Billionaire tycoon Robert Kuok Hock Nien’s Malaysian Bulk Carriers Bhd (Maybulk) has teamed up with Mexico-based Commonwealth Shipping Company Inc to penetrate the market in the US and the Gulf of Mexico.
Towards this end, Maybulk’s wholly owned unit, Lightwell Shipping Inc, and Commonwealth Shipping, formed an equally controlled, joint-venture company Progress Shipping Pte Ltd in Singapore to undertake the business.
In an announcement to Bursa Malaysia, Maybulk said, “The joint venture intends to acquire bulkcarrier(s) for trades within the US Gulf and Mexico region. Commonwealth Shipping is extremely familiar with that area and with its current expertise and established network, both Commonwealth Shipping and Lightwell are of the view that the joint-venture will open new relationships with opportunities beneficial to both parties,” Maybulk said.
Commonwealth Shipping is controlled by the Espinosa family of Mexico, who are established players in the dry bulk shipping trade in Mexico and the Americas.
According to its website, Maybulk has a fleet of 16 ships, a mix of 12 bulk carriers and four tankers, with another four bulk carrier vessels on order.
Maybulk also has 21.23% equity interest in Singapore-based PACC Offshore Services Holding Group, a company, which has its mainstay in the provision of offshore support services to the oil and gas industry.
For its six months ended June 30, Maybulk posted a net profit of RM82.92 million on the back of RM210.50 million in revenue.
Maybulk ended trading yesterday unchanged at RM2.98.
This article appeared in The Edge Financial Daily, October 13, 2010.
No comments:
Post a Comment