Indonesia?s top coal shipper launches IPO

PT. Arpeni Pratama Ocean Line (APOL), one of Indonesia?s top shipping firms is launching IPO at the Jakarta Stock Exchange, with part of the proceed would be used to finance the company?s expansion of coal carrier fleet, the company?s prospectus said.

APOL?s prospectus said the company?s shares would be traded on JSX floor from June 10 this year.

APOL is Indonesia?s leading coal transporter, dominating 70 percent of PTBA?s coal shipment from Tarahan, Lampung to Indonesia Power?s Suralaya 3,400-MW coal-fired power plant in Banten province. APOL also has term contracts to ship coal with Kalimantan producers such as PT.Adaro Indonesia (3 million tones for 3 years, expired in 2005), PT.Kideco Jaya Agung (6.5 million tons for 4 years, expired in 2006) and PT.Berau Coal (3 million tons for 3 years, expired in 2005).

APOL has 35 percent of market share of coal shipment to Indonesian power plants.

The company currently operates 4 bulk carrier with capacity of between 27,000 to 62,000 DWT, supported with 4 floating cranes with capacity ranging from 10,000 tonnes-15,000 tonnes per day and several barges and tug boats.

The company said proceed from the IPO would be used to strengthen the company?s coal tanker fleet.

Apart of coal fleet, the company also operates general cargo vessels, oil tankers and LPG tankers. However, more than 50 percent of the company?s past revenue came from coal transportation-related services. (alex)