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Pelita Samudera Shipping records higher net profit in 2018

JAKARTA (RambuEnergy) – PT Pelita Samudera Shipping Tbk (IDX:PSSI) recorded positive financial results in 2018 in term of revenues and net profit, driven by higher volumes.

The company’s revenues reached US$63.6 million, up 30% from previous year of US$49.0 million.

“The rise was driven by an increase in volume and tariff of tugboat and barges (TB) as well as the maiden operation of Supramax vessel (MV),” said Imelda Agustina Kiagoes, corporate secretary of PSSI on Tuesday (March 26).

The revenues of TB contributed 56% to the total revenues in 2018, followed by floating loading facility (FLF) 39% and MV 5%.

These resulted in a rise of gross profit by 54% to US$16.3 million, from US$10.5 billion at end of 2017.

Its net profit reached US$7.8 million, up from US$3.9 million in 2017.

The company currently operates two supramax vessels that were recently purchased, namely MV Daidan Pertiwi and MV Daidan Mustikawati. The two MVs were purchased early this year at the cost of US$11 million and US$10 million respectively.

The operation of these two supramax vessels boost the company’s dead weight ton (DWT) MV cargoes to 174,600 DWT in the first quarter of 2019 from 31,000 DWT in the same period last year, increased five times.

Early this month, the company secured contract from PT virtue Dragon Nickel Industry (VDNI) worth US$39.1 million to transport nickel ore and coal for five years. The company will transport nickel ore from Halmahera Island to the Island of Sulawesi, and coal from Kalimantan to the Sulawesi Island.

Pelita Samudera Shipping (PSS), was established in 2017, provides integrated logistic and shipping solutions mainly to the coal mining companies in Indonesia. It began its business with newly-built fleet — 25 units of Tug boats and 27 units of Barges.

Pelita Samudra is a member of IMC Group—a leading Pan Asia provider of integrated maritime and industrial solutions with diversified interests in dry and wet bulk logistic and shipping. In addition the above vessels, PSS currently operates four new Floating Loading Facilities (FLF) and one Floating Bulk Unloader (FBU) to compliment its fleet. (*)

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