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Riding on a wave of a sterling performance, occasioned by the unusually
buoyant market condition, the fast-growing Malaysia Bulk Carriers Bhd has
confidently placed order for four product tankers at a cost of US$130
million (RM494 million).
The four 35,000 dwt ships will be built at Dalian Shipyard and expected to
be delivered in 2006 and 2007.
MBC, which reported an unprecedented increase of 108 per cent in its profit
totaling RM196 million for the first nine months of this year on the back of
RM276 million turnover (comparative period of RM146.04 million) said two
unspecified minority partners had been sought to jointly own and operate two
of the vessels.
The delivery dates are deemed especially tempting given that for much of
East Asia 2007 delivery dates are now a thing of the past, let alone 2006.
This ship type is a product staple of the older of the two Dalian based
shipyards.
Payment will be a mixture of bank loans and internally generated revenues.
MBC already has three mid range product tankers.
The company noted: "The current age profile of this category shows that a
very substantial part of the fleet is single hull, which will be phased out
under the International Maritime Organization rules from 2005 and completing
in 2010. In addition the orderbook for this size of tankers for delivery in
the next three years remains relatively small." |
