Malaysia: Shin Yang Shipping Buys Over 20 Vessels from Swee Joo Bhd


Shin Yang Shipping Corp Bhd (Syscorp) has purchased over 20 vessels from Swee Joo Bhd, one of Sarawak’s oldest and most established shipping firms.

Swee Joo is facing voluntary liquidation due to insolvency since the company has failed to resolve the borrowed amount of RM460mil. Syscorp chief executive officer, Capt Ting Hien Liong, stated that Swee Joo’s vessels were bought for more than RM100mil with bank borrowings and are undergoing maintenance and upgrading works at the value of RM50mil, which will most probably last 6 months. The fleet consists of 4 chemical tankers previously used to transport crude palm oil and products, thus Syscorp now owns and operates a fleet of more than 300 vessels. Three of the acquired vessels have already been put into service.

Last year, Syscorp initiated a RM266mil fleet expansion project, which included the construction of 11 vessels of different types. These incorporated two cargo vessels, five units of 37m anchor-handling tugs, two 23.8m tugboats and two pneumatic cement ships. The expansion is expected to be completed by the end of 2012.

Syscorp, whose parent company is the diversified Shin Yang group, is also doing business in shipbuilding and repair fields. The company owns two shipyards in Kuala Baram, Miri and in Bintulu, which are capable of constructing vessels of up to 15,000 deadweight tones. Apart from these, there is also a third shipyard in United Arab Emirates (UAE) owned and operated by the group.

World Maritime News Staff, February 16, 2012

Share this article

Follow World Maritime News

In Depth>


<< Oct 2016 >>
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Danish Maritime Technology Conference 2016

A part of Danish Maritime Days 

For the first half of 2016, the key buzzword of the maritime industry have been ‘The Fourth Industrial Revolution’. The global maritime industry stands in the midst of a market with changing dynamics, where emerging technologies give endless possibilities with an unprecedented processing power.

The emerging technologies have opened up for new products and services that increase efficiency through the entire maritime value chain. The Danish Maritime Technology Conference looks at the key drivers emerging in and from the Fourth Industrial Revolution – the technologies, the products and the services that leads this market change.

The new waves of accelerating technological development require new forms of conducting agile business, given the speed at which innovation and disruption takes place. Members of Danish Maritime are global market leaders within the maritime industry, and together with specialists they will discuss their core challenges and present their solutions to a game changing market.

More info

read more >

Danish Maritime Days 2016

At this year’s Danish Maritime Days, four themes will highlight some of the most important challenges and opportunities which the global…

read more >

Maritime Standard Tanker Conference

The event will highlight the main regional trends in crude, chemical and product tanker operations, giving attendees a unique insight into…

read more >


SHIPTEC CHINA builds up itself into a more outstanding, influential and well-reputed maritime event in northern China…

read more >