Seroja Investments secures coal barging contract
Tuesday, March 15 2016 - 01:20 AM WIB
SGX-listed Seroja Investments Limited said that its subsidiary PT Pulau Seroja Jaya (PSJ) had on March 11 entered into a five-year coal barging contract with PT Prima Multi Mineral to transport between 2.5 million to 3.75 million tons of coal.
Seroja said in a statement Monday that through this coal barging contract, PSJ will expand its base of major customers as the expected annual revenue from this contract is more than 5 percent of total revenue generated for the financial year ended December 31, 2015.
The five-year coal barging contract is to transport coal within Indonesia, with an annual review to be conducted, and can be extended by mutual agreement.
PSJ provides its transportation services to its Indonesian customers using its Indonesian-flagged vessels owned and operated by PSJ, in compliance with cabotage laws as the transportation will be carried out in Indonesian waters.
The company said the coal barging contract is expected to contribute positively to the revenue of the group for the current financial year ending December 31, 2016.
Editing by Reiner Simanjuntak