13-10-2015, 08:36 AM
Samudera Indonesia Clinches $70m Contract From Local Miner
http://jakartaglobe.beritasatu.com/busin...cal-miner/
http://jakartaglobe.beritasatu.com/busin...cal-miner/
(28-04-2015, 10:29 PM)ngcheeki Wrote: Samudera AGM Notes
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The following are some of the notes taken during AGM. Believed at your own risk![]()
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1. Samudera Shipping is the market leader for container shipping between Singapore hub to/fro Indonesia. Furthermore, Samudera shipping is top 3 feeder services operator to other regions.
2. CEO hinted that the company will invest in a LNG Vessel with contract secured. Hence, coming year CAPEX will probably be higher than last year FY 2014 of around USD 9 m.
3. Samudera is comfortable to maintain a debt level of 2x of Total Debt/Total Equity. This level is dictated by covenant imposed by certain loan from banks. However, the current debt level for samudera is 0.54. Samudera is considering to add more debt when investment opportunity arises.
4. Bunker Price - Samudera will benefit from lower banker price unlike international shipping line e.g. NOL where there is a bunker price surcharge. For regional shipping line, everything is bundle in the freight charges. Hence, when there is a drop in bunker price, samudera will benefit. Samudera did hedge against bunker price by buying Bunker oil future. When crude oil price is less than US$60 per barrel, it is worth actively hedged forward. Typically, Samudera will do forward hedging of 30% of the bunker oil price. The average hedged bunker price of samudera is slightly higher than the current price as hedges are spread out for the last few quarters.
5. All the vessels in the PPE are mark to market base on future cash flows of the vessel and discount using a discount rate. The current FY2014 year discount rate used in 6.69%, whereas for FY2012 and FY2013 the discount rate used is 5.7%.
6. Pg 31, There is an income tax of USD $1,993 even though samudera Shipping are making losses because companies operated in Indonesia has different tax policy. In Indonesia, the corporate tax is taxed based on top line (i.e. revenue) of 1.2% instead of bottom line like in Singapore.
7. Launch new container service routes in the region
For the coming year, Samudera intends to launch new regional route to ports in Philippine and Thailand.
8. Leverage on our parent company for future business opportunities in Indonesia
This above point is probably referred to the purchase of LNG Tanker together with Samudera Indonesia stated in the following URL
http://www.rambuenergy.com/2015/04/samud...ng-vessel/
9. The following is the presentation slide provided during the AGM
http://infopub.sgx.com/FileOpen/Samudera...eID=346686
10. Closest Competitor of Samudera is RCL Group as well as feeder services provide PIL
https://www.rclgroup.com/default.aspx
11. The freehold commercial properties indicated in the PPE are 3 levels, 23rd to 25th floors in John Hancock tower purchased during March 2006 at around S$1,330 psf. The property is valued at cost. See the following for more information.
https://lushhomemedia.wordpress.com/2007...ice-space/
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