Revenue and Gross Profit

The Company’s Gross Profit increased more than double, from the previous Gross Loss of USD 1 million in FY17 to a Gross Profit USD 1.5 million in FY18. This increase was caused by the decrease of 9% in Cost of Revenue YoY or approximately USD 2.6 million. The decrease in cost of revenue was due to the fact that almost all contracts in FY18 were ‘dry contract’ where the fuel costs were borne by the charterer. So, even though the Company’s revenue in FY18 was slightly less than FY17, around 0.5% less YoY, The Company’s Gross Profit increased compared to previous year.

General and Administrative Expenses

The Management continues in success to maintain and keep efficient operations especially in the indirect costs, thereby is able to keep pushing reduction from USD 4.3 million to USD 3.9 million in FY18 or dropped by 9% YoY.

Profit for The Year and Asset Impairment

With the condition of weakening prices of the offshore oil and gas support vessels, the company has again stated USD 36.1 million impairment.

Aside from impairment, the Company’s profit increased from the previous loss of USD 12.9 million to a loss of USD 9.3 million or improved by 28% YoY.

Strategy

Despite the increase in demand for offshore oil and gas supporting vessels, the Company continues to maintain and offer competitive charter rates while providing superior services and highest safety standard. This aim to further improve vessels’ utilizations. On the other hand, marketing innovation is urged to find and create needs not only directly from oil and gas companies, but also from rig providers and oil and gas supporting contractors. This will also improve the Company’s dependence on few customers or more diversified.

For 2019, the Company’s main target is to increase vessels’ utilization at the utmost, to still provide competitive charter rates, to further lower operating expenses and to always provide superior services and highest safety standards. Up to mid-March 2019, the Company has received USD 21 million worth of contracts.

For further information, please contact:

Adrianus Iskandar

CFO, Corporate Secretary & Corporate Relation

Telp (62-21) 6471 3088

Email: adrianus_iskandar@logindo.com

The post Result For The Year Ended 31 December 2018 first appeared on Logindo - PT Logindo Samudramakmur Tbk.

Download :  Press Release 180517

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The post Logindo Berhasil Menjual Beberapa Kapal first appeared on Logindo - PT Logindo Samudramakmur Tbk.

Jakarta, 29 July 2016

PT Logindo Samudramakmur Tbk. (“Company”), a company engaged in the offshore support services for the oil and gas industry, today announces its unaudited financial statement for the first six months of   2016.

President Director, Eddy Kurniawan Logam, expressed: “Our first half performance was still challenging but disappointing from all aspects. Although global oil price has somewhat increased since February 2016, today it is still showing signs of instability. As such, investment in the Oil & Gas E&P has not been revived yet. For our business, we have faced more record-level low charter rates from fierce competition on recent project tenders. In addition, we have also encountered rate re-negotiation pressure from some of our customers.

Chief Financial Officer, Sundap Carulli, explained: “The lower overall vessel utilization and continuing depressed charter rates during the first half of 2016 caused the decrease in the Company’s revenue by 31% over the same period last year. We have managed to reduce vessel operating costs and overhead expenses, particularly for crew salaries (27% lower), vessel repair and maintenance (37% lower) and staff salaries (28% lower). Financing charges for the period was also 9% lower.

Management has performed internal assessment of the business against the Company’s operating assets. To reflect prudence management, the Company has provided impairment provision on its vessel fleet to the amount of US$10.9 million. The net loss for the year was unprecedented but reflect the uncertainty in the industry and market.”

Eddy added: “ Going forward, we will be more aggressive to compete on rates to increase vessel utilization. We are tracking better prospect of future projects in the second half of 2016 and we’ll target to win some of these tenders. Maintaining prudent cash flow will remain critical in the next months. We are continuing to review our operating efficiency, control cost and expenditure expediently. In addition, we will push to sell our idle, ageing vessels and obtain some cash for the Company.

The progress of our bank term loan refinancing has borne some fruits. With extended tenure on same terms, this will lower our monthly financing payment by at least 60% starting in August 2016. We are hopeful that the Company will deliver a better second half performance.”

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Press Release 290716_PT Logindo Samudramakmur_r1

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The post Company Financial Statement For First Six Months Of 2016 first appeared on Logindo - PT Logindo Samudramakmur Tbk.

