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PSSI Announces Spin Off of Dry Bulk Ship Business Segment to Intensify the Growth

PT Pelita Samudera Shipping Tbk (IDX: PSSI) (the “Company”) held an Extraordinary General Meeting of Shareholders (“Meeting”) on October 20, 2021, to seek approval for the Spin-off of Dry Bulk Ship Business Segment from the company to a subsidiary.

The Company has undergone thorough assessment and process of the spin-off has been conducted in compliance with the applicable rules and regulations. Through the Spin-off, it is expected that the development and management of assets can be more intensive and more optimal, so that both companies; the Company as a Parent, and a subsidiary entity, can make a better contribution to all stakeholders of the Company. This process is carried out by transferring six units of bulk cargo ships owned by the Company, along with their related inventories and loans related to separation to the subsidiary whereby the Company owns 99%.

Iriawan Ibarat, President Director of the Company, is quoted, “By having the spin off, dry bulk business is focused in one subsidiary company that would enable the subsidiary company to have access to funding both from banks and strategic investors. It would also provide opportunity to offer its shares to the public through the Public Offering. Iriawan added, the Company is currently exploring the market with strategic investors to develop the Dry Bulk ship business segment.

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Blood Donation Day for PSS and group companies’ employees

In Celebrating Indonesia’s Red Cross (PMI) Day, September 17, PSS together with the group of companies, MSI, IMC Plantation, PBS, and PSS Logistics use the momentum to conduct Blood Donation activities. This year’s theme is “Bergerak bersama untuk Seksama (Moving Together for Others).

The restrictions on mobility and community activities have had an impact on the low number of blood donors during the Covid-19 pandemic. PMI data said that from the beginning of January – September 2021 there was a decrease of 20 – 30 percent for blood donors at the national level, while demand remained high.

This activity is part of one of the pillars of CSR PSS, namely “Indonesia Lebih Sehat (Healthier Indonesia).”

From this blood donation activity, 29 bags of blood were successfully collected

Thank you, colleagues, for donating your blood. Hopefully, 29 bags of blood collected can be useful for those in need while adding bloodstock to PMI

Let’s donate our blood to help save the lives of our brothers and sisters in need. Thank you for your participation.

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Contributor: Corporate Communication
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PSS Director Awarded Samarinda’s Port Health Office Certificate of Appreciation

 

Director of PT Pelita Samudra Shipping Tbk (PSS) Harry Chan handed the certificate of appreciation to the Port Health Office (KKP) Class IIA Samarinda, received by the Head of the Port Health Office Class IIA Samarinda, Solihin.

The awarding of the KKP Class II A Samarinda is a form of gratitude. Especially during the COVID-19 pandemic, that is very important to prevent its spread on board. KKP has done a lot of assistance, both for employees and ships at PT PSS Tbk, in this case for Antigen tests, PCR, and also vaccinations. “We thank KPP Class IIA Samarinda. Because of them, employees and crew of PT PSS ships in Samarinda and in Jakarta one hundred percent have been vaccinated COVID-19. I hope this cooperation can be continued and improved in the future. So that later it can create a good synergy between the government and the private sector,” he said.

Meanwhile, Head of KKP Class IIA Samarinda, Solihin expressed his gratitude for the award from PT PSS Tbk. This appreciation certainly adds to the spirit to work better. “In this momentum, of course, we must take care of each other and strengthen each other in efforts to prevent Covid-19, because they do not know when it will end. There needs to be education and information in order for work, especially in the transportation and shipping industry,” he said.

He hopes, between KKP and PT PSS Tbk support each other and strengthen the relationship. As a regulator, he emphasized that he will continue to monitor and provide up-to-date information about COVID-19 to colleagues in the field. “And I emphasize for the employees and crew on board to continue to implement the COVID-19 health protocol in work,” he concluded

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Material Information or Facts- Report Plan on Business Segments Separation on Bulk Carrier Transportation Business

Download Here

  1. Pengumuman RUPSLB
  2. Pengumuman ke Kreditur
  3. Ringkasan Rancangan Pemisahan 
  4. Laporan Audit 30 April 2021
  5. Laporan Penilaian Aktiva Tetap (LP)
  6. Laporan Penilaian Aktiva Tetap (SR)
  7. Laporan Segmen Usaha
  8. Laporan Pendapat Kewajaran
  9. Permohonan Pembelian Saham
  10. Harga Penutupan Rata-rata 90 Hari 
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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.

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Contributors: Hariman Chalid
Corporate Communication
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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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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