Arpeni takes ownership of GBSL vessels
Tuesday, June 26 2012 - 11:55 PM WIB
Indonesia-listed shipping company PT Arpeni Pratama Ocean Line Tbk recently reported it has taken over the ownership of Dewi Parwati Mother Vessel from its Hong Kong based wholly owned subsidiary Grand Bulk Shipping Limited (GBSL) under cooperation with another wholly owned subsidiary PT Apol Bahari Gemilang (ABG) to comply with the cabotage principle as stated within Presidential Instruction 5/2005.
Dewi Parwati, a bulk carrier whose construction was financed by United Overseas Bank Limited, Singapore (UOB), in addition to Dewi Laksmi, financed by ING Bank N.V, Singapore (ING), are both constructed by GBSL based on contract signed with state electricity company PT Perusahaan Listrik Negara to. support the Tanjung Jati project.
Under the contract, both vessels should be ready for delivery on March 23, 2012.
Ownership take over of Dewi Parwati has been agreed by UOB after a number of transactions signed on June 15, namely purchasing agreement between GBSL and ABG, followed by loan transfer agreement and corporate guarantee for UOB, as well as GBSL signing vessel charter agreement to use the ship for ten years valid from the date onward.
The charter fee covers the minimum payment for the loan plus interest to be paid to UOB in addition to operation cost to be paid to third party vessel operator.
The value of the transaction amounting to US$ 33,180,000, or similar with UOB's loan facility plus interest 2percent above LIBOR to be paid in ten years.
Editing By Audy Zandri