Djakarta Lloyd is now back in a good financial position, he said, after creditors settled on a proposal to reschedule debt payments over 18 years with an initial interest-free five-year grace period as well as a debt-to-equity swap and various haircuts.
The company also got a 32.5% haircut on the debts of about IDR420bn ($35.5m) and a 90% discount on its medium-term notes.Djakarta Lloyd currently has a contract with PT PLN to transport about 1m tons of coal per year, worth about IDR2bn a month, Arham said. He added that he plans to increase this to 2.5m tons per year next year while also extending the 15-year contract which commenced in 2012.
The next step is to get new customers mainly from other state-owned companies such as Semen Indonesia and Pertamina with a deal with the former a priority for now. “I am eyeing other state-owned companies as new customers and I hope that the state companies can synergise with each other,” Arham said.
Arham added that Djakarta Lloyd has no plans to add new ships to its fleet and will instead make use of chartered-in vessels and focus more boosting yield through better management.
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