Pertamina presses on with $2.5bn fleet renewal programmePertamina presses on with $2.5bn fleet renewal programme

Of the 19 ships, six would be 17,500 dwt general purpose tankers chartered in at an estimated cost of $165m.

Other vessels the company has earmarked for purchase include two more lube oil tankers for an estimated $28m, another tanker worth $21m and an aframax tanker for $62m.

Others include plans to buy three smaller tankers valued at $28m, another general purpose tanker for $29m, and one more MR tanker at a cost of $38m.

Pertamina said the purchases will be financed with its recently announced $5bn dollar-denominated bonds issue this year

About two thirds of Pertamina’s fleet is old and the company is actively working to upgrade it as part of a masterplan which has set 2012-16 as the period for replacing the aging fleet.