PT Pertamina International Shipping (PIS), through its Dubai branch, PIS Middle East (PIS ME), has signed four business deals with global players worth $49.3 million, which will see the Indonesian major sail across 26 international routes.

 

The global players are with Gas Walio, Gas Widuri, Gas Arjuna and Gas Ambalat.

 

PIS ME signed the deals for 4 vessels owned by PIS - namely the Gas Walio vessel, Gas Widuri vessel, Gas Arjuna and Gas Ambalat vessels. The Gas Arjuna and Ambalat vessels are chartered by SHV Gas Supply & Risk Management, the Gas Walio vessel is chartered by Geogas Trading, and the Gas Widuri vessel is chartered by Vitol.

 

New international routes

The total transaction value for the four-ship deal reached $49.34 million, or the equivalent to Rp740.15 billion (dollar exchange rate of Rp15,000) with different contract durations ranging from 6 months to 3 years. The contracts also provided for new international routes and countries for the PIS fleet, including Chile (South America), Puerto Rico (USA), Dominican Republic (Caribbean), Tanzania, Poland, and Portugal.

 

"The signing of this cooperation signifies the success of PIS ME's aggressiveness in increasing revenue in the international market, as well as proving the reliability of PIS's fleet which is qualified to sail in global scale waters," said PIS CEO Yoki Firnandi at the signing ceremony.

 

Country Manager of PIS ME Andra Pelawi added that in addition to the successful commercialisation of the four vessels, PIS ME has broken new business ground which will add to the company's revenue potential. "Pertamina has, through PIS ME, entered Tankers International Pool, and a TC Syndication scheme with Scorpio for a Neptune VLGC vessel in the pool. PIS will have the potential for vessel rental at international market rates," he said.

 

Through this breakthrough scheme by PIS, carried out initially during the second quarter of 2023 (since the VLGC vessel entered the pool in early May, through to the end of the quarter), PIS ME managed to realise a profit of around $865,000, or the equivalent to Rp12.97 billion.-- TradeArabia News Service