Wintermar to spend $60m to buy new ships

JAKARTA. Publicly listed shipping company PT Wintermar Offshore Marine Tbk has allocated US$60 million this year to buy five new ships to boost its fleet.

Wintermar head of corporate planning Pek Swan Layanto said in Jakarta last week that two of the new ships would be delivered this month, another one in the middle of this year and the remaining two at year-end, making Wintermar’s fleet 71 strong.

However, this year’s allocated funds are lower than last year, when the company spent about $90 million and bought 12 ships.

Wintermar, which focuses on the transportation of mineral products, might see lower demand this year as the legislative and presidential elections will slow the issuance of mining permits, Layanto said as reported by Kontan business daily.

Despite this, Pek estimated that the company’s profits would increase by up to 20 percent to Rp 32.47 billion ($2.8 million) this year from Rp 27 billion last year