CREATIVE FUND RAISING FOR THE ACQUISITION OIL TANKER VESSEL IN SERVING VESSEL RENTAL PROJECT (CASE STUDY: PT DUTA MARINE PERDANA)

• Main Author: Agustine - 29116378, Sherley
• Format: Theses
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/30926
• Institution: Institut Teknologi Bandung

Projection of declining trends on oil and gas industry will continue based on stagnant oil production from U.S. Basically other business segments also get negative impact of this condition – but not for oil tanker business because low price of oil is making most of nations or even corporations do stockpiling. Oil tanker business plays a big part on value chain activities since it is able to deliver crude oil from production source to refinery plants – even further to the final customers. Besides, declining oil price means declining fuel cost to operate ship that making suppress of operational cost become more possible. <br /> <br /> While Indonesia market has potential US$90 billion-US$120 billion additional GDP from oil and gas industry sector for next decade or equal to 1%-4% adding of growth rate. There are still a lot of opportunities in increase capacity of production as well as decrease dependency on import and further create employments within supply chain activities as major responsibility of PT Pertamina (Persero) as state-owned oil and natural gas corporation in Indonesia; in the other side, PT Duta Marine Perdana (DMP) is exist as one of companies that experienced in offering of oil and gas business solution, that one of its services is oil-tanker vessel leasing to enable PT Pertamina (Persero) deliver oil across islands in Indonesia. It becomes objective for this research, which is finding optimal capital structure for PT DMP to catch the opportunity. <br /> <br /> Based on business strategy development, the best decision for PT DMP is to execute vessel funding strategy with debt in order to fulfill oil-tanker vessel leasing contract with PT Pertamina (Persero). Debt will be served by China SDHG in form of 1-year loan and Bank X period to do repayment to China SDHG in next one year and to Bank X for year 2 until 5 later from sinking fund of monthly leasing payment from PT Pertamina (Persero). <br /> <br /> Capital budgeting as the material for assessment on project feasibility that using Pay Back Period (PBP), Net Present Value (NPV), Internal Rate of Return (IRR) and also Return of Investment (ROI) in three scenarios: pessimistic, most likely, and optimistic. From projection from year 0 until year 5, PBP is approximately 3 years 7 months, NPV is US$617,843.05, IRR is 15%, and ROI is 25% in pessimistic condition; PBP is approximately 2 years 3 months, NPV is US$6,587,608.46, IRR is 37%, and ROI is 105% in most likely condition; PBP is approximately 1 year 8 months, NPV is US$11,328,671.78, IRR is 53%, and ROI is 166% in optimistic condition.