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MISC to streamline fleet management ops with Labuan unit

MISC to streamline fleet management ops with Labuan unit
Malaysian shipping company MISC is planning to better integrate its fleet management services with its Singapore-headquartered unit, AET Tanker by forming a separate Labuan-based company.

MISC said in a stock market announcement that its fleet management services division and AET Shipmanagement would be known as the Eaglestar Group following the integration.

The exercise, to enhance the group’s operational efficiencies. will be carried out in phases and is scheduled for completion in January 2018.

The Petronas-unit has incorporated two subsidiaries in Labuan, Eaglestar Marine Holdings (L) Pte Ltd and Eaglestar Shipmanagement (L) Pte Ltd to facilitate this.

The former will provide marine services and serve as the investment holding arm, while the latter will focus on ship management services.

The initial issued and paid-up share capital of each of the subsidiary is $10 divided into 10 ordinary shares. The issued and paid-up share capital will be increased to meet the subsidiaries’ working capital requirements.