PEFINDO has affirmed its idA+ rating for PT Samudera Indonesia Tbk

(March 12, 2026)--PEFINDO has affirmed its idA+ rating for PT Samudera Indonesia Tbk (SMDR) and its idA+(sy) rating for the Company’s outstanding Shelf-Registered (SR) Sukuk Ijarah I. Outlook for the corporate rating is stable. The rating reflects SMDR’s strong market position in the container shipping industry, diversified and integrated services in the shipping business, as well as strong cash flow protection measures and financial flexibility. However, the rating is constrained by its exposure to macroeconomic conditions and moderate leverage.

The rating may be raised if SMDR is able to successfully expand its non-container shipping business, resulting in less volatile earnings, while maintaining a conservative financial profile. However, we may lower the rating if the Company’s earnings quality deteriorates, stemming from a significant decline in shipping volume, freight rates, or higher-than-expected bunker fuel prices, thus weakening its financial profile. The rating may also be under pressure if SMDR adopts a more aggressive financial policy for its expansion by substantially increasing its debt beyond its projection without being compensated by stronger revenue prospects.

SMDR was established in 1964 and engages in the shipping for container, dry bulk, and tankers. The Company also engages in port services, container logistics, and depot. As of December 31, 2025, its shareholders were PT Samudera Indonesia Tangguh (58.00%), PT Ngrumat Bondo Utomo (16.02%), management (0.75%), and the public (25.23%). (ends)