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Sustained by market buoyancy and fleet
expansion, Swee Joo Bhd registered 16.9 per cent
increase in revenue totaling RM297.67 million
for the current financial year ended on 30
September 2007 compared with RM254.62 million in
the previous financial period.
Based on the performance, container shipping
services contributed to more than 90 per cent or
RM277.8 million of the group’s earnings.
“We will continue our expansion drive on
container cargo shipping as the sector remains
as the core contributor to the group,” said the
managing director of Swee Joo Bhd, Sim Mong
Hong.
The company, through its subsidiary Johan
Shipping Sdn Bhd, has placed an order for a 908
TEus capacity new container vessel.
The USD14.1 million container ship will be
delivered by Dongsheng Shipping Co Ltd, in
February 2008,” said Sim
He said the acquisition was in line with the
fleet expansion plan of Swee Joo Group in
providing container cargo shipping services in
ASEAN and intra-Asia region.
“We will continue with our plans to increase the
number of vessels plying domestic routes to
cater to the expected increase in demand in
shipping services between Peninsular and East
Malaysia,” said Sim.
According to Sim the group’s vessels are
currently running at approximately 87 per cent
capacity from Peninsular to East Malaysia and
approximately 29 per cent capacity from East to
Peninsular Malaysia.
He felt as more and more MLOs are calling at
Bintulu Port, there was potentially for a higher
growth of shipping demand from East to
Peninsular Malaysia and along the Sarawak
coastal.
“Our group plans to acquire bigger vessels and
re-route the smaller ones according to demand.
With the additional ships we would be able to
increase the frequency of voyages between
Peninsular and East Malaysia and vice versa,”
said Sim.
He said the company has taken delivery of
additional tugs and barges for our coastal
services in 2007.
In a move to diversify its operations the
company has expanded into tanker fleet expansion
plan. Swee Joo group, which has received its
first tanker middle of this year has placed
order for its third tanker from China said Sim.
Swee Joo has entered into a Shipbuilding
Contract with Zhe Jiang Antai Shipping Co.,Ltd
for the purchase of one unit of 12,700 dwt new
chemical tanker.
The USD22.1 million tanker is expected to be
ready for delivery in June 2008. The acquisition
is in line with the fleet expansion plan of Swee
Joo in providing liquid bulk cargo shipping
services in ASEAN and intra-Asia region.
“We plan to tap into the growing market for the
shipment of palm oil from Sabah and Sarawak to
Peninsular Malaysia and China said Sim.
“We have taken delivery of our first tanker,
USD12 million Asia Star middle of this year. The
7,000 dwt tanker is being deployed in
transportation of crude palm oil and other
liquid cargo from east Malaysia to Peninsula
Malaysia, India and China. The second ships in
the 7,000 dwt series are expected to be
delivered by first quarter of 2008,” he added. |
