Trada Maritime seeking $90 million loan for fleet expansion
bags 5-year contract with Berau Coal
Saturday, May 14 2011 - 02:59 AM WIB
Finance director Adrian E. Sjamsul, said in Jakarta on Friday that the company was still talks with three banks including Bank Mandiri, ICBC and the Bank of Tokyo-Mitsubishi to discuss the loan. He added that the loan would be part of the $120 million in capital expenditures allocated this year to buy new ships as well as for maintenance works and ship modification.
The company planned to procure six ships including floating storage and offloading (FSO) and dry bulk ships to meet the surge in the demand from the country?s coal and oil producers. ?The new ships are needed to enter the international market,? he said, adding that at present 90 percent of the company?s revenues were obtained from shipping services in the domestic market.
Adrian said that Trada had recently secured a 5-year contract worth $6 million to rent its dry bulk ship to East Kalimantan coal miner PT Berau Coal . In addition, the company had also renewed a contract for its FSO with PT Medco Energi Internasional. ?The three year contract is worth $22 million,? he added. (*)