Impacting War in Ukraine, Marine Freight Services Firms Focus on Coal Commodity Needs – TribunNews.com
REPORT OF JOURNALIST TRIBUNNEWS.COM, YANUAR RIEZQI YOVANDA
TRIBUNNEWS.COM, JAKARTA – Sea transportation service company, PT Pelita Samudera Shipping Tbk (PSSI) stated, the need for on coal commodities increased due to the war in Ukraine.
Pelita Samudera Shipping Director Harry Tjhen said, because of that, the company continues to make coal as the main focus this year.
We are determined to maximize these assets, so we dont have to switch to nickel. We are entering a more optimal industry this year, he said during the public expose in the Sudirman area, Jakarta, Thursday (12/5/2022).
IN QUARTER I 2022
Furthermore, according to him, sanctions against Russia due to the invasion of Ukraine has an impact on the potential for price increases, because the State Red Bear is the third largest coal exporter in the world.
Many European countries and Japan boycott Russia, cant sell coal. Of course, the price of transportation increases, because of supply and demand not balanced, including in Indonesia, said Harry.
In the same place, the President Director of Pelita Samudera Shipping, Iriawan Ibarat added, the company is looking at investing in adding a fleet of ships new transportation, in order to maximize the potential for rising commodity prices when this.
The war in Ukraine hoist asset prices now, resulting in the divestment of ships in the first quarter will be replaced with new investments, he said.
TO OVERCOME THE ELECTRICITY CRISIS
The company divested four asset units, namely 1 unit large bulk carriers, 2 units of barges, and 1 unit of tugboats in the quarter I 2022, which made a profit of US$3.4 million (US).
With a strong balance sheet and cash and cash equivalents of almost 20 percent to 25 percent of the market cap, the company plans additions in the third and fourth quarters, while looking at macro conditions economy and the demand to add to the fleet. With price fluctuation commodities and macro circumstances, companies need time to review acquisitions for future development, concluded Iriawan.
