vessels

Beng Kuang to sell loss-making subsidiary's vessels for $6.3 mil

SINGAPORE (June 5): Beng Kuang Marine’s wholly-owned subsidiary, PT Marina Shipping (PTMS), has agreed to sell four sets of its tugs and barges to Indonesian company PT Quanta Indonesia for a total of $6.3 million.  

Currently, PTMS, which charters tugs and barges mainly in Indonesia, owns a fleet of vessels comprising eight tugs and six barges that are all flagged in Indonesia.

Beng Kuang was granted a waiver on April 10 from SGX, which allows the group to proceed with the sale of the four sets of tugs and barges without having to obtain shareholder approval.

Vard awarded contracts worth $114 mil to build new-concept stern trawlers

SINGAPORE (Dec 4): Vard Holdings has won contracts worth NOK 700 million ($113.9 million) for the design and construction of seven stern trawlers for four Icelandic shipowners, namely: Bergur-Huginn, Utgerdarfelag Akureyringa, Gjögur and Skinney-Thinganes.

In a filing on Sunday, Vard says it has partnered the four shipowners to develop a new design, dubbed Vard 8 08, for the seven stern trawlers to provide a “strong focus on safe operations, efficiency in cargo handling, as well as crew’s wellbeing”.

Vard awarded vessel design contract for Japanese construction company

SINGAPORE (Sept 14): Vard Design, a subsidiary of shipbuilder Vard Holdings, has secured a contract to design a cable lay vessel for Kokusai Cable Ship, a construction company based in Japan.

The vessel is currently being constructed at Colombo Dockyard in Sri Lanka in accordance to the VARD 9 01 design, and is expected to be delivered in 2019.

Vard did not elaborate on the value of the contract.

New contract wins fail to boost confidence in Triyards

SINGAPORE (March 15): OCBC is has downgraded its call on offshore and marine (O&M) provider Triyards Holdings to “hold” from “buy” previously, with a lower fair value estimate of 34.5 cents.

The downgrades comes despite Triyards’ recent announcement of contract wins worth US$230.6 million ($326.2 million) for the fabrication of two passenger ferries by its wholly-owned subsidiary, Strategic Marine, for Scottish operator Pentland Ferries and another undisclosed Asian operator.

New contract wins fail to boost confidence in Triyards

Strategic Marine

SINGAPORE (March 15): OCBC is has downgraded its call on offshore and marine (O&M) provider Triyards Holdings to “hold” from “buy” previously, with a lower fair value estimate of 34.5 cents.

The downgrades comes despite Triyards’ recent announcement of contract wins worth US$230.6 million ($326.2 million) for the fabrication of two passenger ferries by its wholly-owned subsidiary, Strategic Marine, for Scottish operator Pentland Ferries and another undisclosed Asian operator.

Cosco delivers 2 vessels

SINGAPORE (Jan 18): Cosco Corporation Singapore said on Wednesday that Cosco Shipyard Group Co, a 51% owned unit of its subsidiary, has recently delivered a salvage lifting vessel to its Chinese customer and a bulk carrier to its European customer.

The salvage lifting vessel, De Bo 3, measures 159.6m in length of all (LOA), 38.8m in breadth, and 10.9m in depth.

The bulk carrier measures 229m in LOA, 32.26m in breadth and 20.1m in depth.

Trading in Cosco’s shares remain suspended.

Troubled Hanjin's fleet shrinks to a tenth of its size

Hanjin

SINGAPORE (Nov 14): Hanjin Shipping Co.’s fleet has shrunk to about a tenth of its size after the South Korean container line returned most of its chartered vessels to owners in the weeks following its bankruptcy filing.

Ezion’s 3Q earnings sink 69% to US$9 mil on lower revenue

SINGAPORE (Nov 10): Ezion Holdings posted a 69.1% decline in 3Q earnings to US$9.4 million ($13.2 million), about a third of the US$30.4 million reported in the same quarter a year ago on lower revenue.

Revenue for the quarter was down 7.4% at US$79.8 million compared to US$86.2 million in 3Q15.

This was mainly due to modifications and routine class surveys conducted on the group’s service rigs; a reduction in charter rates; and the postponement of the commencement of a customer’s project, which resulted in the delay of the deployment of several service rigs.

Vard acquires Storvik Aqua for $6 mil

SINGAPORE (Oct 13): Vard Holdings announced that it has agreed to acquired Storvik Aqua, an aquaculture equipment supplier, for NOK 35 million ($5.9 million). Storvik Aqua is headquartered in Norway, with subsidiaries in Chile and Scotland, with a workforce of 33 employees.

One-tanker Indonesian subsidiary does little for Ezion’s profits: OCBC

SINGAPORE (Sept 16): OCBC Investment Research is maintaining its “hold” call on Ezion Holdings with an unchanged target price of 30 cents, with the view that the group’s recent acquisition of an Indonesian shipping company has “little impact on earnings estimates for now”.

(See also: Inflexion point ahead for Ezion)

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