Friday, April 19, 2024

Pertamina Intl Shipping to have 15 more ships for business strengthening

Reading Time: 2 minutes
Audina Nur




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.

Audina Nur






We will provide you with an invoice for your reimbursable expenses.


New to Indonesian market? Read our free articles before subscribing to the premium plan. If you already run your business in Indonesia, make sure to subscribe to the premium subscription so you won’t miss any intelligence & business opportunities.


$550 USD/Year


$45 USD/Month

Cancelation: you can cancel your subscription at any time, by sending us an email

Add keywords to your market watch and receive notification:
No topics
Schedule a free consultation with us:

We’ll contact you for confirmation.


PT Asuransi Allianz Life Indonesia (Allianz Life) and PT Bank HSBC Indonesia (Bank HSBC) on Thursday, April 18, 2024, launched a financial protection product − the Premier Legacy Assurance − in the form of inheritance to support customers’ prosperous family life in the future.
Coordinating Minister of Maritime Affairs and Investment, Luhut Binsar Pandjaitan, has announced that the government is prepared to provide incentives to attract investments from Apple Inc., akin to those in India and Thailand.
Abu Dhabi Islamic Bank (ADIB) is reportedly in talks to acquire a stake in PT Bank Syariah Indonesia (BRIS) worth approximately US$1.1 billion (IDR 17.98 trillion).
PT Harum Energy (HRUM) is about to release a maximum of 49 percent of its shares in subsidiaries in the nickel business, PT Harum Nickel Perkasa (HNP) and PT Tanito Harum Nickel (THN), to Chinese stainless steel smelting giant Eternal Tsingshan Group.
PT Atlantis Subsea Indonesia (ATLA) made a remarkable debut on the Indonesia Stock Exchange (BEI) on April 16, 2024, raising IDR 120 billion (US$7 million), and thus becoming the 21st issuer on the exchange this year. 
President Joko “Jokowi” Widodo met with Apple CEO at the Merdeka Palace in Jakarta, on Wednesday, 17 April 2024, discussing Apple’s strategic plans, including opportunities for the American comoany’s expansion in Indonesia and deeper integration into the global supply chain.