Chuan Hup Buys Three Ships

Shipping company Chuan Hup Holdings Limited bought three vessels for S$5.8 million in cash, boosting its fleet to 146 ships to cater to growing regional demand for shipping. In October Maritime Week reported that Lim said Chuan Hup signed a contract with Indonesian company PT Adaro to ship coal from Indonesia's Kalimantan to a power station in East Java, and would have to spend some S$40-50 million on 20 new barges and tug boats. He said Adaro had to supply coal to the station that had just been completed then and was undergoing test runs. Chuan Hup expected to ship about four million tons of coal a year and would contribute about S$20 million in revenue annually, he said.