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Today's Headlines Shipping Services
Both Indonesia's Trade Ministry and the Indonesian Coal Mining Association (APBI) confirmed that the mandatory national insurance for coal and crude palm oil (CPO) exports regulation has been postponed by another six months. Thus the regulation is now expected to come into effect per 1 February 2019.
The Indonesian government scrapped Trade Ministry Regulation No. 82/2017 on the Terms of Use of National Shipping and Insurance Companies for the Export and Import of Certain Goods. This regulation, which was originally scheduled to be implemented in May 2018 (but its implementation had already been postponed), would have made it mandatory to use local vessels (owned by Indonesian sea shipping companies) for the export of coal, crude palm oil (CPO), and rice.
After receiving criticism from various stakeholders, the Indonesian government reportedly decided to postpone the implementation of a new regulation that requires all domestic coal, palm oil and rice exporters to use ships that are owned by local sea shipping companies and requires them to use domestic insurance.
Indonesia's private shipping companies have raised tariffs for container freight to the eastern region of Indonesia by 25 percent. Carmelita Hartoto, General Chairwoman of the Indonesian National Shipowner's Association (INSA), said shipping companies hiked these tariffs as the previous tariffs were set too low.
As Indonesian President Joko Widodo is eager to turn Indonesia into a global maritime force by developing an international hub for sea trade, shipping company Soechi Lines is in a good position to take advantage of this push. Moreover, ever-growing oil consumption in Indonesia causes increasing demand for ship chartering. Soechi Lines has a fleet consisting of 37 ships (including oil tankers, chemical tankers and gas carriers) with a cargo capacity of 1.48 million tons and controlling a market share of 16 percent.
Indonesian shipping company Soechi Lines targets to raise IDR 2 trillion through an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in November 2014. The company will release 2.6 billion shares, 30 percent of its enlarged capital, to the public. General Director of Soechi Lines, Go Darmadi, said that shares will be offered at a price of between IDR 600 and 800 per share. Half of the proceeds will be spent on capital expenditure (capex), while the remainder will be used for debt repayment and operational costs.
Latest Columns Shipping Services
Through Trade Ministry Regulation No. 82/2017 on the Terms of Use of National Shipping and Insurance Companies for the Export and Import of Certain Goods the Indonesian government requires exporters of crude palm oil (CPO), coal and rice to use ships that are owned by local sea transport companies as well as to use domestic insurance. This regulation will come into effect, gradually, per May 2018.
Indonesia-based shipping company Soechi Lines set aside between USD $30 million and USD $50 million to acquire a tanker in 2018. Paula Marlina, Corporate Secretary at Soechi Lines, said the exact type of tanker depends on incoming customer orders. Traditionally, the shipping company acquires a certain type of tanker when it receives plenty of demand for certain tanker services.
