Prima Marine eyes 26-tanker fleet expansion after IPO

Thailand’s newly-listed Prima Marine (PRM) is planning to double the size of its fleet over the next three years, including the purchase of at least one VLCC and two FSO vessels, reports said.

PRM, which debuted on the Stock Exchange of Thailand on Thursday, revealed its ambitious fleet expansion plan in view of anticipated rising demand for transport vessels for oil, petroleum and petrochemicals from growth in the Asia-Pacific region.

Chanwit Anakkul, ceo of PRM, explained that the company plans to increase its capability in the transport and storage of crude oil, petroleum products, semi-finished oil products and liquid petrochemicals, as well as improve support for offshore exploration work and petroleum production, and the management of fleets.

The company has an eye on 26 ships comprising nine tankers of 3,000-10,000 dwt, 11 larger tankers of including handysize, MR and LR tankers, aframax and VLCC, four vessels for the FSU business, and two FSO vessels.

“As of 30 June (2017), we had 24 vessels. We seek to increase the number continuously over the next three years to improve our potential in oil and liquid petrochemicals transport, both quantitatively and qualitatively, as well as expand our boundaries with new shipping routes such as those from Thailand to Myanmar, China and Japan. We will also expand our client base, especially from neighboring countries in Southeast Asia with good growth prospects,” Anakkul was quoted saying.

The IPO of PRM raised THB5.2bn ($157.6m) from the 650 million shares priced at THB8 per share.

Posted 15 September 2017

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Lee Hong Liang

Asia Correspondent

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