Bangkok--19 Jun--MT Multimedia
PRM expressed confidence that it is in growth mode in 2019 and will record strong growth which will be driven by strong performance in all segments. It highlighted the exceptional performance in the domestic transport vessel segment following the successful execution of a fleet expansion plan, and noted that the company is buying 10% more of Big Sea shares, and that, thanks to the introduction of IMO2020 regulations, the utilisation rate of FSUs will reach 100% and it is ready to expand its FSU fleet to seven units. It expects to post a 10-15% revenue growth rate as projected for the year.
Mr. chanwit anakkul, chief executive Officer of Prima Marine Public Company Limited (PRM), Thailand's largest integrated provider of marine transport and storage solutions for petroleum products and liquefied petrochemicals, revealed that, according to PRM's annual business plan, in 2019 PRM will be 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 its performance will 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 enhance further 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.
The CEO added 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 tobenefit 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.
"In 2019 we are truly in growth mode. We are going to post strong growth due to our business strength, which will drive our 2019's performances 10-15% higher as projected", said he.