Nam Cheong secures letters of intent for sale and charter of ships worth S$237 million

SINGAPORE - Nam Cheong said Friday it has secured letters of intent from five customers worth approximately US$186 million (S$236.9 million) , for a mix of sale and charter of 12 newly launched tug supply vessels. The Group has also secured options for the sale of eight additional such vessels.

The potential sale of the 20 vessels represent a full take-up rate of the 20 vessels planned for delivery.

The sale of the vessels would contribute positively to the earnings of the froup for the financial years ending 2014 to 2016.