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Nam Cheong forms chartering JV with Marco Polo Marine

Vincent Chia
Falcon Energy makes General Offer for CH Offshore

Nam Cheong Limited announced that it is forming a 50:50 JV with Marco Polo Marine Limited. This JV has purchased a newly built Accommodation Work Vessel from Nam Cheong. It has also secured a 5 year charter worth US$ 27million. This comes with a 2 plus 2 year extension worth about US$ 23million. Separately, Nam Cheong has sold 4 vessels at a total of US$ 90million. This includes the 1 PSV, 2 AHTS and the AWV sold to the Marco Polo JV. 1 PSV and 1 AHTS were sold to separate repeat customers in Malaysia. The other AHTS was sold to a new customer in Vietnam. All 4 vessels are scheduled for delivery in 2014. With these sales, Nam Cheong’s orderbook is now a total of 29 vessels worth RM 2.0billion.

GET TO THE POINT : Key to the JV for Nam Cheong is the selling price of the AWV. It should not be sold too cheaply because of future chartering earnings. These are two separate issues. But this JV is interesting as it does give Nam Cheong the opportunity to tap into the chartering market.

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