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HomeMaritime NewsRegionsAsiaLogindo sees 40% rise in business this year

Logindo sees 40% rise in business this year

Logindo sees 40% rise in business this year
Recently listed Logindo Samudramakmur, Indonesia's second biggest offshore shipping services company, expects to see its revenue and profits rise around 40% this year, as it expands its offshore support vessel (OSV) business for which it has set aside $80m in capex to acquire four new vessels, local reports said.

The company currently has 60 OSVs and holds about 18% of the market.

Logindo president director Eddy Kurniawan Logam was quoted as saying that his company aimed to book 40% more than the revenue of $59m and net profit of 16.5m posted last year.

Turnover rose 73% for 2013 while profits jumped 86% from $8.8m in 2012, mostly from rupiah depreciation as most of its contracts are denominated in US dollars.

Logindo’s contracts stood at $145m as of December and it is currently bidding to win a tender of contracts worth $175m in total.

TAGS: Offshore
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