CANI to acquire new AHTS vessel

By Thomas R. Sembiring

IDX-listed shipping company PT Capitol Nusantara Indonesia (CANI) plans to acquire a new AHTS vessel worth US$14 million next year in a bid to help increase revenue.

Finance Manager and Corporate Secretary Riduwan Kosasih said Tuesday that about 20 percent of the funding requirement will come from internal fund, while the remaining bulk of 80 percent to come from bank loan, possibly from Bank Mandiri.

?We have made a down payment of $1.5 million. The process is expected to be completed in the first quarter of next year,? he said.

The planned extra new vessel will expand the firm?s fleet of vessels to 64. This year, the company acquired three new vessels.

CANI has set a target for revenue to increase by 35.69 percent to $24.18 million next year compared to $17.82 million estimate for this year.

Amid the current drop in coal prices, CANI is also seeking to expand business volume from the oil and gas sector specifically gas transport as the price of the latter commodity remains stable, Riduwan explained. ?Currently, mining accounts for 70 percent (of the transportation volume), while oil and gas 30 percent,? he said, adding that the target is to make the oil and gas industry to account for up to 65 percent.

CANI is currently seeking new contracts from 3-5 oil and gas, and construction companies, he added.

Editing by Reiner Simanjuntak