Humpuss wins US$49.12 million offshore loans

JAKARTA (JP): Through its three subsidiaries, PT Humpuss Intermoda Transportasi (HIT) of the Humpuss Group, has secured US$49.12 million in offshore loans.

The company's spokesperson, Kurnia Wamila Putra, said Friday that the loans would be used to finance the construction of two new tankers and one other vessel.

He said that $16.12 million of the total loans would be provided by Nisso Iwai Corporation while the other $33 million would come from a syndication of Korean banks.

The $16.12 million loan would be used to build a vessel, with a 17,500 deadweight-ton (DWT) capacity, by Jin Jiang Shipyard Limited of China.

Kurnia said that the vessel would be chartered to the state- owned oil company Pertamina.

"The 17,500 DWT vessel has been ordered by New Century Maritime, a subsidiary of HIT, and is to be built by Jin Jiang Shipyard in 21 months starting from the signing of the shipbuilding contract," he said after the signing of the loan facility.

New Century and Jin Jiang signed the shipbuilding contract earlier this month.

The vessel, to be chartered to Pertamina to carry oil, is scheduled for delivery in April 1999, he added.

"The other $33 million in loans is to be provided by a syndication of banks led by Commercial Bank of Korea. It will be used to build two oil tankers, of 3,500 DWT and 35,000 DWT capacity, which will also be chartered to Pertamina," Kurnia said.

He said that the two tankers were ordered by Silverstone Development Inc. and Lucky Management Corp. Both are HIT subsidiaries.

"The 3,500 DWT tanker will be built by Banguhjin Shipbuilding and Engineering Co. Ltd, while the 35.000 DWT tanker by Halla Engineering and Heavy Industries, both of Korea," he said.

"All three vessels will be chartered to Pertamina for a 10- year period, with an option of a two-time one year additional period."

HIT and Pertamina signed the contract on Aug. 28.

With the three new ships, worth $54.5 million, HIT would own, manage and operate a total of 13 vessels of various types and sizes.

HIT was previously called PT Humpuss Sea Transport. This was set up in December 1992. HIT plans to float some of its shares on the Jakarta Stock Exchange later this year. (icn)