PIS ME signs deal for four vessels worth up to $50 million

PIS ME signs deal for four vessels worth up to $50 million

PIS Middle East (PIS ME), part of PT Pertamina International Shipping (PIS), has inked contracts for four of PIS’s boats, including the Gas Walio, Gas Widuri, Gas Arjuna, and Gas Ambalat.     

The Gas Arjuna and Ambalat boats were chartered by SHV Gas Supply & Risk Management, the Gas Walio vessel was chartered by Geogas Trading S.A., and the Gas Widuri vessel was chartered by Vitol S.A.

“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 25 July.

The total transaction value for the four-ship deal reached Rp740.15 billion ($49.3 million) with different contract durations ranging from six months to three 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.

READ: NYK to invest in Indonesian utilities firm Pertamina

Country Manager of PIS ME Andra Pelawi stated: “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.”

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 realise a profit of around Rp12.97 billion ($865,000).

At the beginning of July, W8 Shipping LLC faced $379,709 in proposed penalties after the US Department of Labor found the company to have exposed dozens of employees at a Port of Savannah’s warehouse to potentially deadly hazards.

More recently, the UK government committed £34 million ($43 million) in financing for novel technology that will assist sustainable shipping as part of the Clean Maritime Demonstration Competition (CMDC).

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