State-owned port builder and operator, PT Pelindo IV is mulling over plans to raise Rp3 trillion ($225.56 million) through a bond issue in 2018 to fund ongoing projects and future expansions. Currently, the company is working on 10 port projects in the eastern part of Indonesia. They include Merauke, Manokwari, Jayapura, Sorong dan 5 di luar Papua meliputi Kendari, Ternate, Bitung, Manado, Ambon, and Makassar New Port. President director of Pelindo IV Doso Agung, said the company needs up to Rp7 trillion for the projects. Porton of the funds need will be taken from the state capital injection program as well as the company’s internal cash flow. President Joko Widodo has set out to reduce the country’s high logistics costs through his maritime highway initiative. The goal of the program is to reduce logistics costs from 23.5 percent of GDP to 19.2 percent by 2019.
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