PT Pertamina International Shipping (PIS), a subsidiary of the national energy state-owned enterprise (SOE), has outlined a strategic vision to strengthen its position as a key player in the global maritime industry. Over the next decade, PIS aims to expand its fleet to 500 vessels, including 200 owned vessels and 300 chartered vessels.
This expansion is expected to optimize the company's performance and generate significant revenue growth, with a target of US$8.9 billion by 2034 (55% from international markets and 45% from domestic markets).
Currently, PIS operates 320 tankers, of which 102 are owned by the company and the rest are chartered.
Strategic Moves for Energy Shipping
PIS's fleet renewal plan, launched at the end of 2022, continues to make significant progress. With a total investment of $33.0 billion, PIS is committed to improving the capacity and quality of its fleet, particularly to support the transportation of liquefied natural gas (LNG) and liquefied petroleum gas (LPG).
In 2024, PIS took strategic steps by ordering two 23,000 cubic meter LPG carriers from HD Hyundai Weipu in February, which are expected to enter service in October 2026.
In addition, PIS added two Very Large Gas Carriers (VLGCs) to its fleet in May 2024, making it the largest owner of VLGCs in Southeast Asia. The two latest vessels, Pertamina Gas Caspia and Pertamina Gas Dahlia, are the largest high-tech, environmentally friendly gas carriers in the world and play a crucial role in strengthening PIS' presence in international markets.
As part of its further expansion, PIS has also ordered 15 Medium Range (MR) tankers from HD Korea Shipbuilding & Offshore Engineering in a contract worth over US$700 million. These vessels are scheduled for delivery in phases through November 2026.
Asia's Shipping Giants in Expansion Race
In addition to Pertamina, major Asian shipping companies are undergoing massive expansions. COSCO Shipping, the Chinese container shipping giant, is planning to add nearly 80 vessels over the next two years. Last month, they ordered twelve 14,000 TEU capacity ships worth US$2.2 billion from a sister company in Jiangsu, marking one of the busiest periods in the history of global container ship orders. These ships, equipped with large reefer slots, will serve the Asia-Latin America route.
Meanwhile, South Korea's Hyundai Merchant Marine (HMM) has announced its mid- to long-term plans, allocating US$17.4 billion to upgrade its fleet with more fuel-efficient vessels by the end of the decade. HMM aims to expand its bulk shipping business, targeting a fleet increase to 110 ships, up from the current 36.
