Samudera Indonesia to buy LNG vessel

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JAKARTA (rambuenergy.com) – PT Samudera Indonesia Tbk [SMDR.IJ] sets aside US$120 million in capital expenditure this year which will be partly used to buy 5 various types of new vessels, including LNG and oil tanker vessels.

“We will buy at least 5 new vessels this year,” Bani Mulia, managing director of Samudera Indonesia, was quoted by Kontan daily as saying.

Bani said the LNG tanker vessel will initially be used to transport LNG from Bontang to a power plant operated by PLN’s subsidiary PT Indonesia Power in Bali. The LNG vessel may also transport LNG to other places in the country.

Bani said one LNG tanker vessel is expected to cost around US$70 million.

In 2014, Samudera Indonesia posted revenues of US$510.27 million, down 5.07 percent from previous year, with net profit serging 119.68 percent year on year to US$16.09 million.

In addition, Samudera Indonesia is also mulling a plan to float its subsidiary PT Samudera Indonesia Terminal. However, the time table of the IPO plan has yet to be determined.

Currently, Samudera Indonesia owns two gas tanker vessels, namely LNG Tangguh Towuti and Amanah gas tanker. LNG Tangguh Towuti is owned through joint venture in which Samudera Shipping Line Ltd owned 25% of ownership. (*)