Indonesia’s Pertamina International Shipping (PIS) has set its sights on going public next year to generate funds for its ambitious fleet expansion.
The shipping arm of the nation’s top energy producer is finalising plans to float about 10% of its shares on the Indonesia Stock Exchange in 2025, according to local media.
PIS has been expanding its fleet over the last four years and an IPO is being explored as one of the potential options to back the company’s plan to have around 130 tankers by 2025.
The company recently booked 15 MR product tankers for construction in South Korea in a deal estimated to be worth nearly $720m. PIS also plans to boost its fleet of very large gas carriers (VLCGs) by six ships this year, two of which have been delivered by Hyundai Mipo Dockyard earlier this year.
