Jakarta Post

Please Update your browser

Your browser is out of date, and may not be compatible with our website. A list of the most popular web browsers can be found below.
Just click on the icons to get to the download page.

Jakarta Post
The Jakarta Post
Video Weather icon 30°C
DKI Jakarta, Indonesia
30°C Partly Cloudy

Dry and mostly cloudy throughout the day.

  • Wed

    26℃ - 32℃

  • Thu

    25℃ - 32℃

  • Fri

    25℃ - 31℃

  • Sat

    26℃ - 30℃

Coal shipping firm MBSS reports another loss

  • News Desk
    News Desk

    The Jakarta Post

Jakarta | Fri, April 21, 2017 | 05:58 pm
Coal shipping firm MBSS reports another loss Coal is ready to be shipped. (Courtesy of/mbss.co.id)

Publicly listed coal shipping company PT Mitrabahtera Segara Sejati (MBSS) continues to experience financial losses in 2016 owing to the fall in freight rates amid the country’s tight shipping market.

The company reported the dismal performance in a press conference following its annual shareholders meeting in Jakarta on Thursday.

“The decline has caused weak demand and low freight rates in the market,” MBSS vice president director Lucas Djunaidi told reporters at the same event.

After seeing losses of US$10.2 million in 2015, the company experienced nearly triple net loss of $29.9 million in 2016 owing to a sharp drop in revenue. Last year, the company reported last year that its total revenue had fallen 26.7 percent to $65.8 million from $89.8 million in the previous year.

Lucas mentioned that the decline in coal prices, which had occurred over the past few years, was the main contributor to the loss.

Lucas said his company would diversify its business to prevent further loss. “We are studying the possibility of tapping into the oil and gas sector,” Lucas said.

The company, which offers transshipment for the coal industry, is a subsidiary of publicly listed coal miner company PT Indika Energy. The company was founded in 1994 and listed on the Indonesia Stock Exchange in 2011. (ecn/bbn)


Join the discussions