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Logindo sees 40% rise in business this yearLogindo 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.

Vincent Wee, Hong Kong and South East Asia Correspondent

February 28, 2014

1 Min Read
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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.

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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