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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Repair & Conversion

Ferry Drydocking Completed on 2-day Turnaround

Great Lakes Shipyard hauled out the Kelleys Island Ferry Kayla Marie on April 18 for its USCG five-year inspection survey. The yard completed all work, and refloated the vessel two days later,

Crane Upgrade for Jack-up Vessel Sea Installer

Major modification work will bring A2SEA-owned vessel into line with growing demands of offshore wind industry   Damen Shiprepair Amsterdam (DSAm), part of Damen Shiprepair & Conversion,

Saga Shipholding’s Optimarin Experience Drives BWT Orders

Ballast water treatment (BWT) specialist Optimarin has signed a contract with Saga Shipholding for the provision of three of its Optimarin Ballast Systems (OBS).

Finance

Baltic Dry Bulk Index Dips on Weak Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued to dip on Wednesday due to sluggish demand across vessel segments.

OMB - Subchapter M Cleared for Publication

The Office of Management and Budget (OMB) completed its review of the draft final rule entitled Inspection of Towing Vessels, also known as "Subchapter M." The

Tanker Departs Libya Empty amid Political Crisis

A tanker that an oil company set up by Libya's eastern government prevented from loading has left the eastern port of Marsa el-Hariga, a port official said on Wednesday.

 
 
Maritime Standards Naval Architecture Navigation Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
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: 0.0949 sec (11 req/sec)