their Articles of Association and the amendments including the latest Board structure.

  1. The Company will provide the material for each Meeting Agenda through the Company’s website ptpss.co.id. Shareholders who are entitled to attend have the right to submit questions regarding the agenda of the Meeting via corporate email corsec@ptpss.co.id and the question will be submitted at the Meeting by the Power of Attorney and recorded in the Minutes of the Meeting compiled by the Notary, and answers to those questions will be delivered to Shareholders’ email no later than 3 working days after the Meeting.
  2. Notaries, assisted by the Company’s Securities Administration Bureau / Shares Registrar, will check and count votes for each agenda item in each meeting decision-making, including those votes submitted by the Shareholders through eASY.KSEI as referred to in item above, as well as those presented at the
  3. The Company does not send a separate invitation letter to Shareholders. According to the Company’s Articles of Association, this invitation serves as the official invitation to the
  4. For health reasons, the Company does not provide food and drinks, electronic/printed Annual Report or any souvenirs to Shareholders who attend the Meeting, and Shareholders are required to fulfill the health procedures in accordance with the Government Protocol implemented by the building management where the Meeting was
  5. To facilitate the orderliness and conduct of the Meeting, the shareholders or their duly authorized representatives are requested to be at the venue no later than 30 (thirty) minutes prior to the

Jakarta, May 12, 2020

The Directors

 

 

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Announcement of The Cancellation

ANNOUNCEMENT OF THE CANCELLATION

ANNUAL GENERAL MEETING OF SHAREHOLDERS &

EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

PT PELITA SAMUDERA SHIPPING Tbk

 

We refer to the Government’s call for prevention of the spread of Covid-19, Financial Services Authority Letter (“OJK”) No. S-88 / D.04 / 2020 dated March 16, 2020 concerning the Handling and Control of Covid-19 Distribution in the Capital Market Industry, and OJK Letter No. S-92 / D.04 / 2020 dated 18 March 2020 concerning Relaxation of Obligation to Submit Reports and to Conduct General Meeting of Shareholders. The Company Directors hereby announces that the Annual General Meeting of Shareholders (“Annual Meeting”) and the Extraordinary General Meeting of Shareholders (“Extraordinary Meeting”) which was originally scheduled for Tuesday, April 28, 2020 is canceled, and the time of holding will be determined later in accordance with applicable laws.

In connection with this cancellation, the announcement of the Annual Meeting and Extraordinary Meeting advertised on Bisnis Indonesia newspaper, the Company’s website at www.ptpss.co.id on Friday, 20 March 2020, declared invalid.

Thus we submit this notification to the Shareholders of the Company to be understood.

Jakarta, 6 April 2020

PT PELITA SAMUDERA SHIPPING TBK

The Directors

 

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PELITA SAMUDERA SHIPPING DOUBLE DIGIT GROWTH IN 2019

PT Pelita Samudera Shipping Tbk (“the Company”, “PSS”, IDX code: PSSI) in 2019 focusing on expanding its fleet to grow market share, PSS recorded total Revenue of US$75.3 million, an increase of US$11.8 million or 19% as compared to previous year. The Company managed to increase the average freight rate to US$2.49 from US$1.90 per metric ton in 2018, an increase of 31.2%. Floating loading and freight Revenue increased by US$3.9 million, or 7%. Time Charter Revenue increased significantly by 304% to US$9.9 million from US$2.4 million in 2018.

The Company added 4 units of Bulk Carrier (MV) in 2019 to a total of 6 units, increasing cargo capacity from 63.0 thousand DWT to 237.5 thousand DWT or an increase by 277% from 2018. The addition of 3 units of Tug and Barge (TNB) increased the number of total fleet by 87 units at the end of 2019, including 3 units of Floating Loading Facility (FLF). The investment brought total transport capacity to 546.1 thousand metric tons, an increase of 55% from 352.5 thousand metric tons in 2018. Amid the challenge of thermal coal prices, total volume transport has managed to reach 96% of the 2019 target or amounted to 30.2 million metric tons. The highest growth came from MV segment at 277% to 1.1 million metric tons from 280.2 thousand metric tons in 2018.

In line with fleet expansion, operational costs have increased including fuel and diesel oil consumption, spare parts, and crew cost. Thanks to sustainable cost-efficiency, a Gross Profit margin has been achieved at 25%. Total Gross Profit increased by US$2.8 million to US$19.1 million from US$16.3 million in 2018, or 17%.

The Company spent US$50.1 million out of 2019 capital expenditure budget at US$ 61.3 million. Capex realization at 82% was mainly on the investment of 4 units of MV, 1 unit of Tugboat and 2 units of Barge, including fleet repair and docking. Total Asset increased by 30% to US$143.2 million from US$110.1 million in 2018. The fleet investment was mainly funded by internal cash in addition to bank loans.

