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Wintermar to spend $60m on fleet expansion in 2014

Wintermar to spend $60m on fleet expansion in 2014
Indonesian shipping firm Wintermar Offshore Marine has budgeted $60m to buy five new ships as part of its fleet expansion plans this year, local reports said.

Two of the new vessels would be delivered this month, another one in the middle of this year and the remaining two at year-end, bringing Wintermar’s fleet size to 71 head of corporate planning Pek Swan Layanto, was quoted as saying.

The company's pace of expansion has however slowed from last year when it spent about $90m on12 ships.Layanto had expressed concerns about lower demand for its transportation services this year as Indonesia's upcoming legislative and presidential elections will slow the issuance of mining permits.