Scomi Marine Expects Increase in Revenue
Scomi Marine Bhd expect a 76 percent increase in revenue and net profit in financial year ending Dec 31, 2006, after boosting fleet size and capacity to transport coal, its CFO said. Scomi Marine was expanding its fleet to cope with the requirements of its main customer -- Indonesian mining company PT Adaro – which had increased its annual coal output to 36 million tons recently from 27 million tons last year. The company said last year, that it ordered 16 new tugs and barges, which would increase its fleet size to 159 vessels. Out of this, 91 would be tugboats and barges. So far, 13 news tugboats and barges have been delivered and another three vessels would be delivered this year. Source: Malaysia Star
Chuan Hup To Buy 20 New Barges & Tugs
Marine shipping company Chuan Hup Holdings expects a contract to ship coal to Indonesia to contribute to group earnings in 2001, the group's finance director, Lim Kwee Siah, said., Lim said the contract was worth an estimated S$300 million in revenue spread over 15 years, or S$20 million a year. "Conservatively, I expect the contract to contribute to group earnings in financial year 2001," Lim said. Talk of the contract had been driving Chuan Hup shares to successive new year highs in recent days. The shares rose to S$1.83 in early trading before easing to S$1.79, up two cents in mid-afternoon. "It is actually an old contract that had been signed in 1995. But it should be starting soon," Lim said.
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.
