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Pos Malaysia unit to buy two bulk carriers for RM141mil

August 11, 2017 3:54 PM
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Pos Malaysia unit to buy two bulk carriers for RM141mil

KUALA LUMPUR: Shipping agency PNSL Bhd, which is an indirectly owned unit of Pos Malaysia Bhd, seeks to buy two used bulk carrier vessels for US$32.9mil (RM141.3mil).

These vessels will be used to service two 10-year contracts awarded by TNB Fuel Services Sdn Bhd in July last year, valued at US$194mil (RM833.3mil), for PNSL to transport coal from various countries into ports in Malaysia.

In a filing with Bursa Malaysia, Pos Malaysia said PNSL was currently using chartered vessels to transport the coal.

PNSL, which is wholly owned by Pos Malaysia’s unit Pos Logistics Bhd (formerly Konsortium Logistik Bhd), has entered into memoranda of understanding with Ratu Shipping Co SA and Trans Nanjing Shipping Ltd to acquire a second-hand Kamsarmax bulk carrier vessel and a second-hand Post-Panamax bulk carrier vessel for US$16.3mil and US$16.6mil respectively.

Both vessels, which are about five and six years old, have seven cargo holds and a hatch each.

Pos Malaysia said the transactions were forecast to increase the gearing ratio of the group from 0.16 times to 0.25 times.

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Source: thestar.com.my

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