Samudera to spend $97.6m on 2 carriers

The Jakarta Post ,  Jakarta   |  Tue, 02/12/2008 11:15 AM  |  Business

Publicly listed shipping giant PT Samudera Indonesia has entered into an agreement with Korea-based STX Shipbuilding to purchase two bulk carriers worth a total of US$97.6 million, the company said in a statement Monday.

"Foremost Maritime Pte Ltd, a unit of Samudera, has placed an order for two 57.700-dwt vessels," said Diana P. Iskandar, Samudera's corporate secretary, in an address to The Indonesian Stock Exchange. "The carriers are scheduled for completion in the first half of 2011."

Upon delivery, the vessels will be deployed on a time-charter contract and are expected to increase Samudera's capacity to meet the booming demand for bulk carrier services.

Samudera currently operates a total of 20 vessels under its industrial shipping division, five are categorized as bulk carriers.

The company previously entered two other separate agreements to purchase three container vessels worth US$111.9 million.

Samudera, which went public in 1999, is one of the country's biggest shipping companies, controlling 20 subsidiaries in a range of integrated cargo transportation and logistical services. (rff)

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