Difference between WINS and TRAM

By administrator | April 1, 2011 | Infrastructure Transportation.

Indonesia stocks analysis

Wintermar Offshore Marine, Tbk (WINS IJ) provides upstream services for the oil & gas sector. As of 2010, WINS have 59 vessels, such as fast utility vessels, tug boat, oil barge and anchor handling tugs. WINS charter its own vessels to customers with additional optional services such as providing crew, ship management and catering services. WINS’ tariff rates ranges from USD300 – USD15,000 per day. WINS revenue is derived from long-term contracts and being least sensitive to oil priced in the short-term given its ability to pass the burden on to its customers. WINS should enjoy the cabotage opportunity enables WINS to gain a bigger domestic market shares.

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Trada Maritime, Tbk (TRAM IJ) provides vessels for the offshore business as well as coal (contract with Berau Coal). Trada Maritime (TRAM) owns and operates 37 vessels comprising 5 Floating Storage Offloading (FSOs), 6 tankers, 1 bulker and 25 tugs & barges. TRAM charter its vessels with rates ranging from USD6,570 – USD43,235 per day for its FSOs and for its non-FSOs it charges USD4,000/day – USD16,500 per day. TRAM revenue is derived from long-term contract (3-8 years) and is least sensitive to oil price in the short-term given its ability to pass the burden on to its customers. TRAM should also enjoy the cabotage opportunity.

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