Wintermar seeks to cancel vessel acquisition

By Thomas Sembiring

IDX-listed shipping company PT Wintermar Offshore Marine Tbk is seeking to cancel the purchase of one vessel, and to delay the delivery of another vessel to next year as part of cash conservation efforts to help cope with the current industry slowdown.

Wintermar last year ordered four vessels from China, one of which was delivered last year, and another earlier this year. ?Of the four, two have been received. One (to be canceled) and another to delay to next year because we want to conserve cash,? said Pek Wan Leyanto, Head of Investor Relations at the company on Monday.

He said that total capital expenditure for the purchase of the vessels was estimated at US$30 million.

Editing by Reiner Simanjuntak