Samudera to Exit Domestic Routes in Indonesia

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Indonesia’s Samudera Shipping has announced the disposal of two vessels, as a part of its new strategy to sell off a large chunk of its fleet.

Sinar Jogya, a 2001-built oil products tanker, has been sold to an unnamed party for a price of USD 7.9 million and Sinar Padang, a 2006-built 4,181 dwt containership, has been sold for USD 1.278 million.

The book value of the vessels is USD 8.3 million which offers Samudera a profit of over USD 800,000 in the entire deal.

The sale is due to the restrictions placed on the company from owning and registering new Indonesian flagged vessels. The restriction has seen the company sell or scrap its local fleet, as it moves to cease all domestic services operations within Indonesia.

Samudera will continue to provide shipping services to and from Indonesia, and a company official revealed to Sea News  that it is contemplating to invest in domestic companies involved in local shipping.

Sea News, October 27

Baibhav Mishra
Author: Baibhav Mishra