Jakarta, 15 March  2016

PT Logindo Samudramakmur Tbk. (“Company”), a company engaged in the offshore support services for  the oil and gas industry, today announces its financial statement for the year  2015.  The financial statement has been audited by KPA Purwantono, Sungkoro & Surja (Ernst & Young)

President  Director, Eddy Kurniawan Logam,  stated : “ The decline in the vessel utilization  and charter rates during the year 2015 has caused the reduction in the Company’s revenue by 32% over the previous year. The Company has only managed to record total revenue of US$ 47.1 million for 2015. This is related to the depressed industry activity and market demand in line with the falling global oil price throughout 2015. The biggest negative impact was in the drastic reduction of utilization for our bigger vessels, which has in the previous year contributed significantly to the total Company’s revenue.”

Chief Financial Officer, Sundap Carulli, added : “The Company has implemented cost reduction through efficiency programs such as reduction in crew, vessel repair and maintenance, and by warm-stacking inoperative vessels. Nevertheless, due to many expense items of fixed nature such as salaries, depreciation, as  well as financing charges, in the end the Company only managed to book profit the year amounting USS$ 49,293”

Eddy continued : “ The current business situation is still challenging due to uncertainty in the  global price. Not withstanding this, we are determined to continue to move forward  and adapt to the industry condition  while maintaining prudent cash flow in order to compete and survive sustainably. The Company is also committed  to provide its customers with the best services. On the other hand, we will continue to make strides and  break-through in enhancing our operating efficiency within the framework of reducing our operating and financing cost.

We will re-invent ourselves through change management, and to prepare related  diversification plan in the near future, so that in time we would be in a better and ever-ready position to reap in the next business opportunity.”

PT Logindo Samudramakmur Tbk.

Head Office
Graha Corner Stone

Jl. Rajawali Selatan II No. 1

Jakarta Pusat – 10720

Phone : +62 21 6471 3088

Fax : +62 21 6471 3220

Attention : Corporate Secretary / Investor Relation

Email : corporate@logindo.com 

Website : www.logindo.com

Kantor Cabang
Komp. Balikpapan Baru Blok G1 No. 7

Balikpapan,
Kalimantan Timur – 76114

Phone : +62 542 872 090

Fax : +62 542 876 963

Available in PDF format | download 

The post Company Financial Statement For The Financial Year 2015 first appeared on Logindo - PT Logindo Samudramakmur Tbk.

PT Logindo Samudramakmur Tbk. (“Perseroan”), a company engaged in the shipping sector with focus on provision of offshore support vessels (OSV) for the oil and gas industry, today announces its interim financial statement for the first six months of 2015.

Chief Financial Officer (CFO), Sundap Carulli stated “Following the unstable global oil price and continuing weak market demand, our financial performance is  adversely affected compared to last year. The Company’s revenue for the first six months of 2015 reached USD 25.6 million or 30% lower than the same period in 2014. Although most of our vessel operating and overhead costs are fixed, coupled with higher financing charges, the Company still manages to record profit for the first six months of USD 0.6 million.”

“Lower revenue is mostly due to reduced average vessel utilization rate in the first half to 63% (from 77% in 2014). Particularly for high-tiered AHTS vessels, utilization rate only reached 42% compared to 82% in 2014. In addition, vessel charter rates were also lower especially during 2^nd quarter; by 5-10% for existing contract, and by 20-30% for new project or contract.”

President Director, Eddy K. Logam added “We have taken concrete cost saving measures to handle the current challenges, among others by warm stacking idle vessels and reducing significant number of crew. Apart from that, we are implementing efficiency in our organization and spend so that our operating and overhead cost will be more lean”

Eddy believes that this year will be challenging for oil and gas related industry, due to prolonged  oil price cycle and delayed reformation in government policy for the oil and gas sector. Nonetheless, Eddy remains optimistic that there would  be revival in activities and market demand at least towards the end of 2015.  “We have succeeded in obtaining a contract from ConocoPhilips worth USD 3 million and with M3NERGY worth USD 2.4 million which would commence during 4^th quarter 2015. In addition, we are progressing a few new tenders  for example with Husky CNOOC and Petronas , all of which would be prospective for the next year.”

For further information, please contact:

PT Logindo Samudramakmur Tbk.

