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Shin Yang puts new ships to work

Shin Yang puts new ships to work
Sarawak: Shin Yang Shipping Corp (Syscorp) has deployed more than half of the 20 vessels it got off bankrupt longtime Sarawak shipping stalwart Swee Joo for MRY100m earlier this year.

Reports quoted group financial controller Richard Ling as saying that of the eight container ships Syscorp bought from Swee Joo, six of the smaller sub-1,000 teu boxships had been deployed for new routes covering Bangkok and Brunei, while the two remaining 1,000 teu vessels will be put into service on longer haul routes, probably to China after upgrading their main engines.

He said the other vessels which were bought over are four chemical tankers used previously to transport crude palm oil (CPO) and related products, two CPO tanker barges, five tugboats and one barge.

The tugboats are in operation, while of the four chemical tankers, two were sold to its unit Micaline for MYR35m in April. Of these, the 12,729-tonne Merris 1, is expected to start operating this month, with its maiden CPO shipment for the China market, and continuing with two CPO shipments a month to China.

The second chemical tanker, Merris 2, is expected to start working in August or September, servicing the Indian market, Ling added.

TAGS: Malaysia
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