Scomi to transfer 27 marine vessels to Indonesian unit

Malaysian firm Scomi Marine Bhd said Tuesday its Indonesian subsidiary PT Rig Tenders Indonesia Tbk (PTRT) had entered into a master agreement with CH Logistics Pte Ltd, Goldship Pte Ltd and PT Batuah Abadi Lines (the vendors) to purchase 27 marine vessels from the vendors for US$54.8 million.

CH Logistics, Goldship and Grundtvig are wholly owned subsidiaries of Scomi through its Singaporean shipping firm International Marine Services Pte Ltd (IMS), which also owns 80.54 percent of PTRT. Meanwhile, Grundtvig owns 95 percent of Batuah Abadi.

CH Logistics and Goldship are principally involved in the chartering of vessels. Meanwhile, Batuah Abadi has secured contracts to provide coal transportation services to Kalimantan-based coal producers PT Arutmin Indonesia and PT Adaro Indonesia.

?PTRT is expected to benefit from the re-flagging of the vessels as it will have higher competitive advantage against its competitors with non Indonesian flagged vessels in the industry by the larger fleet size and hence, achieving higher economies of scale,? Scomi said in a statement to the Bursa Malaysia. (Robert)