Mitrabahtera settles liabilities, signs new transshipment deal

By Ruly Setiawan

IDX-listed PT Mitrabahtera Segarasejati has on November 5, 2012 entered into a Settlement of Liabilities for Coal Transshipment Agreement with PT Bumi Karunia Pertiwi (BKP), agreeing to terminate the Coal Transshipment Agreement dated February 9, 2012.

In addition to have BKP facing constraints in its mining operations, Mitrabahtera was also interested in allocating its own fleets to fulfill new contracts that occurred during year 2012. Both parties had also agreed for the settlement of all BKP?s obligation to Mitrabahtera.

Meanwhile, on October 12, 2012, the company and PT Kideco Jaya Agung (KJA) entered into a Coal Transshipment Agreement at Adang Bay to provide coal transshipment services by operating one unit of floating crane (FC Vittoria).

The agreement is valid for 5 years and can be extended for the following 2 years. Minimum guaranteed tonnage is 5.000.000 tons per annum. In the 60th month or 84th month of the contract period, KJA has options to purchase the vessels which are used according to this agreement (FC Vittoria). At end of November 2012, FC Vittoria had arrived in the project?s location for preparation and testing.

Editing by Er Audy Zandri