Indonesian shipping company Humpuss Intermoda Transportasi has set aside $130m for capital expenditure next year to buy eight new vessels, local media reported.

The capex figure, which is more than triple its budget for this year, will be to acquire vessels for specific projects to expand its business, president director Theo Lekatompessy was quoted as saying.

Humpuss will spend up to $48m to buy new vessels to service floating storage and regasification unit Java 1 and floating storage unit Benoa. In addition, $22m and $13m will be spent on vessels to serve various clients in the petrochemical and oil sectors respectively, he said.

Theo added that Humpuss will also spend $25m, $17m and $5m to buy vessels for offshore support, dredging and marine support jobs respectively. The company will use bank loans to finance all the purchases.

Humpuss expects its revenue to grow 59% next year from about $70m this year, while net income is expected to grow 10% from $7.3m in 2016.

Source: seatrade-maritime.com