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Kinerjapay Corp. Schedules Third Steam Coal Shipment
10:43 am ET June 25, 2021 (PR Newswire) Print
KinerjaPay Corp (OTCPK: KPAY) a Payment Gateway and Ecommerce Company based in Indonesia with recent changes in its subsidiary Company, P.T. KinerjaPay Indonesia, to include mineral and commodity trading such as coal and other general commodities, today announced that the Company is currently preparing another shipment schedule of Steam Coal to China. The Company reported that it has just received the payment guarantee in the format of Letter of Credit from the Buyer's Bank in the amount of US$1,650,000. The Company is now preparing the contracts with the miners and barges to transit from the stockpile to the jetty at Muara Jawa, East Kalimantan, for loading.
This next shipment will load min 50,000 metric tons of coal with Coal Grade GAR 4,200 kcal/kg (ARB) and max Sulphur 0.5% ADB Rate. The Company's representative has taken samples for laboratory test in the previous weeks, with satisfactory results. The vessel, MV DZ WEIHAI bound to Fangcheng, South China, is scheduled to arrive on and about ETA 28th June 2021 at Muara Jawa port, in East Kalimantan. The vessel's maximum capacity is registered at 55,741 MT max load.
The Company also reported that its previous shipment to Zhenjiang on MV YANGTZE with loading capacity of 45,000 MT was postponed and rescheduled due to price adjustment. The Company is in receipt of a new letter of credit from the Korean buyer reflecting the significantly increased price from what was negotiated in March. This has enabled the Company to maintain its profit margins. This shipment will now go forward shortly. The price quoted to the Korean agent was cited using Coal Price Index of March 2021, which was much lower compared to the current price.
Mr. Edwin Ng, CEO of KinerjaPay Corp said "Coal prices had increased by almost 50% since March 2021 due to significantly higher demand especially from mainland China. We readjusted the price of coal for our Korean buyer last month to maintain our profit margins. The new order to Fangcheng, South China is more promising with higher pricing. We are securing the cargo with the miners now as we speak, and we shall commence loading to our barges very soon. We continue to receive new indications of interest for our Indonesian coal."
Though it may take us several more months to reach the projected sales goal, the Company believes that the long-term potential of this business for the company has increased dramatically.
Kinerjapay Corp. Schedules Third Steam Coal Shipment
10:43 am ET June 25, 2021 (PR Newswire) Print
KinerjaPay Corp (OTCPK: KPAY) a Payment Gateway and Ecommerce Company based in Indonesia with recent changes in its subsidiary Company, P.T. KinerjaPay Indonesia, to include mineral and commodity trading such as coal and other general commodities, today announced that the Company is currently preparing another shipment schedule of Steam Coal to China. The Company reported that it has just received the payment guarantee in the format of Letter of Credit from the Buyer's Bank in the amount of US$1,650,000. The Company is now preparing the contracts with the miners and barges to transit from the stockpile to the jetty at Muara Jawa, East Kalimantan, for loading.
This next shipment will load min 50,000 metric tons of coal with Coal Grade GAR 4,200 kcal/kg (ARB) and max Sulphur 0.5% ADB Rate. The Company's representative has taken samples for laboratory test in the previous weeks, with satisfactory results. The vessel, MV DZ WEIHAI bound to Fangcheng, South China, is scheduled to arrive on and about ETA 28th June 2021 at Muara Jawa port, in East Kalimantan. The vessel's maximum capacity is registered at 55,741 MT max load.
The Company also reported that its previous shipment to Zhenjiang on MV YANGTZE with loading capacity of 45,000 MT was postponed and rescheduled due to price adjustment. The Company is in receipt of a new letter of credit from the Korean buyer reflecting the significantly increased price from what was negotiated in March. This has enabled the Company to maintain its profit margins. This shipment will now go forward shortly. The price quoted to the Korean agent was cited using Coal Price Index of March 2021, which was much lower compared to the current price.
Mr. Edwin Ng, CEO of KinerjaPay Corp said "Coal prices had increased by almost 50% since March 2021 due to significantly higher demand especially from mainland China. We readjusted the price of coal for our Korean buyer last month to maintain our profit margins. The new order to Fangcheng, South China is more promising with higher pricing. We are securing the cargo with the miners now as we speak, and we shall commence loading to our barges very soon. We continue to receive new indications of interest for our Indonesian coal."
Though it may take us several more months to reach the projected sales goal, the Company believes that the long-term potential of this business for the company has increased dramatically.
