The scope of business activities of the Company is to engage in the field of shipping, which includes:
The company is engaged in shipping services to support oil and gas exploration and production activities
The Company rents out its own vessels based on time charter in return for rental based on tenders or negotiations between the two parties. During the rental period, the lessee is responsible for paying all travel expenses, including costs of fuel and port. On the other hand, as a vessel owner, the Company is responsible for vessel crews, vessel maintenance, spare parts, and other operational costs, all of which have been calculated in the rental fees agreed by both parties. In this time charter scheme, the charterers rent the vessel and crews in full for a certain period.
TIME CHARTER PROCESS SERVICES
In conducting a vessel chartering transaction, after obtaining an explanation or request for a contract from the charterer, the Company will first check the availability of the vessel and perform physical inspection to ensure operational feasibility and the compliance with charterer requirements. After the vessel meets the requirements, the Company will deliver the vessel to the charterer in their operational area.
Sometimes, during the operational period, there are several purchases of charterer supplies or needs (such as pipe installation, water or food supply) which are not covered by the charter contract. In such situation, the Company will provide additional services with additional service costs borne in advance by the Company to be reimbursed by the charterer.
In providing its services, the Company can obtain payments or reimbursements that can be invoiced during the operational period and/or after inspection and redelivery of the vessel has been carried out. This depends on the terms of payment agreed in the charter service agreement or service contract.