Arpeni Pratama delays bond payments

Indonesian shipowner keeping hold of cash until restructuring is complete.

Indonesia’s Arpeni Pratama Ocean Line has halted bond interest payments until its restructuring is complete.

The shipowner told the Jakarta stock exchange that the instalments were due on 30 January, without giving figures.

The Bisnis website said the bonds were issued in 2008 and also feature a shariah profit-sharing element, which will also be postponed.

Arpeni has been scrapping bulkers as it seeks to restructure. Its main business focus is now the Indonesian domestic tanker trade, where it is an active participant with four products tankers of between 3,500 dwt and 35,000 dwt.

These vessels are usually chartered to state-owned oil major Pertamina.

A refinancing plan is due to be agreed by June.