SembCorp To Sell Marine Segment

Monday, March 19, 2001
SembCorp Logistics said on Monday it agreed to sell its marine business to PSA Marine, a unit of Singapore port operator PSA Corp, for S$207.5 million ($117 million).

The company said in a statement the sale would be satisfied fully in cash and represented about 1.35 times the proforma net tangible assets of the marine services business as at December 31, 2000. The sale of the marine services business (a 62 percent subsidiary of SembCorp Industries) is part of the company's long-term strategy to exit non-core businesses to focus on logistics, it said. The sell-off the company, which comprises harbor and ocean towage services, salvage operations and marine transportation, had long been expected.

Analysts said the proposed sale could be a catalyst for its share price, which had been pressured by doubts about how it could generate synergies from its tie-up with Swiss logistics company Kuehne & Nagel International (KNI). "It's not a core business for them. This could help their balance sheet," said an analyst. SembLog said that the effect of the proposed sale would reduce its earnings per share before extraordinary items for the year ended December 31, 2000 to $15.26 from $26.36, while earnings per share after extraordinary items would increase to $33.95 from $26.36.

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Otto Marine Signs Contracts to Supply 2 AHTS Vessels

Go Offshore,  wholly-owned subsidiary of Otto Marine has entered into an agreement for two long-term anchor handling tug supply (AHTS) charter contracts worth USD25.

Historic Steamship Towed to Buffalo for Restoration

A 113-year-old “Boblo Boat” SS Columbia is being towed from Toledo, Ohio to Buffalo, N.Y., where the historic vessel will be docked for the next year for restoration.

China’s Shipyards Face Tough Times

As the shipping market continues its prolonged downturn five shipyards have filed for bankruptcy this year, reports SCMP.   China's leading private shipyards

Finance

Asia-Europe Box Rates Soar Again

Shipping freight rates for transporting containers from ports in Asia to Northern Europe jumped 29 percent to $763 per 20-foot container (TEU) this week data from

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

New Energy-saving Windshield on MOL MARVEL

Mitsui O.S.K. Lines, Ltd. today announced that it has started demonstration tests of a new windshield for containerships, which has the potential to reduce wind resistance,

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3746 sec (3 req/sec)