January 15th, 2015.
Our beloved Customers, Stakeholder and Trusters, Happy New Year!.
2014 turned out to be a very challenging year. The price drop of Crude Oil to less than half of its price within 4 months towards year end has again triggered slow down on major commodity markets, includes coal and other mineral products. It has also cut back some of the major offshore development and drilling programs. A situation where most industry players will prefer wait and see until the situation stabilizes.
"The emphasis of building a strong Indonesian maritime Nation by the new administration under the Presidency of Mr. Joko Widodo requires new policies with significant transformation programs and strong political support to get them well implemented across the board. These strategic initiatives have been and will still be going through various iterative implementation cycles since they were launched in late 2014. At the same time these changes are interacting with the activities of the related business sectors. We think these will likely to continue until it stabilizes towards the end of 2015."
On the operational aspects, the late arrival of AHTS Triton put us away from few earlier opportunities until she was finally fully engaged on the second semester. Our tug and barges operation experienced extreme weather changes in the beginning and towards the end of the year that has impacted our cost and operating efficiency, hence our profitability.
Entering 2015, the management has decided its course to implement Strategic Consolidation Programs. This direction translates to 5 key strategic actions to be implemented as follows:
1. To strengthen our liquidity and capital base.
2. To develop further our Oil and Gas business portfolio.
3. To improve and to implement our Human Capital Programs
4. To implement Selective Synergy as means of growth for TLM and TEL.
5. To innovate a Strategic Cost Reduction Program with the Tug and Barges.
With the optimism of this new Country Administration under President Jokowi and his maritime programs, coupled with the value of TRUST, we believe that we are in the right industry for growth and realizing our vision.
In this opportunity, I would like to welcome 2 new members of the BOD: Mr. Untoro Angkawijaya as Group CFO and Mr. Arya Dirgantara as Business Development Director. Their related industry experiences and skills will certainly strengthen our management.
We remain positive through out this year. We believe through a successful implementation of this Strategic Consolidation Programs ( SCP ), TRUST will be stronger by end of the year. This is a critical milestone for becoming a long term public and reputable Indonesian Marine player with distinctive values for our stakeholders.
TRUST is a company that is adaptive and agile to change, we will keep innovating on ways we handle things, ways we deal with challenges and we will make sure we will be a successful part of that journey! Good luck and Let's continue to sail forward.
CEO & Chairman