Arpeni to raise higher fresh funds

Indonesia?s major coal transporter PT Arpeni Pratama Ocean Line Tbk is hoping to raise higher fresh funds from its major shareholders to speed up its recapitalization and restructurization.

The company said in its presentation that it expects to raise US$75 million through private placement, up from the initially-planned $45 million.

Arpeni?s financial condition is worsening due to their mounting debts. The company suffered a net loss of Rp 1.6 trillion during 2010, almost three times the previous year?s loss of Rp 670 billion.

Arpeni is Indonesia? top coal transporter, operating 76 vessels, including 9 Panamax, 1 Capesize vessels and 22 barges, 27 tug boats and 10 floating cranes.

The company is expected to increase coal shipment for this year to 16.5 million tonnes from this year?s target of 14 million tonnes. The company?s 2010 major clients include PT PLN Tanjung Jati B, PT Tambang Batubara Bukit Asam (PTBA), PT Berau Coal, PT Mahakam Sumber Jaya and PT Tanito Harum.(denny)