The cash sweep clause requires dividends and recurring cash flow from the JICT and Koja terminals to be deposited into a restricted bank account at the end of every month.
In addition, downward ratings pressure could arise if the additional recurring income from the extension of the JICT and Koja terminals is below Moody's expectations, leading to weakening credit metrics such that its FFO/debt falls below 6%-10% and/or cash interest coverage falls below 2.
It also operates Indonesia's largest and busiest container port, Tanjung Priok in Jakarta; which includes MTI, JICT and Koja.
The tariffs are effective at the JICT and Koja terminals.
The investment plan includes for piling yard at the JICT (Jakarta International Container Terminal) with a capacity of more than 1 million TEUs per year, addition of loading and unloading equipment and other equipment and raining of workers at Koja Container terminal and PT Multi Terminal Indonesia (MTI), as well as expansion of the capacity of access road to the container terminals in Tanjung Priok.
The President Director of JICT, WS Wirjawan, hailed the government's commitment to facilitate the direct shipment of goods to foreign destinations, so 30% of 4.
As reported by "Bisnis Indonesia", as of April 2003 JICT will carry out a road show to Europe, America, Australia and Asia to explain to exporters and importers abroad that container ships can serve that transport of goods from and to Indonesia without transit in Singapore and Malaysia to avoid the transit cost and shorten the shipment time.
Hutchinson's computerized system, which is applied in JICT and Koja container terminals, has proved reliable in handling the flow of 8 million TEUs of containers worth US$ 800 million.
To anticipate the rising flow of containers, JICT and Koja are currently preparing a stacking-yard on 32 ha of land.
Estimate of profit/loss of PT JICT First half of 2000
Hutchinson said it would modernize the management of JICT to follow the system used by Britain's Felixstowe.
JICT plans to build a new quay to link its terminal I with terminal II in Koja with an investment of US$ 200 million.