Pos Malaysia buys two used vessels for US$32.9 million to transport coal for TNB

August 11, 2017 | By | Reply More

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KUALA LUMPUR: Pos Malaysia Bhd, through subsidiary Pos Logistic Bhd, has bought two second-hand vessels for a combined US$32.9 million.

The vessels will be used to transport coal from various countries to ports in Malaysia under Pos Malaysia’s US$194 million charter contract with Tenaga Nasional Bhd.

The 10-year contract was awarded by TNB’s unit TNB Fuel Services Sdn Bhd on July 19 last year.

In a filing to Bursa Malaysia today, Pos Malaysia said the vessels were bought from Ratu Shipping Co SA and Trans Nanjing Shipping Ltd.

“We signed memorandum of agreements with the two companies,” Pos Malaysia added.

The national postal company bought second-hand Kamsarmax bulk carrier vessel named “Golden Tier 1” from Ratu Shipping.

The other, bought from Trans Nanjing, was a second-hand Post-Panamax bulk carrier vessel named “Trans Nanjing”.

Pos Logistics uses chartered vessels to transport the coal prior to the acquisition of the two used vessels.

Pos Malaysia said the acquisitions will be fully satisfied in cash through bank borrowing and internal fund.

The company said the acquisitions will not significantly affect its gearing ratio, although it will be increased from 0.16 times to 0.25 times.

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