Public listed company PT Tirta Mahakam Resources Tbk (TIRT) is pressing ahead with its transformation into a sea transportation-focused company, sharpening its operational focus as it seeks to build sustainable and recurring revenue, the company said on Tuesday.
The publicly listed firm is consolidating its business around maritime transportation services, aiming to improve efficiency and reliability in its operations amid ongoing financial constraints.
As part of the transition, TIRT is strengthening its operational structure and corporate governance through asset optimization and tighter cost controls, while applying prudent decision-making to support long-term performance.
The company said its entire fleet of 20 vessels is currently operational and deployed to service existing contracts in Kendawangan, West Kalimantan, and Berau, East Kalimantan.
Despite the operational momentum, TIRT acknowledged it continues to face a significant capital deficit. Efforts to improve its financial position will be carried out gradually, taking into account global economic conditions as well as prevailing laws and regulations, the company said.
“The maritime transportation business is viewed as a sustainable source of revenue,” President Director Tham Arvin Setyanto said at the company’s public expose. “Our current priority is to maximize fleet utilization while fulfilling existing contracts.”