Head Office Graha Corner Stone
Jl. Rajawali Selatan II No. 1
Jakarta Pusat – 10720
Phone : +62 21 6471 3088
Fax : +62 21 6471 3220
Attention : Corporate Secretary / Investor Relation
Email : corporate@logindo.com
Website : www.logindo.com

Branch

Komp. Balikpapan Baru Blok G1 No. 7
Balikpapan, Kalimantan Timur – 76114
Phone : +62 542 872 090
Fax : +62 542 876 963

Press Release also available in PDF format | download 

Note: Files are in Adobe (PDF) format. Please download the free Adobe Acrobat Reader to view these documents.

The post Company Financial Statement for the First Six Months of 2015 first appeared on Logindo - PT Logindo Samudramakmur Tbk.

Jakarta, February 27, 2015 – Today PT Logindo Samudramakmur Tbk. – an offshore support services company supporting the oil and gas industry, announced the Company’s Y2014 financial performance. The Company’s book has been audited by KAP Purwantono, Suherman & Surja (Ernst & Young)..

President Director of the Company, Eddy K. Logam, stated “The Company’s revenue in 2014 reached US$ 69 million, an increase of 17% from the previous year’s revenue, while net profit was US$ 19.98 million, up by 21.4% from Y2013 net income. This achievement is the result of our strategy to purchase and operate 5 bigger horsepower ships that has contributed 40% of the total revenue in 2014. The Company also managed to get some new customers to diversify and expand the customer base”.

Eddy added, “We are grateful to Almighty God and thanking the Customers for their trust and support that enables the Company to grow healthily in last year. Although the planned purchase of four (4) units of ships was realized only two (2) ships, the Company still posted a net profit increase from the previous year by 21.4% “.
In the midst of declining oil price environment to a very low level lately, Eddy remains optimistic about the development of the oil & gas industry in Indonesia. “Oil and gas industry has a long business cycle. From the beginning of the stage of exploration, development & construction to production will take more than 5 years. Especially for Indonesia whereby oil production continues falling while consumption is increasing, then it has to immediately increase the exploration process to improve the reserve replacement ratio massively in order to be able to become an energy self-sufficent country.

Serious efforts to convert the usage of oil to gas should continue to be pursued, and at the same time the new exploration process is expected to also find gas reserves in adittion to oil reserves”.

About PT Logindo Samudramakmur Tbk.

Since its inception in 1995, PT Logindo Samudramakmur Tbk has a vision to lead the revival of the Indonesia’s maritime sector by providing best solutions with integrity. By time, the type and size of the Company’s fleet has grown significantly.

Currently PT Logindo Samudramakmur Tbk owns and operates 60 ships of various types such as: Anchor Handling Tug Vessel, Anchor Handling Tug and Supply Vessel, Platform Supply Vessel, Accommodation Work Barge, Diving Support Vessel, Landing Craft Transport, etc that will be rejuvenated continuously.

For further information, please contact:

PT Logindo Samudramakmur Tbk.

Head Office Graha Corner Stone

Jl. Rajawali Selatan II No. 1

Jakarta Pusat – 10720

Phone : +62 21 6471 3088

Fax : +62 21 6471 3220

Attention : Corporate Secretary / Investor Relation

Email : corporate@logindo.com

Website : www.logindo.com

Branch

Komp. Balikpapan Baru Blok G1 No. 7

Balikpapan, Kalimantan Timur – 76114

Phone : +62 542 872 090

Fax : +62 542 876 963

Press Release also available in PDF format | download 

Note: Files are in Adobe (PDF) format. Please download the free Adobe Acrobat Reader to view these documents.

The post Revenue Grows And Net Income Increases first appeared on Logindo - PT Logindo Samudramakmur Tbk.

President Director of the Company, Eddy K. Logam, stated “The Company’s revenue in 2014 reached US$ 69 million, an increase of 17% from the previous year’s revenue, while net profit was US$ 19.98 million, up by 21.4% from Y2013 net income. This achievement is the result of our strategy to purchase and operate 5 bigger horsepower ships that has contributed 40% of the total revenue in 2014. The Company also managed to get some new customers to diversify and expand the customer base”.

Eddy added, “We are grateful to Almighty God and thanking the Customers for their trust and support that enables the Company to grow healthily in last year. Although the planned purchase of four (4) units of ships was realized only two (2) ships, the Company still posted a net profit increase from the previous year by 21.4% “.

