Oil and gas transportation company PT Humpuss Intermoda Transportasi Tbk (HITS) has allocated US$ 94 million or IDR 1.46 trillion of Capex to procure 11 new ships in 2023.
The company was originally a liquefied natural gas (LNG) division of PT Humpuss in 1986. In 1992, the division was upgraded to become a separate company, focusing on the sector of LNG transport service, crude oil, fuel, chemicals, containers, coals, and other sea cargo.
Currently, the company has two subsidiaries, namely PT Humpuss Transportasi Kimia and subsidiaries (100%) and PT MISI Hutama Internasional and subsidiaries (100%).
Expanding fleets of ships
Humpuss is seeing business opportunities in all ports and is significantly boosting its harbor tug boats and chemical transport ships.
The company President Director Tonny Aulia Achmad said on December 21, 2022, that with the current expected growth, Humpuss would face a more challenging competition. The company hopes that in 2023 it can perform better.
Humpuss is predicting with the additional 11 ships in 2023, the company will reach its revenue target growth of 20%. In 2022 alone, the company was able to receive an investment worth US$11.32 million by adding 4 ships despite there were delays in the arrival of 2 ships.
“We can still get this delay at the end of December. We remain optimistic and communicate with manufacturers so that the procurement of the ships can be fulfilled,” Achmad said.
The company’s revenue in Q3 2022 was recorded at US$ 112.4 million, or a 132% increase compared to 2021. While its net profits in Q3 2022 reached US$ 11.74, million or a 190% increase compared to 2021. The target surpassed the predetermined target in early 2022 of US$ 111 million, or an increase of 8% in revenue and its profit reached US$10.9 million or a 7% increase.
Humpuss is also seeking an initial public offering (IPO) for one of its subsidiaries, PT Humpuss Maritim (HUMI), which seeks the same success as PT GTS International Tbk (GTSI). The company expects a fresh fund from the IPO of about IDR 250 billion from HUMI. The fund will be used for investments in 2023. However, HITS Management emphasized that the target for obtaining these funds is still uncertain.
Risk in the LNG sector
However, according to GTSI, there are several problems in the LNG sector in Indonesia. Its challenges do not go far from the market target to determine the need for LNG, said GTSI Audit Committee Tammy Meidharma.
Meidharma told Bisnis.com on July 27, 2021, that the need for LNG was still based on the demand from the market, as an investment in this sector was still considered high. Many companies are worried financially, and the need for a government to step up is needed.Â
“The investment value is quite large so they are a bit worried about financing. So the government has to step in to coordinate that these projects are running,” he said.
