AVIC buys 60% in ship investment firm
AVIC International Maritime Holdings is in the process of acquiring 60 per cent in a Singapore-incorporated ship investment firm for $3.6 million. The Singapore-listed firm, as per a regulatory filing, will acquire three million issued and paid-up shares, in AVIC Zhenjiang Shipyard Marine Pte. Ltd (AZM) that is 60 per cent owned by Catico Investments and 40% by Jiangsu Zhenjiang Shipyard (Group). Jiangsu Zhenjiang Shipyard will continue to own 40 per cent of AVIC Zhenjiang, which generated RMB88.7 million in revenue and earned RMB10.9 million in 2014. AZM is in the business and trade of acquiring, owning, selling, brokering and chartering of various types of vessels, including but not limited to tugboats and offshore vessels. It invests in vessels by taking up equity stakes.
Pair of ASD Tugboats Delivered to Keppel-Smit
The ASD tugs KST Passion and KST Pride were were delivered to their owner, Keppel-Smit Towage Pte. Ltd of Singapore in October 2014. The two vessels are the first in the new RAmparts 3300AV series of tug designs by Robert Allan Ltd., and were constructed at the AVIC Zhenjiang Shipyard Marine Pte Ltd., Singapore at its facilities in China. On trials, both vessels met or exceeded all performance expectations, with KST Pride producing an average ahead bollard pull of 71.5 tons and achieving a maximum speed of 14.03 knots.