Trada Maritime Secured US$ 50 Million Facility from IFC & BTMU

JAKARTA, 22 July 2010 — PT Trada Maritime Tbk (TRAM) signed financing facility agreement with International Finance Corporation (IFC), a member of World Bank Group, and also with The Bank of Tokyo-Mitsubishi UFJ, Ltd. – Jakarta Branch (BTMU-Jakarta Branch). The facility, amounted to US$ 35 million and US$ 15 million from IFC and BTMU-Jakarta Branch respectively, will be utilized for a conversion project of one of TRAM’s fleet, FSO Lentera Bangsa, to meet the requirements of contract from CNOOC SES Ltd as the charterer of the abovementioned vessel.

The facility from these prominent financial institutions was a strategic progress for TRAM, which has executed international best practice in its fleet operations in order to contend with greater market.

In the third quarter of 2009, TRAM secured contract from CNOOC SES Ltd to provide FSO (floating storage & offloading) Lentera Bangsa. To date, the conversion project of the vessel with the dead-weight of 127,000 tons is still in process in Cosco Shipyard, Guang Zhou, China and is still on schedule of operations, which is in January 2011.

TRAM’s President Director, Danny de Mita, expressed that TRAM’s achievement in securing contract from CNOOC confirmed that the cabotage principle has been successfully implemented in Indonesia. “TRAM’s accomplishment in partnership with CNOOC also showed that a national shipping company with Indonesian flagged vessels was proven to be competent through the implementation of cabotage principle.”, Danny said.

In relations with supports from IFC and BTMU-Jakarta Branch, Danny also said, “This is a truly valuable opportunity for TRAM’s business growth. We appreciate the trust given by both parties, and we do hope for a long-term cooperation and good relationships in many years to come.”

IFC Indonesia Country Manager, Adam Sack, stated that, "IFC’s funding to TRAM is part of our commitment to improve the reach of infrastructure in Indonesia. Improving infrastructure is vital for Indonesia to achieve its growth targets, and it's vital to reduce costs and increase opportunities for businesses. We are therefore very pleased to support TRAM’s expansion in this important sector, and we look forward to partnering with TRAM as it expands further in future."