Receiver to take over Malaysian Merchant Marine vessel

Kuala Lumpur: The woes of Malaysian Merchant Marine continue to deepen as receivers are appointed to takeover the vessel MMM Kingston. Receivers have been appointed to take over the 1990-built, 7,078 dwt, chemical tanker, MMM Kingston, on behalf of BHLB Trustee Bhd, trustee of Islamic debt securities totaling RM120m. The MMM Kingston has been laid-up since February as MMM said it was unable to operate economically without "significant upgrading works". The vessel had a book value of RM18.8m as of 31 March 2009, however decommissioning and loss of class resulted in an impairment charge of RM18.5m this year. [14/04/10]