Samudera to buy two ethylene gas carriers for $12.6m

Samudera’s subsidiary PT Samudera Shipping Indonesia has sealed a deal to buy two ethylene gas carriers for $12.6m.

The company didn’t disclose the name of the seller but gave details about the vessels bought.

The ships are both Bahama-flagged ethylene gas vessels that were built in 2010 and 2009. Samudera will determine the flag of these vessels closer to deliveries.

The two ethylene gas carriers will be renamed as Sinar Ternate and Sinar Tidore when the deliveries are completed.

As the company reports, the acquisition will be financed through a combination of internal resources and bank borrowings.

The purchase considerations were arrived at on a willing-buyer willing-seller basis, after taking into account various factors, including the price range of comparable vessels provided by the ship broker, as well as the age and proposed usage of the vessels.

The purchase of the vessels will enable the group to expand its fleet of vessels and to enter into more charter contracts.

Furthermore, the group will be able to enter into the growing Ethylene market in Indonesia which is mainly used as a feedstock of various petrochemical plants in Indonesia and globally.