Seatrium shares jump on $50 million savings target through asset divestments
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The divestments represent an acceleration in Seatrium’s asset portfolio optimisation strategy, says the group.
PHOTO: SEATRIUM
SINGAPORE - Seatrium expects to achieve over $50 million in annualised operational cost savings by early 2026 through the divestment of non-core assets, the group announced on Feb 23.
The savings follow a series of transactions involving shipyards, tugboats and equipment across Singapore and Indonesia.
“Alongside recent divestments of the AmFels yard in Texas and the GNL platform supply vessels disclosed in 2025, the group expects to collectively achieve over $50 million of annualised operational cost savings to be recognised post completion,” Seatrium said in a statement.
“These divestments represent an acceleration in Seatrium’s asset portfolio optimisation strategy, optimising the group’s cost structure, enhancing asset utilisation and sharpening its competitive edge,” it added.
Seatrium’s shares jumped after the announcement, rising as much as 4.2 per cent to $2.25. They closed 2.3 per cent up at $2.21, with 22.6 million shares traded.
Key divestments
The group has executed or scheduled several major asset sales to streamline its portfolio:
Tugboat fleet (Singapore): In January, Seatrium sold 17 tugboats to KST Maritime and Maju Maritime for $104 million. The group concurrently signed a towage services agreement with KST Maritime to outsource its future towing requirements. The sale is slated for completion by the first quarter of 2026.
Can-Do 2 floating dock: The dock, previously moored in Crescent Yard, was sold in January for about $16.9 million to Winter Park Trading FZE for scrapping and recycling. Upon the completion of the sale, targeted by the first quarter of 2026, the group will realise savings from elimination of vessel-related licence fees, insurance and other operating expenses, it said.
Karimun Yard (Indonesia): Located on Karimun Island in Indonesia, the yard was divested in December 2025 to Tirta Segar Alami for $22 million. The sale “centralises Seatrium’s yard footprint in Indonesia” at the group’s larger yard on Batam Island. The Karimun assets were sold on an “as is, where is” basis and had previously been fully written down.
Crescent Yard (Singapore): Sale expected to be completed by the first quarter of 2026 for $12.5 million in cash, after Mooreast exercised an option.
The group has earmarked additional non-core assets for future sale to further optimise its cost structure, it said. THE BUSINESS TIMES
