Humpuss acquires new vessel

IDX-listed shipping firm PT Humpuss Intermoda TransportasiTbk has recently acquired a new vessel after the company obtained an oil and gas transport contract from state-owned oil and gas firm PT Pertamina, Kontan reported on Monday.

The paper quoted Humpuss President Director Theo Lekatompessy as saying that the new US$15 million vessel, called Griya Cirebon, with a capacity of 50,000 dwt, will transport oil and gas products from Pertamina?s refinery in Cilacap, West Java, under a contract worth $5 million per year.

Griya Cirebon is Humpuss?s second vessel acquired this year. In March, the company acquired a smaller vessel to transport methanol production of PT Kaltim Methanol Indonesia in Bontang, East Kalimantan.

Theo said that the company plans to acquire a larger vessel in the fourth quarter of this year, estimated to cost around $35-40 million, as it seeks new LNG transport contract from IDX-listed gas distribution firm PT PGN Tbk and state-owned electricity firm PT PLN.

Humpuss has allocated capital expenditure worth $100 million this year. Theo said that the two new vessels will help the company?s revenue to grow by 15-20 percent this year. (*)