Shin Yang Shipping Corp Bhd (Syscorp) has purchased over 20 vessels from Swee Joo Bhd, one of Sarawak’s oldest and most established shipping firms.
Swee Joo is facing voluntary liquidation due to insolvency since the company has failed to resolve the borrowed amount of RM460mil. Syscorp chief executive officer, Capt Ting Hien Liong , stated that Swee Joo’s vessels were bought for more than RM100mil with bank borrowings and are undergoing maintenance and upgrading works at the value of RM50mil, which will most probably last 6 months. The fleet consists of 4 chemical tankers previously used to transport crude palm oil and products, thus Syscorp now owns and operates a fleet of more than 300 vessels. Three of the acquired vessels have already been put into service.
Last year, Syscorp initiated a RM266mil fleet expansion project, which included the construction of 11 vessels of different types. These incorporated two cargo vessels, five units of 37m anchor-handling tugs, two 23.8m tugboats and two pneumatic cement ships. The expansion is expected to be completed by the end of 2012.
Syscorp, whose parent company is the diversified Shin Yang group, is also doing business in shipbuilding and repair fields. The company owns two shipyards in Kuala Baram, Miri and in Bintulu, which are capable of constructing vessels of up to 15,000 deadweight tones. Apart from these, there is also a third shipyard in United Arab Emirates (UAE) owned and operated by the group.
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World Maritime News Staff, February 16, 2012