JAKARTA. PT Pelita Samudera Shipping Tbk (PSSI) is anticipating the impact of the Covid-19 pandemic on its shipping business, so that it will continue to operate and the company's business continuity will remain safe this year.
Imelda Agustina Kiagoes, Corporate Secretary of PSSI, said the company has planned a sustainable business plan to face the Covid-19 pandemic. "The company ensures that its core business and operational continuity are maintained by continuing to take appropriate preventive and strategic execution actions," Kiagoes explained to idnfinancials.com today.
In 2019, PSSI relied on coal transportation as its core business. The volume of coal transported in 2019 even reached 1.1 million metric tons, a significant increase from the previous year (280.2 thousand metric tons). In addition, the company said that 3 out of a total of 6 Motor Vessel (MV) units received long-term contracts to transport coal and other minerals in 2019.
"The company will continue to explore the idea of business diversification outside coal commodities, including the MV and TNB (Tug and Barge) segments," Kiagoes said.
For information, PSSI admitted that its capital structure in 2019 was still optimally maintained. The debt to equity ratio of the company is recorded at 45%, higher than in 2018 since the company took some loans to expand its fleet. On the other hand, the company's equity rose by 23% to US$ 88.6 million and its retained earnings rose by 48% to US$ 10.8 million. (KR/AR)