The shipowner said more payment options were likely to be finalised by the end of the year.

It struck a deal with creditors last year to rejig debt of IDR 2.5 trillion ($225m), with up to IDR 1.4 trillion being swapped for equity.

This followed the bankruptcy of its subsidiary Humpuss Sea Transport (HST) earlier in 2012.

Following a shareholders' meeting this week, Humpuss president director Theo Lekatompessy told the Jakarta Post that a debt swap was unlikely to meet creditors’ expectations of the value of equity involved.

“The