PT Pertamina International Shipping (PIS), a Pertamina subsidiary engaged in integrated logistics and shipping, has ordered 15 medium-sized ships (40-50,000 deadweight) from Hyundai Mipo Dockyard, Ulsan, South Korea.
Yoki Firnandi, CEO of PIS, said that the large-scale purchase of tanker ships is aimed at realizing the company’s global vision while increasing valuation ahead of its planned initial public offering (IPO) in 2025.
“Every year we must grow by 11 percent in revenue, approximately IDR 4.95 trillion (about US$317 million) per year for the next 10 years, and it will continue to rise,” Yoki said as quoted by Bisnis,com on Wednesday. The contract value for the acquisition of the 15 tanker ships is approximately IDR 10.2 trillion, with each tanker valued at around IDR 680 billion. The contracted tanker ships will be delivered between 2026 and 2027.
“One ship costs IDR 114 billion for the medium-range, so you can imagine how large the fleet we have to build,” Yoki explained. Through this aggressive ship procurement, Yoki aims for PIS’s revenue to reach IDR 84 trillion and IDR 124.5 trillion in 2030 and 2034, respectively.
In the unaudited financial statements for 2023, PIS recorded revenue of IDR 46.2 trillion, an 18 percent increase from the previous year, with a net profit after tax of IDR 4.94 trillion, a 48 percent increase compared to 2022.
“We target our revenue to reach IDR 130.5 trillion in the next 10 years,” he said.
As of December 2023, PIS owned 95 ships and operated 315 tanker ships, making it the largest ship management company in Southeast Asia. PIS continues to expand its business operations, significantly increasing its international routes from 26 to 50 routes by November 2023.
In the current year, PIS is prepared to add large and environmentally friendly tanker fleets, either through purchases or investments, to achieve a revenue target of IDR 84 trillion by 2030.
