JAKARTA - PT Buana Lintas Lautan Tbk (BULL), a shipping company, is optimistic that its revenue in the second quarter of 2020 will be higher than its record in the first quarter of 2020 (US$ 43.1 million), due to increasing demand for oil tanker services.
In a press release published on Thursday (25/6), Krisnanto Tedjaprawira, Corporate Secretary of PT Buana Lintas Lautan Tbk (BULL) said the COVID-19 pandemic has increased the price of oil tanker services in the second quarter of 2020. "Because global oil producers cannot reduce production quickly, while oil demand is decreasing sharply, "he said.
According to him, this condition caused the oil refineries on land to be full. Thus, there will be a large demand for oil tankers. The condition, he said, caused a jump in prices of up to US$ 173,000 per day for LR2 tankers and US$ 73,000 per day for handy-sized tankers.
In the first quarter of 2020, BULL's management recorded a profit of US$ 19.7 million. (LK/AR)