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Malaysia's HSL sails into shipbuilding

Malaysia's HSL sails into shipbuilding

Kuala Lumpur: Marine engineering specialist Hock Seng Lee Bhd (HSL) has announced that it is to build a shipyard on a 48.43-acre (19.37-hectare) parcel of industrial land in Tanjung Manis that it purchased from Sarawak Timber Industry Development Corporation (STIDC) for $2.9m, reports online news provider The Edge Daily.

This is the group's first step into the shipbuilding and shiprepair arena. HSL's managing director Datuk Paul Yu Chee Hoe said, "While covering in-house needs, we expect ship building, maintenance and repair services for external customers to enlarge our earnings base and contribute positively to our financial performance going forward."

Upon completion, the shipyard will have shipbuilding and repar capabilities for vessels of up to 5,000gt. The yard is expected to cater to niche sectors such as anchor handling tugs and oil and gas industry supply boats. Facilities such as a dry dock, advanced slipway system and fabrication yard are to be implemented in phases. They will be owned and operated by HSL's wholly owned subsidiary HSL Hydro Sdn Bhd.

HSL added that the shipyard may also charter vessels to support offshore oil and gas operations and rising regional shipping demand.  [20/02/08]

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