Seroja expands coal fleet

Singapore-listed dry bulk vessel firm Seroja Investments Limited announced on Thursday that its subsidiary PT Pulau Seroja Jaya (PT PSJ) has on 15 November 2011 signed a deal to buy 3 tugboats and 2 barges from BVI-incorporated Long Wealth Global Inc for US$15.2 million.

The acquisition will increase PT PSJ?s current fleet from 60 vessels consisting of 31 tugboats and 29 barges to 65 vessels, the company said.

The company said that the purchase was in anticipation of strong demand for Indonesian coal.

Prior to the acquisition, PT PSJ?s existing fleet of vessels was fully utilized and an additional 4 vessels had to be chartered to meet existing demand for coal transportation from its customers.

The acquisition allows PT PSJ to meet the transportation needs of its customers without having to charter vessels from other owners, the company said.

The Group?s major customers have announced plans to increase their coal production and the acquisition will put the group in a good position to meet the increased need from its customers for coal transportation services, it added.

The company?s major customer is South Kalimantan coal miner PT Adaro Indonesia. (alex)