Trada Maritime signs tug and barge providing contract with GBU

By Nellawati

IDX-listed PT Trada Maritime Tbk has on January 11, 2013 signed a US$750 million worth of MoU and first stage tug-and-barge providing contract with PT Gunung Bara Utama (GBU) to provide up to 40 units of tug and barge sets throughout the course of 10 years.

"The estimated investment for the deal reaches up to US$200 million, in which the company will provide up to 10 units of tug and barge sets to operate this May. We have sent five tug and barge sets so far, expecting to deliver 5 others soon," said the company's President Director Danny De Mita in a statement submitted to the IDX. He said the remaining 30 tug-barge units will be delivered in the next two to four years.

GBU is an Indonesian coal miner with 5,350ha concession located in Dumai, West Kutai Regency. It has recently completed its JORC resource report and reported up to 90 million tons of measured resource of coal with CV between 5,000 - 5,600 (GAR). Coal mining activity is expected on the second quarter of 2013; currently it is still focusing on the construction of its hauling road.

Editing by Er Audy Zandri