Humpuss to issue bond to expand LNG, coal fleet

Shipping firm PT. Humpuss Intermoda Transportasi Tbk. is planning to issue US$100 million bond in overseas bourse to finance fleet expansion, a company official said Wednesday.

The proceed would be used to procure vessels to transport LNG from BP-operated Tangguh LNG in Papua and to transport coal from Kalimantan to Tanjung Jati B power plant in Central Java. It is not immediately clear whether Humpuss has bagged firm contracts as up to now both Tangguh LNG and state electricity firm PLN that operates Tanjung Jati B have not issued tender winners announcement.

Tangguh is slated to produce first LNG in 2008, while the 2x660-MW Tanjung Jati B will commence late next year.

Earlier in August, the company had issued Rp.300 billion Rupiah denominated bond (US$=Rp9, 300), most of which were used to procure 20 sets of tugs and barges and to finance mini coal-fired power plant in Lampung.

The company currently has one LNG carrier called Ekaputra, with capacity of 138,000 M3. The vessel is contracted to carry LNG from Indonesia to overseas buyers. (alex)