Nam Cheong already sold 13 vessels worth US$241m

In the first 5 months of 2013.

According to DBS, the Group announced significant contract wins worth a total of US$110m – for 1 AHTS vessel sold to a new Indonesian customer + 4 PSVs sold to an existing customer.

Nam Cheong has now sold 13 vessels within the first 5 months of 2013 worth a total of US$241m, and pace of vessel sales is ahead of expectations.

Here's more from Nam Cheong:

The Group remains well on track to deliver on its newbuild programme of 19 vessels in FY13 and 25 vessels in FY14, underpinning net profit growth trajectory of 20% CAGR over FY12-14. 

Improved revenue visibility. Nam Cheong’s orderbook now stands at about RM1.7bn. For a largely speculative shipbuilder, 1.3x bookto-bill ratio inspires confidence. Apart from the built-to-stock series, Nam Cheong is also building 4 ERRVs for deployment in the North Sea and 4 MPSVs for Bumi Armada on a built-to-order basis. 

Industry capex momentum continues to be strong, especially in Malaysia, driving demand for Nam Cheong's products.