Jakarta – Pertamina International Shipping (PIS), the shipping subsidiary of Indonesia's state-owned energy giant Pertamina, reported a net profit of $558.6 million in 2024, marking a 69.31 percent increase from $329.9 million the previous year.
PIS also expanded its fleet by adding 10 new tankers, including four Very Large Gas Carriers (VLGCs) and six regular tankers, bringing the total number of vessels to 102 units.
"This is the first time Pertamina International Shipping has operated a fleet of over 100 vessels," PIS Corporate Secretary Muhammad Baron said in a statement on Friday.
The company's fleet now serves 65 international routes, a significant jump from just 11 routes in 2021, reflecting its rapid global expansion.
In 2024, PIS also distributed 161 billion liters of fuel and LPG across Indonesia, Baron added.
"PIS continues to strengthen its fleet and expand its domestic cargo transport capacity to meet the growing national energy demand," he said.
The company's revenue rose 4.48 percent year-on-year to $3.48 billion, equivalent to Rp 56.5 trillion, up from $3.33 billion in 2023.
To support its growing global customer base and expanding shipping routes, PIS now operates three international branch offices in Singapore, Dubai, and London, through its subsidiary PIS Asia Pacific.