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aws账号(www.2km.me)_Syscorp expects to sail through in second half

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Chairman Tan Sri Ling Chiong Ho said the recovery of the shipping sector has generated higher charter activities and driven up freight rates with an increase of 13.4% in the 12 months to June 30, 2021 (FY21), as compared to a year ago.

KUCHING: Shin Yang Shipping Corp Bhd (Syscorp) is seeing better days ahead with anticipated further recovery in its shipping, shipbuilding and ship repair business.

Chairman Tan Sri Ling Chiong Ho said the recovery of the shipping sector has generated higher charter activities and driven up freight rates with an increase of 13.4% in the 12 months to June 30, 2021 (FY21), as compared to a year ago.

“Our container vessels has transported an increase of lifting capacity by 32% in twenty-foot equivalent units’ (TEUs) in FY21, as compared to 2020 from the 14 container vessels in our fleet. The shipping sector is expected to improve further in the second half of 2021,” he said.

In FY21, Syscorp’s containers utilisation rate rose to 81% from 68% in FY2020 while the utilisation rate of its international shipping climbed to 80% from 73%.

The utilisation rate of its chemical tankers (liquid bulk transportation) was maintained at a high 95% but that of dry bulk carriers was down to 52% from 57%.To boost and strengthen the service of its containerised shipping, Syscorp had acquired an additional vessel with carrying capacity of 1,200 TEUs per trip.Shin Yang's domestic container feeder vessel, MV Danum 112 at Northport wharf. - Filepic

The group’s shipping operations covers both Malaysian and international waters, ranging from South-East Asia, East Asia and to the Far East. The operations is supported by a fleet of 229 vessels with gross revenue tonnage of about 357,100 tonnages.

Ling said with the continuous improvement in terms of fleet efficiency, routes enhancement and plying speed of its fleet of vessels, the group is expected to increase its container shipping by establishing strategic alliance with business partners.

This strategic alliance, he said, will provide efficient and effective port services while the partners aim to achieve economies of scale to increase shipping service frequency routes coverage between Sarawak, Sabah and Peninsular Malaysia from the group’s 14 container vessels.

“We analysed that domestic and coastal shipping were the major growth contributors covered for the local demand from the infrastructure and resource-based projects,” added Ling in the company’s annual report 2021.He said the group’s shipment of liquid bulk by tankers has shown its earnings stability. Besides shipment of crude palm oil within East Asia on time charter, Syscorp has an on-going two-year contract of affreightment to ship methanol products from Labuan with Petronas Chemical Marketing (Labuan) Ltd.

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