Humpuss wins US$49.12 million offshore loans
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)