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Thursday, 20 June 2019, 19:00 HKT/SGT

Source: Prima Marine PCL
Prima Marine PCL (SET: PRM) expects strong growth in 2019

BANGKOK, June 20, 2019 - (ACN Newswire) - Prima Marine PCL (SET: PRM), Thailand's largest integrated provider of marine transport and storage solutions for petroleum products and liquefied petrochemicals, expressed confidence that it will record strong growth in 2019, driven by strong performance in all segments. It highlights strong performance in the domestic transport vessel segment following the successful execution of a fleet expansion plan, notes that it is buying an additional 10% of Big Sea shares, and, following IMO2020 regulations so the utilisation rate of FSUs will reach 100%, it is ready to expand its FSU fleet to seven units. It expects to post 10-15% revenue growth rate as projected for the year.

Mr. Chanwit Anakkul, Chief Executive Officer of PRM, says that following the Company's annual business plan, 2019 would be a year in growth mode, in terms of capacity to respond to major oil traders' demand as well as the local and overseas power consumption demand, and PRM's performance would improve significantly.

This year's operating capacity will expand in all segments, which will be translated into a higher capability to meet customer's demand. This will be especially true for the domestic transport vessel and floating storage unit (FSU) segments, where PRM is performing impressively following the commencement of commercial operation of two new 3,000-DTW vessels in Q2/2019 and will earn fresh revenue from the commencement of commercial operation of two other vessels in Q3/2019, when the number of vessels in its fleet for domestic transport of petroleum products will rise to 32, which will further enhance growth.

PRM also seeks to raise its equity stake in Big Sea Co. to 80% from 70% at present, which would enable it to earn a greater share of revenue immediately and further strengthen its domestic transport vessel segment.

Mr. Anakkul said that PRM will experience a high growth rate in the FSU segment as it has adjusted its strategy to better reflect the industry's brighter prospects due to the introduction of IMO2020 regulations, which has pushed up demand for FSUs for oil storage and blending to produce low-sulfur fuel oil. It stands ready to benefit from the situation as it has increased the number of FSUs in its fleet to seven from five since Q2/2019. The FSUs' average utilisation rate has jumped to 100%, which reflects great growth potential for 2019 in the FSU segment.

Apart from expanding its fleet, PRM has worked hard to ensure service excellence in order to maintain customer confidence. Recently, it won five prestigious awards from The Shell Company of Thailand: Best Ship Owner Award 2018, Best HSSEQ Award 2018, Best Vessel / Barge Award 2018, Best Performance Award 2018 and Best Ship Owner of The Year Award 2018 (Shell Master Award 2019). The remarkable achievement confirmed its leadership in marine oil transport and its capacity to provide efficient solutions and maintain world-class management systems.

"This year PRM is in true growth mode," Mr. Anakkul added. "We are going to post strong business returns due to our strengths, which will boost our 2019 performance 10-15% higher, as projected."

Distributed by MT Multimedia Co Ltd for Prima Marine PCL:
Wasana ("Jeab") Wongsiri
Tel: +66 2612 2081 Ext. 131
Mobile: +66 8 4359 0659
E-mail: wasana.w@mtmultimedia.com

Topic: Press release summary
Source: Prima Marine PCL

Sectors: Energy, Alternatives, Marine & Offshore
From the Asia Corporate News Network

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