Sailing to a brighter future
In order to provide the best marine transportation services and shipping agency to the client, the Company opened two new branches, in Surabaya and Gresik, which are considered a strategic location.
The Company also began on hire to serve a joint project JOB Pertamina-Petrochina Salawati which is becoming the largest carrier of revenue for the Company.
Solid foundation for growth
With the acquisition of a new contract for FPSO vessel Brotojoyo provide brighter prospects for the Company′s future. This prompted the Company to invest in the purchase of new vessels to drive the Company′s performance weakened. MT BULL Papua is the first Aframax tanker which were purchased after the restructuring process.
Continuing the restructuring process, in December 2014 the Company made debt restructuring settlement with the foreign banks which in the process, BULL shares purchased by healthier investors.
Setting a new direction
The Company moves quickly to face the crisis and restructure its fleet. The Company sold the lay up vessels due to the lack of liquidity to carry out routine docking. The company also began a restructuring process with local banks and foreign banks in order to improve the financial performance.
However, it does not mean the Company forgetting its commitment to providing the best quality services. The Company successfully obtained ISO 9001: 2008 (quality), OHSAS 18001: 2007 (occupational health and safety) and ISO14001: 2004 (environmental management system) certifications from ClassNK.
Fighting to maintain its lead
The year 2012 was a challenging year for the Company. With the declared bankruptcy of the parent company, BULL struggling to maintain his lead.
However, continued commitment as a provider of marine transportation service, the company opened two new branch offices in the two leading ports in Indonesia, namely branches of Merak and Dumai branch.
Initial Public Offering
Given the promising business potential of the shipping industry in the country, the Company is committed to developing such lucrative opportunities even further and fully participating in expanding the country?s shipping industry by listing its shares on the Indonesia Stock Exchange with ticker BULL.
The commitment is also accompanied by improving the Company′s position as a leader in energy marine transportation in Indonesia amid fierce competition in the shipping industry, the Company continued to improve its game by converting another 2 oil tanker into an FSO.
The company introduced the first Indonesian-flagged Very Large Gas Carrier (VLGC) Indonesian flag Indonesian waters. Immediately, VLGC Gas Komodo, a capacity of 56.875 DWT / 78.543 CBM, be the largest revenue contributor to the Company after the FPSO Brotojoyo.
In the same year, the Company also add 1 oil tanker and two other gas tankers. In addition the Company upgrade Brotojoyo FPSO and convert vessel into FSO to meet the demand for a new contract.
The Act No. 17 in 2008 marked as the beginning of the implementation of the Cabotage principle. This new regulation of course increase Indonesian-flagged vessels need. To meet the demand, in 2009, the company added five oil tankers and another chemical tanker.
In an effort to explore more business opportunities in the thriving domestic shipping industry, the Company also began to enter the gas tanker segment.
Expand the wing
Given the opportunities in segments other than oil transportation, management decided to enter liquid chemical marine transportation. MT Kunti becomes the first chemical tanker acquired by the Company in its efforts to expand the Company vessel segmentation.
Seeing the promising business potential in the national shipping industry, the Company acquired three oil tankers and converted one oil tanker into a Floating Production Storage and Offloading (FPSO). FPSO which was later renamed FPSO Brotojoyo is the first Indonesian-flagged FPSO.
In 2005, the government plans to issue a decree regarding the implementation of the Cabotage principle, where marine transportation in Indonesia waters should only be carried out by the Indonesian-flagged vessels.
The implementation of the Cabotage principle is considered to be a turning point in the national shipping industry in the future. Based on that, the company founder take initiative to start the domestic shipping company and named PT Buana Listya Tama.