Wintermar to purchase 10 new ships

PT Wintermar Offshore Marine, an upstream offshore vessel provider, plans to purchase 10 new ships, consisting of 3 high-value vessels and 7 medium-value vessels, in the second semester of the year.

Head of Investor Relations Pek Swan Layanto said on Tuesday the purchase would make up a significant portion of US$80 million the listed company plans to spend in capital expenditure this year.

Wintermar also plans to sell 5 low-value ships aged more than 9 years. ?We will sell the vessels, so that we can focus our operation on high-value ones. This kind of vessel contributed significantly to last year?s revenue, around 30 percent,? he said after a shareholders? extraordinary meeting as reported by Investor Daily.

On the capital expenditure spending, Swan Layanto said about 70-80 percent of which came from loans it secured last year. ?The majority of loans came from the IFC Corporation, about US$45 million, and Bank Mandiri, about US$25 million.?(*)