PT Samudera Indonesia Tbk (SMDR) boosts capital spending for new fleets, port investment, and shipbuilding growth in 2025, but it balances aggressive expansion with disciplined dividend policy.
Samudera is ramping up its capital expenditure for 2025, targeting up to $250 million in investment as it pursues an ambitious growth plan across shipping, shipbuilding, and port operations.
Despite the aggressive expansion, the Jakarta-listed shipping and logistics firm said it will continue distributing dividends, guided by performance and capital needs.
“Providing value to shareholders is not only about the dividends paid, but also the long-term resilience and growth of the company,” said President Director Bani M. Mulia during the company’s annual general meeting on June 30.
Samudera approved a dividend payout of IDR180.2 billion ($11 million), or IDR11 per share, representing 23% of its 2024 net income of around IDR824 billion ($50.7 million). This includes an interim payment of IDR2 per share paid in August last year.
Bani said the dividend policy reflects a disciplined approach: “Dividends are only distributed when the company’s strategic and operational priorities have been fulfilled.”
Strategic Expansion: Fleet, Shipyards, and Ports
In January, Samudera added a new 694-TEU container vessel, the Sinar Pangkalan Brandan, to its fleet, responding to a global surge in sea freight demand. Industry-wide, idle vessel rates are near historic lows, reflecting tight supply and strong post-pandemic trade flows.
But supply-side constraints persist. Global shipyards are fully booked through 2029, prompting carriers like Samudera to seek alternative routes to expansion.
“Samudera will continue efforts to acquire new vessels, either by purchasing available ships or by taking over construction contracts,” Bani said.
While upbeat about the outlook, Bani cautioned against global uncertainties, including trade policy shifts and freight rate volatility. “We are exploring opportunities to expand our fleet and acquire new vessels, but we must remain vigilant against unpredictable global dynamics,” he said.
To reduce reliance on third-party facilities, Samudera is developing its own shipbuilding base at the 5.5-hectare Samudera Madura Shipyard in East Java. The yard, capable of servicing vessels up to 40,000 deadweight tons (DWT), will focus on both shipbuilding and maintenance.
Equipped to handle a wide range of vessels – barges, tankers, tugboats, and container ships – the shipyard aims to support Indonesia’s maritime ambitions and become a key shipbuilding hub in eastern Indonesia.
“We are capable of building barges, tankers, and container ships,” Bani said, noting the facility’s full-service offerings and alignment with international standards.
As part of a broader effort to expand its logistics network, Samudera is also leading the development of a new container terminal at Patimban Port in Subang, West Java. Through its joint venture PT Patimban Global Gateway Terminal (PGT), the company plans to bring the terminal online by August 2026.
PGT, backed by partners Africa Global Logistics (MSC’s AGL), Toyota Tsusho Corporation, and Samudera signed a 37-year operating agreement with state-backed PT Pelabuhan Patimban International in February 2025. The terminal will be developed in phases, with a projected capacity of 3.7 million TEUs.
“This is part of our long-term strategy to build an integrated logistics network and support Indonesia’s positioning as a global maritime axis,” Bani said.
Funding Growth Through Sukuk and Debt
To finance its 2025 expansion, Samudera plans capital spending of up to $250 million. Funding will come from internal cash flow, bank borrowings, and the issuance of Islamic bonds (sukuk).
Key among these is the second phase of the company’s Continuous Sukuk Ijarah I program, worth IDR500 billion, with a five-year tenor. The sukuk is set to list on the Indonesia Stock Exchange on July 7.
The offering, Bani said, provides access to growing sharia-compliant capital while keeping financing costs in check.
With a strong capital base, robust earnings, and growing logistics infrastructure, Samudera Indonesia appears well-positioned to capitalize on a dynamic global shipping landscape while balancing growth with returns.
“We remain committed to delivering long-term value, both through sustainable growth and disciplined shareholder returns,” Bani said.
The company posted a 52% rise in net profit for the first quarter of 2025, reaching $15.5 million from $10.2 million a year earlier. Revenue climbed 16% to $181.2 million, boosted by continued strength in regional shipping markets.