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Otto Marine lands $14m order to build product tanker

Otto Marine lands $14m order to build product tanker
Singapore’s Otto Marine has clinched an order to build one 6,500-dwt product tanker for an Indonesian state-owned enterprise at a price of $14m.

The shipbuilding contract is won by Otto Marine’s wholly-owned PT Batamec based in Indonesia.

The newbuilding, which will be operated in the waters of Indonesia, is expected to be delivered in the second quarter of 2018.

Otto Marine said the contract is projected to have a positive contribution to its earnings for the financial year ending 31 December 2017.

Meanwhile, Otto Marine is set to delist from Singapore after an exit offer to privatise the company was made by the company’s executive chairman Yaw Chee Siew.