Pertamina to use Labroy vessels<\/p>\n
SINGAPORE (AFP): Singapore-based marine logistics firm Labroy
\nMarine Ltd. announced two agreements worth US$57 million
\nyesterday to charter two tankers to Pertamina.<\/p>\n
It is the single largest order from Indonesia for the Labroy
\ngroup. One agreement was worth $11 million and the other $46
\nmillion.<\/p>\n
Labroy will charter to Pertamina two tankers with capacities
\nof 1,500 deadweight tons and 17,500 deadweight tons for a period
\nof 10 years plus an option for a further two years, Labroy said
\nin a statement.<\/p>\n
The smaller tanker will carry clean oil products and the
\nlarger one will carry crude oil. The vessels, whose construction
\nwill commence immediately, will be operational in 1998.<\/p>\n
\"The long-term time charters will provide a steady stream of
\nrevenue for the Labroy group,\" said Tan Boy Tee, Labory's
\nexecutive chairman. \"Diversification into the tanker business is
\nconsistent with our growth strategy.\"<\/p>\n
Construction of the two vessels will be financed through
\ninternal resources including part of the proceeds from the
\ngroup's recent public offer, and bank borrowings.<\/p>\n
Labroy, which was listed on the mainboard of the Stock
\nExchange of Singapore in October, owns, operates and charters out
\n110 tug, barges, general cargo vessels and livestock carriers,
\nand also provides towing and dredging services.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/pertamina-to-use-labroy-vessels-1447893297",
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"sponsor": "Okusi Associates",
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