Coal Prices being Fluctuated, Cargo Ship Issuer Revenues Jump

TRIBUNBATAM.id - Cargo ship issuer PT Pelita Samudera Shipping Tbk reports an increase in revenue, in line with the expansion of the bulk cargo ship fleet (Motor Vessel).

Time charter revenue growth reached 216 percent which contributed to an 18 percent increase in revenue as of September 30 2019 to 55.2 million US dollars from 46.8 million US dollars as of 30 September 2018. 

"The highest increase in rental income for the MV segment is followed by the Floating Loading Facility (FLF) and Tug and Barge (TNB) segments," Imelda Agustina Kiagoes, Corporate Secretary of Pelita Samudera Shipping said in an official statement on Thursday (10/24/2019).

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Imelda explained, the MV transport capacity increased almost 8 times by 234k DWT as of September 2019 from 31k DWT per September 2018. 

With the addition of 4 MV fleets in 2019 (2 Supramax classes and 2 Handysize classes), the company's assets rose 25 percent to 137.2 million US dollars as of 30 September 2019 from 110.1 million US dollars as of 31 December 2018. 

"Total asset growth is projected to increase by around 32 percent from 2018 with the addition of the MV fleet and the purchase of 2 sets of Tugs and Barges in the fourth quarter of 2019," Imelda explained.

Amid coal price fluctuations, she added, the company continues to spur operational performance with high vessel utilization at an average of 90 percent. 

The composition of long-term FLF contracts has reached 90 percent up to September 2019 and 10 percent spot basis, while the composition of TNB's long-term contracts is 75 percent and 25 percent spot basis.

"The total contract extension in 2019 and ongoing contracts for the FLF and TNB are worth around 41 million US dollars," said Imelda. (*) 

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