Pelita Samudera revenue up 16%

IDX-listed shipping company PT Pelita Samudera Shipping Tbk saw revenue increased by 16 percent to US$36.1 million in the first half of this year, compared to $31.1 million in the same January-June period of last year.

The company said in a statement obtained Monday that despite the current declining coal price trend, net profit increased by 3 percent to $4.4 million in the first six months of this year from $4.3 million in the first half of last year.  “With the solid operational performance, the company targets revenue to grow 20 percent (in 2019) from last year,” the company said.

Pelita said that time charter revenue jumped by 100 percent during the first six months of this year.  The new bulk carrier mother vessel (MV) business was the largest contributor to the growth, with a triple increase in revenue, followed by tug and barge business, and floating loading facility (FLF) business.

As per June 2019, three mother vessels (Supramax and Handysize) of the company’s five MVs, have secured long-term charter contract, compared to only 1 MV in the same period of last year.  The company’s MV transport capacity expanded seven times from first half of last year.

Pelita said that the tug and barge business (TNB) is the largest contributor to total revenue, accounting for 47 percent with long-term contract until end June at average of 75 percent and 25 percent spot basis.

TNB accounted for 51 percent of first half 2019 EBITDA, the company said.  With new TNB contracts expected in the second half, the company said that the composition of long-term contracts in the second semester will be greater than in the first semester of this year.

Pelita said that the FLF business accounted for 30 percent of total revenue in the first half.

Editing by Reiner Simanjuntak