business

Pertamina International Shipping Saw A 103% Increase, With Profits For The First Semester Of 2024 Reaching USD 280.9 Million

PT Pertamina International Shipping (PIS) has had an impressive performance in the first half of 2024. They reported a profit of $280.9 million, which is a whopping 103% increase compared to the same period last year, where they made $138.5 million. This profit figure for June has already surpassed their 2024 target of $267.1 million set for the end of the year.

“With this achievement, PIS is confident that this year’s performance will exceed that of 2023. This growth isn’t just about profits; we’re also focusing on expanding our international market, adding more tanker fleets, and other business developments,” said PIS CEO Yoki Firnandi on Thursday (September 5).

The profit boost is largely due to increased revenue, with PIS generating $1.72 billion in the first half of the year, a 6% rise from $1.62 billion in the same period last year. EBITDA also saw a significant jump, climbing 28% from $458.4 million last year to $587.5 million this year.

On the commercial front, PIS is aggressively expanding into non-captive markets, which now make up 19.2% of their market share. Yoki mentioned that as a Sub Holding Integrated Marine Logistics (SH IML) of Pertamina Group, PIS is continuously ramping up investments and improving company performance. By June 2024, their capital expenditure reached $312 million, which is 89% of their total investment realization for 2023. They plan to invest up to $654.5 million by the end of 2024 to significantly boost business growth. One of the key investments aimed at driving PIS's growth in the first half of the year is the addition of new tanker fleets to strengthen their operations both domestically and internationally.

This semester, PIS has added 6 new tanker fleets to its lineup, including some massive gas carriers, showing the company's commitment to speeding up the energy transition. Four Very Large Gas Carriers (VLGC) have been launched this year: VLGC Pertamina Gas Caspia, VLGC Pertamina Gas Dahlia, VLGC Pertamina Gas Tulip, and VLGC Pertamina Gas Bergenia. Notably, VLGC Pertamina Gas Dahlia has made history as Pertamina's first tanker to successfully sail around the globe with a fully Indonesian crew. Besides the 4 VLGCs, PIS has also introduced 2 new Medium Range tankers, PIS Jawa and PIS Kalimantan, to bolster national energy security and expand into international markets. "At the start of this year, PIS signed a deal to build new tankers that will be ready for operation in 2-3 years. We believe this move will continue to support PIS's business growth as a vital part of the national energy landscape and the global maritime industry," Yoki added.

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Tag: Pertamina International Shipping PIS VLGC Yoki Firnandi