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Shin Yang turns back to focus on Malaysia's box trade
MALAYSIAN shipping company Shin Yang Shipping Corp (Syscorp) has shifted its focus away from volatile international trade lanes to concentrate on domestic container shipping.
The decision came with the realisation that 95 per cent of its 14 box ships are deployed on routes within Malaysia despite intense competition.
"A majority of these containerships ply Sarawak, Sabah and peninsular Malaysia ports," said group financial controller Richard Ling, who added that the group decommissioned three containerships after suspending unprofitable regional operations over a year ago, reported Seatrade Maritime News.
Syscorp sees some future cargo potential from the sea transportation of road construction materials for the Pan Borneo Highway project in the next few years.
The company's other core business of shipbuilding has been struggling as well, with Mr Ling admitting that the offshore support vessels segment has been especially hard hit as oil majors have drastically cut their capital expenditure on oil exploration and production activities as crude oil prices have nosedived.
"Our shipyards are also constructing smaller vessels, like landing craft and tug-and-barges. We are concentrating on ship repair business," said Mr Ling
The decision came with the realisation that 95 per cent of its 14 box ships are deployed on routes within Malaysia despite intense competition.
"A majority of these containerships ply Sarawak, Sabah and peninsular Malaysia ports," said group financial controller Richard Ling, who added that the group decommissioned three containerships after suspending unprofitable regional operations over a year ago, reported Seatrade Maritime News.
Syscorp sees some future cargo potential from the sea transportation of road construction materials for the Pan Borneo Highway project in the next few years.
The company's other core business of shipbuilding has been struggling as well, with Mr Ling admitting that the offshore support vessels segment has been especially hard hit as oil majors have drastically cut their capital expenditure on oil exploration and production activities as crude oil prices have nosedived.
"Our shipyards are also constructing smaller vessels, like landing craft and tug-and-barges. We are concentrating on ship repair business," said Mr Ling
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