JSK gets loan syndication from BII to expand coal fleet

Bank Internasional Indonesia (BII) is cooperating with Bank Niaga and Bank Ekspor Indonesia in providing a syndicated loan of US$24 million to PT Jaya Samudra Karunia (JSK) Shipping, Antara news agency reported

PT JSK will use the syndicated loan to purchase a bulk freighter of Panamax type with a capacity of transporting 60,000 tons of bulk goods, which would support the development of the coal industry in Indonesia.

"The syndicated credit facility constitutes an effort to support the government`s program in the sea transportation and infrastructure sectors, particularly in the building of coal-fired power plants," Corporate Director of BII Dira K Mochtar said in a press statement on Friday.

According to JSK website, it began operating its first coal carrying vessel, a Handymax type, on December 2004. In 2006, JSK purchased another vessel, a Panamax, 65,000 DWT type, named MV Victory Union to transport coal 150.000 MT per month from Kalimantan to Suralaya Power Plant. (*)