In the midst of declining oil price environment to a very low level lately, Eddy remains optimistic about the development of the oil & gas industry in Indonesia. “Oil and gas industry has a long business cycle. From the beginning of the stage of exploration, development & construction to production will take more than 5 years. Especially for Indonesia whereby oil production continues falling while consumption is increasing, then it has to immediately increase the exploration process to improve the reserve replacement ratio massively in order to be able to become an energy self-sufficent country. Serious efforts to convert the usage of oil to gas should continue to be pursued, and at the same time the new exploration process is expected to also find gas reserves in adittion to oil reserves”.

About PT Logindo Samudramakmur Tbk.
Since its inception in 1995, PT Logindo Samudramakmur Tbk has a vision to lead the revival of the Indonesia’s maritime sector by providing best solutions with integrity. By time, the type and size of the Company’s fleet has grown significantly. Currently PT Logindo Samudramakmur Tbk owns and operates 60 ships of various types such as: Anchor Handling Tug Vessel, Anchor Handling Tug and Supply Vessel, Platform Supply Vessel, Accommodation Work Barge, Diving Support Vessel, Landing Craft Transport, etc that will be rejuvenated continuously.

For more information, please contact:

PT Logindo Samudramakmur Tbk. Head Office
Graha Corner Stone
Jl. Rajawali Selatan II No. 1
Jakarta Pusat – 10720
Phone : +62 21 6471 3088
Fax : +62 21 6471 3220
Attention: Corporate Secretary/Investor Relation
Email: corporate@logindo.com
Website : www.logindo.com

The post Y2014 Information first appeared on Logindo - PT Logindo Samudramakmur Tbk.

President Director of PT Logindo Samudramakmur Tbk, Eddy K. Logam, revealed, 70% of the Bond fund will be used to finance the Company’s capital expenditure and 30% for its working capital.

The Company’s bond issuance will be done in Singapore Exchange Trading Limited and lead by (lead manager), United Overseas Bank Limited, Singapore with Deutsche Bank AG, Singapore acts as a principal paying agent. Indicative interest rate of the bond is 2.93% per annum and the coupon will be paid twice a year.

In the midst of declining oil price condition to a very low level lately, Eddy K. Logam remains optimistic to the Indonesian oil & gas development. “Oil & Gas industry has a long business cycle. It takes more than 5 years, from the exploration, developing & construction until production stage. Especially for Indonesia where by oil production continues to decline while consumption is increasing, it should immediately increases the exploration process to increase the oil reserves replacement ratio massively toward achieving the goal of becoming a self – sufficient state in its domestic energy supply. The conversion from oil to gas should continue to be pursued, and at the same time the new exploration process is expected to find gas reserves besides crude oil”.

Download : Logindo Bond Issuance Programme

Investor Daily 28 Jan 2015

About PT Logindo Samudramakmur Tbk.

Since the Company is inception in 1995, PT Logindo Samudramakmur Tbk has a vision to lead the revival of maritime industry by providing the best solution with integrity. Throughout its journey, type and size of the Company’s fleet grew significantly. Today, PT Logindo Samudramakmur Tbk owns and operates a diverse fleet of 60 vessels such as: Anchor Handling Tug Vessel, Anchor Handling Tug and Supply Vessel, Platform Supply Vessel, Diving Support Vessel, Landing Craft Transport, ant others, which will be continuously rejuvenated in sustainable manner.

For more information, please contact: PT Logindo Samudramakmur Tbk. Head Office
Graha Corner Stone
Jl. Rajawali Selatan II No. 1
Jakarta Pusat – 10720
Phone : +62 21 6471 3088
Fax : +62 21 6471 3220
Attention: Corporate Secretary/Investor Relation
Email: corporate@logindo.com
Website : www.logindo.com

The post Bond Issuance Programme : Logindo Samudramakmur Tbk. To Issue Bond S$ 50 Million first appeared on Logindo - PT Logindo Samudramakmur Tbk.

PT Logindo Samudramakmur Tbk (“Company”), a listed Indonesian Corporation engaged in the provision of off-shore support vessels (“OSV”) for the oil & gas industry, adds to its fleet by acquiring another new unit of 8,000 bhp AHTS with DP2 capability. President Director of the Company, Eddy K. Logam explains “ we are especially proud to be able to support the Indonesian ship-building industry with the purchase of locally built vessel from PT Marcopolo Shipyard in Batam. With this latest addition, our fleet of OSV vessels has become 61 units.”

