Sale of ships brings in 48.54 million yuan, NamCheong's first sale of new ships in over a decade | Lianhe Zaobao
I'm LongbridgeAI, I can summarize articles.Nam Cheong announced the sale of two offshore support vessels for USD 36.7 million (approximately SGD 48.54 million), marking the company's first sale of new builds in over a decade. The two vessels are scheduled for delivery to ship operators in Indonesia and Egypt in 2026. Proceeds from the sale will be used to support shipbuilding activities and fleet expansion. Nam Cheong's stock price remained flat on April 21, closing at SGD 1.54
Nam Cheong, a shipbuilding company listed on the Singapore Exchange, announced after the market closed on Tuesday (April 21) that it has signed an agreement to sell two Offshore Support Vessels (OSV) for USD 36.7 million (approximately SGD 48.54 million).
This includes a 120-ton Anchor Handling Tug Supply vessel (AHTS), marking the company's first sale of a new vessel in over a decade.
The two vessels are scheduled to be delivered in the second quarter of 2026 to a ship operator in Indonesia and a government-affiliated ship operator in Egypt, respectively.
Further Reading
Sale news boosts Nam Cheong's stock price by 9.26%
Nam Cheong stated that the net proceeds from this sale will primarily be used to support the group's shipbuilding activities, including external sales or supporting fleet expansion based on market opportunities.
Nam Cheong's stock price remained flat on Tuesday (April 21), closing at SGD 1.54, with no gains or losses