Pelita Samudera books record revenue on coal transportation
Wednesday, February 6 2019 - 01:33 AM WIB
IDX-listed shipping and logistics company PT Pelita Samudera Shipping Tbk (PSSI) said that revenue last year increased by 30 percent to US$63.5 million from $49 million in the previous year, driven primarily by higher coal transportation volume.
PSSI Corporate Secretary, Imelda Agustina Kiagoes was quoted by news portal kontan.co.id as saying Tuesday that the 2018 revenue was a company record in the last five years.
She said that the higher revenue was attributed to higher coal transportation volume and the expansion of the company?s vessel fleet since 2016.
The company?s tugs and barges division accounted for 55 percent of the 2018 revenue, followed by the floating loading facility (FLF) contributing 40 percent, and the new mother vessel division 5 percent, Imelda said.
She said that the tugs and barges division saw coal transport volume increased by around 32 percent to 12.9 million tons last year from 9.8 million tons in 2017.
The FLF division saw a slight decline in coal volume it handled last year to 20.3 million tons from 20.4 million tons following divestment of one of the company?s FLF in September of last year called FLF Ratu Barito.
Meanwhile, the relatively new Mother Vessel division, set up in 2018, managed to transport 280,000 tons of coal last year following the acquisition of a Handysize vessel in March.
The total coal volume handled by PSSI last year increased to around 33.5 million tons from 30.2 million tons in the previous year, Imelda said.
She said that PSSI late last year added one Handysize vessel called Dewi Ambarwati, and last month signed an agreement for the acquisition of Supramax worth US$10.5 million, which will expand the company?s Mother Vessel division total capacity to 110,000 DWT from 30,000 DWT, supporting the company?s cargo volume target of 1.8 million-2.2 million tons this year. (*)