TNB’s business segment accounted for 50% of total EBITDA followed by FLF at 32% and MV at 19%. FLF composition of long-term contracts reached 91%, TNB reached 74% while spot basis at 9% and 26% respectively. Out of a total of 6 MV units, 3 units managed to obtain a long-term Time Charter contract for coal transport and other commodities such as nickel, clinker and iron products. The Company will continue to explore business diversification targets outside of coal commodity, covering MV and TNB segments.

Excluding Other Revenue, the Company posted a Net Profit of US$11.3 million or an increase of 44% from US$7.9 million in 2018. Other Revenue in 2018 included a gain on sale of 1 unit of FLF at US$7.6 million. Post divestment of 1 unit of FLF succeeded in increasing the utilization for the remaining 3 FLFs in 2019. Total Net Profit for the year amounted to US$13.3 million. The Net Profit margin reached 18% contributed by improving operational excellence, tight cost monitoring and efficiency and fleet expansion strategy.

The Company’s well-managed Capital Structure, showing in Debt to Asset Ratio and Debt to Equity Ratio at 28% and 45% respectively as of December 31, 2019, slightly up from the same period last year due to bank loans which mostly used for fleet expansion.

Total Equity increased by 23% to US$88.6 million from US$71.7 million in 2018, contributed by an increase in Retained Earnings of US$10.8 million, or 48% and additional Paid In Capital of US$3.3 million, or 143%.
Alert to initiate Business Continuity Plan amid the challenge of Covid-19 pandemic, the Company is ensuring its core business and operational sustainability are well maintained by continuing to take preventative actions and execute appropriate strategies for business continuity.

JAKARTA, MARCH 23, 2019

Information regarding PSSI 2019 financial position based on Audited Financial Statements

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PSS Assuring Continuity Plan on Covid-19 Pandemic

Dear Valued Customers,

Since the emergence of Covid-19, its impacts have been widespread and hard-hitting in Indonesia with 309 confirmed cases as of 19th March. To contain the risk to public health, as per recommendation from our President Jokowi “work from home, study from home and worship at home” thus starting 19th of March 2020, PT Pelita Samudera Shipping Tbk had embraced the directive.

We have divided our staffs in Jakarta into two teams, one working from home and the other from the office where they are swap on every alternate 2 days. Through this way we would still be able to continue servicing your needs at a professional level.

At our sites office in Samarinda, Banjarbaru, and Berau site, we are still working normal hours at the office until further development and directives from local government. For Samarinda site, to ensure we serve you continually, we have divided them into two teams and they work at two different offices. In short, all sites team, the staffs, and the crews, have been briefed and regularly socialized on how to do their job in a safe and professional way during this period.

We would truly appreciate that for the time being we would not be entertaining any visitors to visit our Floating Loading Facilities at the anchorage. In addition, if you already have the continuity plan in place, PSS will comply with any measures applicable to ensure continuity of your operations. As for Commercial team, we will abide by social distancing policy, however please be assured we are always be available through phones, skypes and MS Teams for discussion and problem solving.  

PSS would like to assure that the core business and service delivery to you remains unaffected, Continuity planning is also in place. We Value Our Customers and Strive For Excellent Service and Operations.

Should you have additional questions, our phone lines continue to remain open as normal. If you do wish to speak to us directly, please feel free to contact our Commercial and Operation team.

We wish you, your families, and your staff good health and safety.

Harry Chan

Director Operation and Commercial

PT Pelita Samudera Shipping Tbk

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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-

GOOD CORPORATE GOVERNANCE SOCIALIZATION PT. PELITA SAMUDERA SHIPPING TBK

GOOD CORPORATE GOVERNANCE SOCIALIZATION

PT PELITA SAMUDERA SHIPPING TBK

The Company is committed to implementing good principles of Good Corporate Governance (GCG) in order to achieve the company’s vision and mission as an integrated and innovative logistics service provider. One practice of commitment to implementing good corporate governance practices, the Company has compiled and implemented GCG guidelines which are the crystallization of applicable laws and regulations.

The Company through the Corporate Secretary Division has held a socialization of several company policies namely Whistleblowing System, Gratification, Risk Management, Corporate Governance Policy, and Emergency Response Procedure or Incident Management Plan Procedure as one of the initiative to achieve company vision and mission.

The implementation of this activity provides an understanding of the established Policy Guidelines and encourages all employees to make decisions and carry out actions based on GCG principles, namely Transparency, Accountability, Responsibility, Independent, and Fairness.

 

The socialization of the development and implementation of GCG was carried out in all of the Company’s work areas followed by all employees which began in Banjarbaru on October 25, 2018, in Jakarta October 31, 2018 and Samarinda on November 15, 2018. The socialization objective is to increase business success and accountability in increasing company value in performance productivity and good corporate image.

Good Corporate Governance Socialization

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PSS maintains a stewardship on social and environmental by always being ready to help its surrounding neighborhood in anyway the company deems necessary

PSS maintains a stewardship on social and environmental by always being ready to help its surrounding neighborhood in anyway the company deems necessary

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Support local education by building classrooms for English classes using used plastic bottles

Support local education by building classrooms for English classes using used plastic bottles