2017 Performance Soared, Pelita Samudera Shipping Relying On Operational Excellence and Cost Monitoring Efficiency

JAKARTA, 19 MARCH 2018.

PT Pelita Samudera Shipping Tbk (“Company”, IDX code: PSSI) has successfully achieved excellent financial performance throughout 2017. The Company recorded revenues of US$49 million and net income of US$3.92 million in 2017 whereby operational excellence and cost-efficiency discipline have been the mainstay of the Company since unstable coal price period at the end of 2015. This very exciting achievement amounted to 42% increase of revenues in 2016 or US$34.59 million and a very significant increase in net income of 132% from a net loss in 2016 of US$12.41 million.

2017 excellent performance contributed by a 30% increase in volume of coal transport and hauling compared to 2016 with an upward trend in commodity prices where coal prices starting to rebound and stabilizing in 2017. The volume of tug and barging coal services was 9.84 million metric tons, increased by 51% from 2016; the volume of Floating Loading Facility coal hauling services was 20.37 million metric tons, increased by 22% from 2016.

Continuous improvements in operating and efficiency performance including tight monitoring of diesel fuel and oil usage, fleet technical costs, docking and fleet maintenance have successfully reduced the cost of revenue by 6.5% from 2016.

With the increasing demand for coal transportation services, the Company continues to expand by investing in purchasing new fleet, to be able to reduce the chartering cost. The purchase of 5 sets of tugs and barges in mid-2017 as well as the purchase of 4 units of tugs and 3 barges by the end of 2017 which mostly have been operated in the 4th quarter of 2017. These new acquired fleet will be fully operated in 2018. The Company also recorded an 18% increase in total assets or US$101.81 million in 2017 from US$86.37 million in 2016.

The target volume of coal transport and hauling in 2018 is aimed to increase by approximately 10% from 2017 volume of 30 million metric tons. The Company’s first purchase of Mother Vessel with a capacity of 31,005 metric tons which was handed over at the end of February 2018 would also add to the targeted volume. With the fleet utilization rate was above 90% throughout 2017, tight cost control monitoring and efficiency, as well as Company’s focus to always anticipate the fluctuations in commodity markets will continue to be a good business strategy for the Company. About PT Pelita Samudera Shipping Tbk. Indonesia’s leading sea freight service company over the past 10 years for coal hauling and transportation that provides integrated tugs and barges, Floating Loading Facility and floating cranes services which provide value added to the consumers. The Company is a pioneer in Floating Loading Facilities operator whereby all operations are supported by ISO Management System 9001: 2015, Total Quality Management, ISO 14001: 2015 Environmental Management System and OHSAS 18001: 2007 Occupational Health and Safety.

For further information please contact:
Imelda Agustina Kiagoes
Corporate Secretary
PT Pelita Samudera Shipping Tbk
Telp. : (62-21) 2930 8801
Fax. : (62-21) 2930 8802
E-mail : corsec@ptpss.co.id

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