Kuala Lumpur: Shin Yang Shipping Corp (Syscorp) is getting plenty of work shifting construction materials from Asia to the Middle East, especially the United Arab Emirates.
Middle East work should account for around 10% of group profit in the current financial year, local media reported.
The group has also recently completed the building of a repair shipyard on 4.5ha in Ras Al Khaimah, UAE, at a cost of RM25m. The shipyard carries out repair works for Syscorp’s fleet of vessels and external vessels.
A second shipbuilding yard in Kuala Baram in Miri near where the line is headquartered is nearly ready and will be capable of building ships up to 50,000 dwt.
Syscorp has also recently got into the crude palm oil business with Sarawak Oil Palms Bhd, taking two chemical tankers which will focus on the Malaysia-China route.
These tankers were among 20 vessels, including container vessels and tug boats acquired by Syscorp last year from now bankrupt Swee Joo. [17/12/12]