JAKARTA - PT Buana Lintas Lautan Tbk (BULL) prefers to purchase secondhand vessels instead of new vessels. New vessels is considered not profitable for the company because the break even point (BEP) period is longer than secondhand ones.
In a public expose sheet published on Friday (28/8), Kevin Wong, President Director of PT Buana Lintas Laut Tbk (BULL) said that the company could expand its fleet by up to 11 times in the next five years.
According to him, a new vessel needs 8-9 years to reach BEP, so it will not be profitable.
BULL currently has 33 vessels with a total capacity of 2,303,131 DWT and an average age of 17.5 years. The company's fleet consist of 28 oil tankers, 3 gas tankers, 1 Floating Production Storage & Offloading (FPSO) unit, and 1 chemical tanker. (LK/AR)