Nam Cheong struggling to find buyers for 26 built-to-stock vessels

These need to be sold within 18 months.

Nam Cheong is struggling to find buyers for 26 unsold built-to-stock (BTS) vessels, a report by DBS revealed.

DBS noted that Nam Cheong is still looking to sell eight (BTS) vessels from its 2015 shipbuilding programme, as well as 18 vessels from 2016.

Over half of these unsold ships are platform supply vessels (PSVs), which is the "most oversupplied" segment in the offshore support vessel space.

"In the current environment of muted vessel sales, Nam Cheong, due to the speculative nature of its built-to-stock model, may end up with some unsold vessels on its balance sheet," warned DBS.

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