Pelindo III Issues IDR3.5 Trillion Bonds
SURABAYA— PT Pelabuhan Indonesia (Pelindo) III plans to issue international bond worth US$290 million or around IDR3.5 trillion in the first semester of 2014.
Financial Director of Pelindo III, Wahyu Suparyono, said the plan has been approved by general meeting of shareholder on Thursday (12/19). The internal team followed it up by inventorying necessary supporting institutions and underwriters. “We target that we can draw at least US$290 million external fund by means of global bond,” Wahyu said on Saturday (12/21).
Bond is necessary to support the capital expenditure plan for more than IDR4 trillion in 2014. “More than 60% is spent on financing the development of Teluk Lamong Terminal and other ports under the authority of Pelindo III,” he added.
Teluk Lamong Terminal is a facility in Tanjung Perak port complex, Surabaya. It has 10 hectares of dry bulk field, 15,85 hectares of container field, 500 x 80 m dock, and other facilities.
The need for investment is predicted to reach IDR17.49 trillion until 2030. The company has obtained US$121 million or IDR1.2 trillion loan from Credit Suisse and London branch Deutsche Bank in 2013.
The fund is to purchase 10 units of ship to shore crane and 20 units of automated stacking crane. Those are used in Teluk Lamong Terminal which will start6 running in May 1, 2014.
The first phase of Teluk Lamong Terminal will measure 38.9 hectares and is set to reach 50 hectares in 2014. The development, planned until 2030, is predicted to reach 386.12 hectares.
Wahyu said to support international bond, it needs rating set by international agency. At present, the company, managing 43 ports in 17 branches in 7 provinces is assigned AA+ by PT Pefindo.
Next year, Pelindo III also plans to expand and deepen Surabaya west sailing track. Director of Commercial and Business Development, Pelindo III, Husein Latief, stated the plan to revitalize sailing track will be carried out in 2014.
“We have had the permit, and Pelindo III will be the operator. About the blocking pipe, it is the government’s commitment to move it. But if it is possible, we start from locations which do not have blocking pipes,” he said.
Before revitalization, the track was 25 miles long and 100 m wide. Its depth was 9.5 m low water spring and is capacity was 27,000 movements per year.
The current condition is that the track can only accommodate 15,000 DWT dry bulk vessel with 8.8 m low water spring draft with 153 m in length, and 12,500 DWT liquid vessel with 8.5 m LWS draft with 139 m in length.
As for container vessel, it can accommodate 15,000 DWT with 8.8 m LWS draft and 150 m in length or equals to 1,400 TEUs.
The data on Pelindo’s development plan state in 2014 the track will be expanded to 150 m with 13 m LWS depth. This increases vessel flow from 41,000 movements in 2012 to 56,000 movements.
Post development, it can accommodate 50,000 DWT dry bulk vessel with 12,4 m draft and 220 m in length, more than 60,000 DWT of liquid vessel and 40,000 DWT of container vessel with capacity equals to 3,000 TEUs.
Source: http://business.bisnis.com/
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