JAKARTA. PT Cakra Buana Resources Energi Tbk (CBRE), a marine transportation service provider, has ended the vessel charter contract with PT Habco Trans Maritima Tbk (HTMA).

Amanda Octania, Direktur and Corporate Secretary of CBRE, mentioned that the contract signed by CBRE and HTMA will be applied to MV Majestic Laksono time charter agreement signed on June 16, 2023.

In addition, the company and HTMA also signed the addendum of MV Majestic Laksono time charter agreement signed on November 8, 2023.

The contract termination was initiated by CBRE after reviewing its operating profit, which was obtained from vessel charter to HTMA. Furthermore, Octania said, the company will focus on improving vessel performance, thus leading to decision of contract termination.

“By terminating time charter agreement, the company may reach out to potential clients and gain higher profit in the future,” added Octania in the information disclosure in Indonesia Stock Exchange (IDX).

Octania mentioned that the contract termination will not affect operational activities in terms of material aspect. “It had been proven with several offers for vessel charter with higher charter value,” she mentioned. (KR/ZH)