Logindo Expects Profit Jump of 40 Per Cent

Publicly listed offshore shipping company PT Logindo Samudramakmur of Indonesia expects to see its revenue and profits climb by about 40 percent this year, amid efforts to expand its offshore support vessel (OSV) business.

The Jakarta Post reports that Logindo president director Eddy Kurniawan Logam said that his company aimed to book 40 per cent more than its full-year unaudited revenue of US$59 million and net income of $16.5 million last year.

In 2013, the company booked a year-on-year 73 percent increase in revenue, while its profits grew by 86 per cent compared to $8.8 million in 2012.

To achieve this year’s target, Logam said his company had prepared $80 million in capital expenditure to buy four new vessels.

The first, purchased earlier this month, cost $17 million, 70 per cent of which was loaned by the UOB Bank Singapore. The company now has 60 OSVs.

Logindo’s contracts stood at $145 million as of December. It is currently bidding to win a tender of contracts worth $175 million in total. Its clients include France-based Total and state-run Pertamina Hulu Energy (PHE)

Logindo is the country’s second largest offshore shipping company after Wintermar.