Singapore's ASL Marine Holdings Reports Increased 2012 Revenue

Total revenue for the Singapore-based group increased by 7.7% year-on-year to $391.2-million in financial year ended 30, June 2012.

ASL Marine Holdings Ltd. is a vertically-integrated marine services group principally engaged in shipbuilding, shiprepair and conversion, shipchartering and other marine related services, catering to customers mainly from Asia Pacific, South Asia, Europe, Australia and the Middle East.

According to Ang Kok Tian, Chairman and Managing Director, “...we managed to post a decent set of results on the back of robust shipbuilding operations, a resilient chartering business and increased orders for the shiprepair and conversion segment from the buoyant offshore oil and gas sector. ”

He continued: "For the financial year ended 30 June 2012, the general marine industry continued to be plagued by global economy uncertainties and financing woes resulting from protracted problems in the western economies. The commercial shipping side continues to be adversely impacted by oversupply woes and weak charter rates.

However, demand within the oil and gas sector remained robust and was well-supported by the relatively high oil prices, with Brent Crude price averaging at around US$112.08 for FY2012, according to Bloomberg.

We also witnessed an increase in oil exploration and production activities in countries like Malaysia, Vietnam, China and Australia. These stimulate demand for offshore support vessels, which is in ASL Marine’s niche.

Against this relatively tough year, we managed to post a decent set of results on the back of robust shipbuilding operations, a resilient chartering business and increased orders for the shiprepair and conversion segment from the buoyant offshore oil and gas sector. We concluded $454.5 million worth of new shipbuilding orders, and maintained our Singapore and Batam yards running at near full capacity."