Current liabilities Accounts Payable

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III. Statement of Liabilities

On 30 June 2010, the Company’s total consolidated Liabilities amounted to Rp.942,599,847 thousand, which consisted of consolidated current liabilities amounting to Rp.262,268,493 thousand, and consolidated Non current liabilities amounting to Rp.680,331,354 thousand, numbers of which are taken from the consolidated financial statements of the Company as of 30 June 2010 and for the period of 6 six months then ended, which are contained in this Prospectus and audited by the Kantor Akuntan Publik Aryanto, Amir Jusuf, Mawar Saptoto, independent public accountants, based on auditing standards established by IAPI, with an unqualified opinion, report of which is contained in this Prospectus. The details of the Company’s consolidated liabilities on 30 June 2010 are presented below. in thousands Rupiah Details Total CURRENT LIABILITIES Accounts Payable: - Third parties 11,651,739 - Related parties 44,600,595 Taxes payable 10,069,743 Accrued expenses 989,978 Dividend payable 8,125,320 Others payable – third parties 61,865,349 Current portion of Non current liabilities: Bank loans 114,763,172 Lease Payables 10,202,597 Total Current liabilities 262,268,493 NON CURRENT LIABILITIES Due to Related Parties 291,736,625 Non current liabilities: Bank loans 363,511,050 Others payable – third parties 48,551 Lease Payables 15,475,204 Deferred gain from Sale and Leaseback Transactions of Non current assets -Net 70,788 Estimated liabilities for employee benefits 9,489,136 Total Non current liabilities 680,331,354 TOTAL LIABILITIES 942,599,847 There are no negative convenants detrimental to the rights of public shareholders. The loan from PT BNI in the amount of US 805,000 shall be paid in full using part of the proceeds from the Public Offering, therefore after such pay-off, there shall be no negative convenants detrimental to the rights of public shareholders.

A. Current liabilities Accounts Payable

Balance of Accounts Payable of the Company on 30 June 2010 amounted to Rp.56,252,334 thousand. This amount consisted of Accounts Payable of Third parties amounting to Rp.11,651,739 thousand and Due to Related Parties amounting to Rp.44,600,595 thousand, consisting of the following: in thousands Rupiah Information Total PT Pelayaran Era Indonesia Fortune 6,319,691 LCH Pte Ltd 990,929 PT International Paint Indonesia 52,988 Miscellaneous Each below Rp.500,000 4,288,132 Total Accounts Payable Third parties 11,651,739 12 12 in thousands Rupiah Information Total Seacoral Maritime Pte, Ltd 8,649,498 Fast Offshore Supply Pte Ltd 26,821,663 PT Fast Offshore Indonesia 7,621,458 PT Pelayaran Salam Bahagia 1,507,975 Total Accounts Payable Related Parties 44,600,595 Taxes payable Balance of taxes payable of the Company on 30 June 2010 amounted to Rp.10,069,734 thousand, consisting of: in thousands Rupiah Information Total Issuer Income Tax: Article 15 47,293 Article 21 194,718 Article 23 26,298 Article 4 2 21,944 Sub Total 290,253 Subsidiaries Income Tax: Article 15 1,264,474 Article 21 202,624 Article 23 24,181 Article 26 67,964 Article 29 2,670,493 Article 4 2 1,515 Value Added Tax 5,548,239 Sub Total 9,779,490 Total Taxes payable 10,069,743 Accrued expenses Balance of Accrued expenses of the Company on 30 June 2010 amounted to Rp.989,978 thousand, consisting of: in thousands Rupiah Information Total Salary 586,510 Interest 233,642 Professional Fee 77,772 Operational and Docking 77,417 Miscellaneous Each below Rp.500,000 14,637 Total Accrued expenses 989,978 Other Payables – Third Parties The balance of Other Payables – Third Parties on 30 June 2010 amounted to Rp.61,865,349 thousand. This account consists of: in thousands Rupiah Description Total PT Meratus Line 40,972,250 Deferred Refund of Tax Interest 7,508,995 Deferred Refund of Tax Principal 6,352,256 PT Edenvale 3,633,200 Volvo East Asia 1,135,526 Advance Payment for Sale of Assets 1,000,000 Miscellaneous each below Rp1.000.000 1,263,122 Total of Other Payables – Third Parties 61,865,349 Payables of PT Meratus Line and PT Edenvale constitute debts of PSV, Subsidiary, for purchasing vessels. 13 13 Dividend payable Balance of Dividend payable of the Company on 30 June 2010 amounted to Rp.8,125,320 thousand, consisting of: in thousands Rupiah Information Total Sugiman Layanto 3,254,173 Muriani 1,820,303 Nely Layanto 1,016,929 Darmawan Layanto 1,016,929 Lina Layanto 1,016,929 Elly Tety 44 Johnson W. Sutjipto 13 Total Dividend payable 8,125,320

B. Non current liabilities