Will Add New Fleet, PIS Looking For Financing To K-SURE And KEXIM

Illustration of tankers (photo: PIS)

JAKARTA - PT Pertamina International Shipping (PIS) plans to expand its tanker fleet to support national energy security, as well as global market expansion.

To support the plan, PIS cooperates with two well-known South Korean national financial institutions, namely the Korea Trade Insurance Corporation (K-Sure) and the Korea Eximbank (KEXIM) in terms of financing support cooperation.

The financing support was carried out with the signing of a Memorandum of Understanding (MoU) between PIS and the two financial institutions, which took place on Wednesday, November 22.

The signing was carried out by PIS Finance Director Diah Kurniawati, with K-Sure Executive Director Jung Jae Yong, then followed by the signing by Deputy Chairperson of Korea Eximbank Kwon Woo Seog.

"This financing collaboration by well-known financial institutions in South Korea shows the credibility of PIS in the global market, so PIS is trusted to be able to access very substantial financing sources," said Diah in a statement to the media, Thursday, November 30.

Diah explained that the collaboration between PIS and K-SURE and KEXIM could also be the door of synergy for cooperation with a wider spectrum going forward with companies engaged in the shipping and maritime sectors, including with the leading shipbuilding shipyards in South Korea.

"This collaboration is a real action by PIS to strengthen its position in a wider market. Our investment plan in portfolio diversification through the construction of new ships and the acquisition of various types of ships will be further strengthened by our funding partnership in South Korea," continued Diah.

K-SURE Executive Director Jung Jae Yong and Korean Deputy Chairman Eximbank Kwong Woo Seog separately welcomed the cooperation between PIS and believe that this financial support could have a positive impact not only on the company, but also on the economy of the two countries.

To note, K-SURE and KEXIM are Export Credit Agency (ECA) formed by the South Korean government and play an important role in supporting Korean exports and investments on a global scale, through funding programs to buyers of Korean manufacturing products, including in this case the new shipbuilding industry (new built vessel).