70% funding of the purchase of AHTS vessel costing around US$ 22.5 million, has been secured by financing from DBS Bank Singapore through a long term 5 year USD bank loan. While the balance 30% is funded from internal company capital. The vessel, to be renamed Logindo Stamina, will be officially introduced on Friday 16th May 2014 in Batam, before she commences her charter by Total E&P the following week to support exploration activity in Mentawai island, Bengkulu province.

Meanwhile, the Company’s Chief Financial Officer (CFO) , Sundap Carulli, states “Company’s revenue for quarter 1, 2014 achieved USD 18.2 million or 50% compared to similar period in 2013. And net profit amounted USD 5.7 million or an increase by 62% from 2103. We are delighted to note that our margins are up on average 3% than similar period last year. With this trend and current addition of new vessels this year, we are confident that our financial projection for 2014 will be achieved in line with our long term business plan.”

About PT Logindo Samudramakmur Tbk.
Since the Company formation in 1995, PT Logindo Samudramakmur Tbk has a vision to lead the revival of maritime industry by providing the best solution with integrity. Throughout its journey, type and size of the Company’s fleet grew significantly. Today, PT Logindo Samudramakmur Tbk owns and operates a diverse fleet of 60 vessels such as : Anchor Handling Tug and Supply Vessel, Platform Supply Vessel, Azimuth Stern Drive Tug, Diving Support Vessel, Accommodation Work Barge, Landing Craft Transport, and so on, which will be continuously rejuvenated in a sustainable manner. The Company officially listed its shares on the Indonesia Stock Exhange on 11 Desember 2013.

For more information, please contact
PT Logindo Samudramakmur Tbk.
Head Office
Graha Corner Stone
Jl. Rajawali Selatan II No. 1
Jakarta Pusat – 10720
Phone : +62 21 6471 3088
Fax : +62 21 6471 3220
Attention : Corporate Secretary / Investor Relation
Email : corporate@logindo.com
Website : www.logindo.com

Branch
Komp. Balikpapan Baru Blok G1 No. 7
Balikpapan, Kalimantan Timur –
Phone : +62 542 872 090
Fax : +62 542 876 963

The post Logindo Acquires An Indonesian Built AHTS Into Its Fleet first appeared on Logindo - PT Logindo Samudramakmur Tbk.

70% funding of the purchase of AHTS vessel costing around US$ 17 million, has been secured by financing from UOB Bank Singapore through a long term 5 year USD bank loan. While the balance 30% is funded from internal company capital. The structure of the funding is consistent and in line with the Company’s financing policy, and considered to be cost-effective to support operational activity and cash flow of the Company.

Meanwhile, the Company’s financial performance for the year 2013 is expected to grow significantly compared to the previous period. Chief Financial Officer (CFO) , Sundap Carulli, states “based on our in-house financial statement, Company’s revenue for 2013 achieved USD 59 million or 73% higher than previous year. And for net profit amounted USD 16.5 million or an increase by 86% from 2102. At this moment, our books are still being audited by KAP Purwantono, Suherman & Surja (Ernst & Young) and we expect the audited financial statements to be issued in early March.”

About PT Logindo Samudramakmur Tbk.
Since the Company formation in 1995, PT Logindo Samudramakmur Tbk has a vision to lead the revival of maritime industry by providing the best solution with integrity. Throughout its journey, type and size of the Company’s fleet grew significantly. Today, PT Logindo Samudramakmur Tbk owns and operates a diverse fleet of 60 vessels such as : Anchor Handling Tug and Supply Vessel, Platform Supply Vessel, Azimuth Stern Drive Tug, Diving Support Vessel, Accommodation Work Barge, Landing Craft Transport, and so on, which will be continuously rejuvenated in a sustainable manner. The Company officially listed its shares on the Indonesia Stock Exhange on 11 Desember 2013.

For more information, please contact :
PT Logindo Samudramakmur Tbk.
Head Office
Graha Corner Stone
Jl. Rajawali Selatan II No. 1
Jakarta Pusat – 10720
Phone : +62 21 6471 3088
Fax : +62 21 6471 3220
Attention : Corporate Secretary / Investor Relation
Email : corporate@logindo.com
Website : www.logindo.com

Branch
Komp. Balikpapan Baru Blok G1 No. 7
Balikpapan, Kalimantan Timur – 76114
Phone : +62 542 872 090
Fax : +62 542 876 963

The post Logindo Expands Its Fleet By Purchasing 1 Unit AHTS first appeared on Logindo - PT Logindo Samudramakmur Tbk.