FLEET EXPANSION SUPPORTED PSS PERFORMANCE, FY 2018 REVENUE EXPERIENCED DOUBLE-DIGIT GROWTH

FLEET EXPANSION SUPPORTED PSS PERFORMANCE, FY 2018 REVENUE EXPERIENCED DOUBLE-DIGIT GROWTH

 

  • Unaudited  Revenue  in  2018  topped US$63 million figure, or posting about 30% growth from 2017
  • Shipment volume grew by about 11% to about 33.5 million metric tons in 2018
  • In a bid to support sustainable growth, PSS sets to continue fleet expansion in 2019

 

JAKARTA, FEBRUARY 6, 2019

 

PT Pelita Samudera Shipping Tbk (“The Company”, “PSS”, IDX code: PSSI) reported Unaudited Total Revenue of about US$63.5 million in 2018 compared to about US$49.0 million achieved in 2017.

 

Such Revenue performance is the biggest for PSS in the last 5 (five) years, attributed by solid performance of global thermal coal price along with increase in domestic thermal coal consumption and the continued Company’s fleet expansion program since 2016.

 

Tugboat and Barge (TNB) business line accounted for about 55% of the Company’s Unaudited Revenue in 2018, followed by contribution from Floating Loading Facility (FLF) of about 40% and Mother Vessel (MV) of about 5%.

 

Double-digit in volume growth

TNB reported significant increase in coal shipment volume from around 9.8 million metric tons in 2017 to around 12.9 million metric tons in 2018, reflecting about 32% increase from 2017 or increase of about 3.1 million metric tons.

 

FLF reported of volume as much as 20.3 million metric tons in 2018, post divestment of one unit of FLF “Ratu Barito” in September 2018, a tad lower compared to 20.4 million metric tons handled in 2017.

 

New business line MV that just started operation with 1 unit of Handysize class vessel since March 2018 managed to contribute volume of about 280k metric tons in 2018.

 

Overall, total volume handled by PSS in 2018 has passed 33 million metric tons, by achieving about 33.5 million metric tons compared to about 30.2 million metric tons in 2017 or grew by about 11%; hence, such achievement is the highest record of volume achieved by PSS in the last 5 (five) years.

 

Continue fleet expansion to further support Volume and Revenue growth in 2019

At the end of 2018, PSS managed to add another Handysize class vessel named “Dewi Ambarwati” for US$9.6 million and recently signed a Sales and Purchase Agreement (SPA) for its first Supramax class vessel worth US$10.5 million by end of January 25, 2019.

 

Realization of these fleet additions will increase the Company’s MV cargo capacity from initially 30k DWT to 110k DWT, which is aligned with PSS strategy to support Indonesia’s logistic needs for the energy and mining sectors.

 

Backed by strong financial position, PSS is still eyeing opportunities to add another MV into its fleet as the Company has set cargo volume target of around 1.8-2.2 million metric tons in 2019 for its MV fleet, subject to market conditions and ability for further fleet addition.

 

Continued fleet expansion will help PSS to achieve its organic Revenue growth target of around 25% to 30% in 2019.