Samudera Indonesia secures US$70 million worth of contract from Aneka Tambang

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JAKARTA (rambuenergy.com) – Shipping company PT Samudera Indonesia Tbk said it has secured contract worth US$70 million to distribute LNG to a gas power plant owned by PT Aneka Tambang Tbk (ANTM) in Pomalaa, Southeast Sulawesi. The company will begin distributing the LNG to the power plant starting from next year.

Managing Director of Samudera Indonesia Bani Mulia was quoted by Investor Daily as saying that initially Samudera Indonesia will deploy 1-2 vessels and will gradually increase to six vessels to serve the contract. The length of the contract was not disclosed.

He added Samudera Indonesia is also taking part in a tender to procure an FSRU (floating storage and regasification unit) for state energy company PT Pertamina. The FSRU would be leased for 20 years. He noted the tender process is still in early stages.

The company sets aside US$120 million for capital expenditure this year, part of which will be used to buy five new vessels, comprises of LNG, tanker and container vessels. Bani expects 3-6 more new vessels will arrive this year.

Currently, Samudera Indonesia operates 50 vessels, 20 of which are rented by the company and the remaining 30 vessels are owned by the company.

As for financial performance, in the first half of 2015, the company posted net profit of US$8.64 million, up 1.29 percent from the same period last year of US$8.53 million. Its revenues stood at US$258.52 million, slightly lower than last year of US$231.3 million. (*)