Shipping company Trada Maritim (TRAM) acquired coal miner PT Gunung Bara Utama (GBU), as it failed to pay debt to TRAM’s subsidiary PT Jelajah Bahari Utama (JBU). GBU signed a contract to rent JBU’s vessels in 2013 for 5 years time, with the rent prices set at US$8 per ton. GBU’s coal mining assets is located in West Kutai regency, East Kalimantan province. Per March 2017, TRAM’s receivables to third parties totaled US$5.35 million. Its short term bank loan reached US$30.3 million while long term debt to bank and other financial institutions amounted US$15.55 million. TRAM’s cash only reached US$9.77 million.
