Aug 18, 2010

Trada Maritime eyes US$200 mio project

Publicly listed PT Trada Maritime Tbk (TRAM), energy shipping services, targets one of the new tender worth US$150 million-US$200 million. Besides busy participating in several tenders, the company continues to finalize the plan to buy 5 bulk carriers.
Currently, we’re participating in one tender with domestic company worth around US$150 million-US$200 million. But I can’t mention the company’s identity. Beside that, we also participated in other domestic tenders,” said Trada Maritime Financial Director Adrian E. Sjamsul to Bisnis.com yesterday.
Up to now, Trada Maritime still focus to working on the projects with domestic companies. Nevertheless, Adrian uttered that starting from early next year his party plans to working on foreign market.
In order to strengthen it plans, Trada Maritime party will add five bulk carriers in the second half of this year.
“Several ship that we will purchased is still in the finalizing phase. The funding percentages are 80% from bank and the rest from internal. There are several bank that ready to support us,” said Adrian.
The investment range that needed to purchase one bulk carrier is around US$30 million-US$35 million.
Trada Maritime will not purchase new bulk carriers but second-hand carriers from Korea or Japan that aged not more than 10 years. Those carriers that will be used for foreign shipping have carrier capacity of 50.000 tons- 70.000 tons.
Up till now, the company possessed 36 units carriers consist of 5 floating storage & offloading (FSO) carriers, 6 oil tanker, 13 tugboat and 12 barges. As for the last mentioned carriers, 20 of them are bulk carriers with average capacity 8,000 tons.
The company currently converting one FSO carrier weighted 127 tons. This project is still running in Cosco Shipyard, Guang Zhou, China. The carrier conversion cost worth US$75 million.
The FSO carrier conversion project is to fulfill the contract regulation from CNOOC SES Ltd as the party that used the services. The CNOOC’s contract worth US$112 million for eight years period that will be effective in January 2011.  

Disclosure: No position at the stock mentioned above.

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