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Trans Power Marine will buy more ships

04 March 2019 12:35 PM  Company: PT. Trans Power Marine Tbk [TPMA]
Rp. 310  +2 (0.65%)

JAKARTA. PT Trans Power Marine Tbk (TPMA) is planning to buy four to six sets of tugs and barges this year, after failing to do it last year. The ships were bought to support the company's effort to increase its revenue by 20-25%.

For this, Trans Power Marine has allocated a capital expenditure (CapEx) of US$ 10 million to US$ 12 million.

The CapEx comes from internal cash and bank loans. "Coincidentally, we have gained a commitment from Bank Negara Indonesia (BNI) and are waiting for the commitment process from Bank UOB to buy the ships," said Ruddy Sutiono, Finance Director of Trans Power Marine to KONTAN, Sunday (3/3).

In the TPMA public presentation last year, the company owns 37 tug boats, 33 barges, and three crane barge throughout 2017. The number of assets has not changed since 2015.

Through the addition of new vessels, Trans Power Marine aims to increase its revenue by 20-25% year on year (yoy) throughout 2019. "We are very optimistic about this year's performance, considering the demand for coal transportation is also growing," said Ruddy.

Majority of Trans Power Marine's customers are coal mining companies. Both are PT Borneo Indobara and PT Jorong Barutama Greston. The companies recorded a transaction value of US$ 4.53 million and US$ 3.78 million respectively Another big customer is PT Korintiga Hutani with a transaction value of US $ 7.25 million. (AM)

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PT. Trans Power Marine Tbk [TPMA]   Rp. 310   +2 (0.65%)