Humpuss to acquire three LNG shuttle tankers

By Cepi Setiadi

IDX-listed shipping company PT Humpuss Intermoda Transportasi Tbk is currently in the process of acquiring three LNG shuttle tankers worth a combined US$205 million, President Director Theo Lekatompessy said.

?The projects have the value of US$150 million, $35 million and $20 million respectively,? Theo said without elaborating the type and the capacity of the tankers. He revealed that the process is still in negotiation phase and is expected to complete in the second quarter of 2015.

?We will acquire about 51 percent, in order to attain the cabotage principle,? he said, adding that the tankers will be used to carry LNG from point to point in the country. He added that by acquiring these three projects, the company?s revenue next year is projected to increase by about 30 percent to more than $100 million. About 60 percent of revenue is derived from the LNG transportation business.

Elsewhere, Theo said that Humpuss has allocated $315 million for capital expenditure next year, of which $205 million will be set aside for the LNG business.

Editing by Reiner Simanjuntak