Signing Contracts for US$49.3M, PIS (Pertamina) Now Sails across 26 International Routes

DUBAI, July 31, 2023 - (ACN Newswire) - PT Pertamina International Shipping (PIS), through its branch office in Dubai, PIS Middle East (PIS ME), has achieved another success by simultaneously signing four business cooperation agreements with global players.


PIS Pte Ltd (DMCC Branch) - PIS Middle East has signed business cooperation agreements with global players, namely with Gas Walio, Gas Widuri, Gas Arjuna and Gas Ambalat, for 4 vessels owned by PIS.

"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 on Tuesday, July 25.

The total transaction value for the four ship deal reached US$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.

Country Manager of PIS ME Andra Pelawi added that in addition to the successful commercialization 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 realize a profit of around US$865 thousand, or the equivalent to Rp12.97 billion (dollar exchange rate of Rp15,000).

 

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.