JAKARTA. PT Pelita Samudera Shipping Tbk (PSSI) has obtained a term loan facility worth US$20 million from Citibank, which will be used to support its expansion plan.
Alex Iriawan, President Director of PSSI, said that the expansion is in line with the company's business development this year. Especially in the development of the Motor Vessel (MV) business, whose volume grew by 44% Year on Year (YoY) since early 2020.
"[PSSI] has successfully secured several long-term contracts, added 16 new customers, and started serving international markets to Vietnam and the Philippines," said Iriawan through an official statement to idnfinancials.com today.
After obtaining a loan facility from Citibank, PSSI will carry out a multi-cargo expansion strategy in order to acquire more long-term contracts.
Iriawan said that during the period of January-August (8M) 2020, PSSI's total term lease income grew by 64% YoY to US$9.2 million. The company's EBITDA margin also grew to 38%.. Finally, its average freight rate also grew by 25% YoY to US$3 per metric ton.
Meanwhile, according to the company's unaudited financial report, the company's net profit was recorded at US$4.3 million, with a net profit margin of 9.4%. (KR/AR)