Nam Cheong hits record high annual vessel sales

That's US$45.13m worth of contracts.

In a release, Nam Cheong Limited announced that it has sold four Anchor Handling Towing Supply vessels worth a total of US$45.13 million, bringing the total number of vessels sold this year to 18, an all-time record high for annual vessel sales in the Group’s corporate history.

Three of the vessels have been sold to two repeat customers. One of the three vessels, sold to a customer based in Norway, will be deployed to Brazil under a longterm charter contract with Petrobas, Brazil’s national oil corporation. Another repeat customer, a Singapore-based company that provides ship management and chartering services, purchased the other two vessels.  

The remaining vessel has been sold to a new customer based in Indonesia, a marine operator with an expanding fleet of OSVs, and is expected to be deployed in  Indonesia.

Mr Leong Seng Keat, Nam Cheong’s Executive Director, said: “With the sale of  these four AHTS vessels, this year has seen the most number of vessels sold in a  single year, setting a new record for our Group’s corporate history. We are also  pleased that customers return to us for repeat purchases. This is as much a testament to the quality of our vessels as it is a demonstration of our customers’ confidence in us to deliver what they need on time. At the same time, we continue to expand our customer base with new regional clients.”