JAKARTA: Shipping company PT Wintermar Offshore Marine Tbk will sell 38 of its vessels to generate up to US$38 million, aiming to curb operating expenses. The vessels are above 10 years old, thus in terms of maintenance and management, they are not relatively efficient, said Wintermar Head of Corporate Planning Department Pek Swan Layanto.The proceeds from the sale will be used to help fund the purchase of new and younger vessels.Our capacity in managing vessels is limited. Thus, we sell our old vessels to be replaced with newer vessels whose capacity is bigger. This sale has no immediate impact to the companys financial performance as it gives long-term impact, he said last week.The replacement with new vessels will boost the companys revenue.The revitalization program begins this year as the company expects it to be completed over the next 10 years at the most. This year, we are going to sell four units. Two units were sold in the first half. The sale price is US$1 million at the most, the type is barge and tug boat, he explained.Next year, Wintermar will possibly sell four old vessels. Replacing old vessels with newer vessels happens to be our strategy although we must keep seeking financing from banks, he said.Wintermar has secured a US$27 million loan from Bank Mandiri and another US$18 million from Deutsche investitions-und Entwickllungsgesellschaft mbH, the subsidiary of kfW Bankengruppe. (T02/NOM)
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