JAKARTA. PT Cakra Buana Resources Energy Tbk (CBRE), a shipping company focusing on tug and barge transportation business, has reportedly purchased 1 unit of new vessel.

Amanda Octania, Direktur & Corporate Secretary of CBRE, said that its new boat is Bulk Carrier Mother Vessel Supramax with a capacity of 57,000 DWT.

This vessel is acquired from Golden Orchid Ltd. with total transaction of USD 12.8 million or equal to approximately IDR 204.11 billion. “The company and Golden Orchid Ltd. are not affiliated,” Octania confirmed in the information disclosure in Indonesia Stock Exchange (IDX).

According to IDNFinancials data, CBRE’s total equity as of December 31, 2022, was recorded at IDR 91.33 billion. Therefore, this transaction falls under material transaction category as its value is equal to 223.5% of its total equity.

Octania then said that the company has utilised several fund sources for this vessel acquisition. The fund sources in question include operational expenditure of the company, as well as bank loans.

“The company notices that there is a significantly better prospect of business in the operation of bulk carrier mother vessel. Thus, with this acquisition transaction, the company is projected to see increase in revenue,” Octania added. (KR/ZH)