LCP pays demurrage of $8 million

By Cepi Setiadi

Petromindo

Lestari Cipta Persada (LCP) Group, holding company of two coal producers in South Kalimantan, PT Prolindo Cipta Nusantara (PCN) and PT Astri Mining Resources, claimed that the companies paid demurrage fine in 2016 of around US$8 million.

LCP President Director Henry Soetio told Petromindo.com recently that the amount of demurrage has been paid without any conflict with other party.

"We got lossing demurrage about US$ 8 million especially in the last four months of 2016, and we were able to pay this demurrage with zero conflict and the market appreciated us,"Henry said without elaborating.

Last year PCN was able to produce more than 2 million tons and Astri Mining around 1 million tons.

Demurrage is money paid to shipowner by charterer for failing to complete loading/discharging within time allowed according to charter-party.

Editing by Reiner Simanjuntak