Trada Maritime to add five dry bulk vessels

JAKARTA: Shipping company PT Trada Maritime will buy five dry-bulk vessels as a part of its 2010 target to go international, an executive of the company said in a public expose Friday.

"We allocate Rp 1.5 trillion from this year's Rp 2 trillion capital expenditure to buy more vessels," Trada chief financial officer Adrian E. Sjamsul said, adding that each vessel cost between US$25 million and $35 million.

About Rp 500 billion of capital expenditure would be used for modifying a floating storage off-loading (FSO) vessel, which the company bought in the first quarter, he said.

"This year is our chance to go international as the trend in the shipping business is increasing due to a recovering global financial situation," Trada president director Danny de Mita said.

Currently the company has 25 barges, six tankers and five FSO vessels.

Adrian also said that the company was targeting to double its net profit and revenue by 100 percent to Rp 199.89 million and Rp 668.55 million this year compared to last year.

In the first quarter, the company's net profit decreased by 0.02 percent to Rp 32.65 million, while the revenue increased by 1.6 percent to Rp 95.25 million. (not)