Shin Yang in talks to build MMEA patrol vessels
KUCHING: Shin Yang Group Bhd 's (SYG) wholly owned subsidiary Shin Yang Shipyard Sdn Bhd is likely to build two offshore patrol boats for the federal government.
Shin Yang Shipyard had signed a letter of intent (LoI) with the Home Affairs Ministry for the proposed construction of the two offshore patrol vessels for Malaysian Maritime Enforcement Agency (MMEA) at the Langkawi International Maritime and Aerospace Exhibition 2025 last week.
The LoI sets the foundation for detailed negotiations and technical planning that will lead to the finalisation of a shipbuilding contract.
'Negotiations for the contract are expected to take two to three months,' Shin Yang Shipyard executive director Vincent Ling Lu Yew told StarBiz.
The contract value for the two vessels based on the LoI is RM298.5mil.
Ling said the vessels will have a length of 83m and beam of 13.7m, with a top speed of 21 knots.
The vessel's endurance is up to 21 days at sea without resupply.
The planned features and equipments of the vessels include two rigid hull inflatable boats (RHIBs) and one fast interceptor craft, and a helicopter landing pad.
The vessel is expected to accommodate up to 70 personnel.
A RHIB is a vessel featuring a rigid (often aluminium or fibreglass) hull surrounded by inflatable collars or tubes. The vessel's performance include high speed, lightweight, remarkably stable in rough water and ideal for patrol or rescue mission.
'The LoI marks a significant step forward in the government's effort to enhance national maritime security and reflects a strong confidence in local shipbuilding capabilities,' said Ling.
Last month, Shin Yang Shipyard delivered KM Banggi to MMEA in Sabah after completing the repair and repowering of the coastal patrol boat for a contract value of about RM60mil.
KM Banggi was the biggest repowering job ever undertaken by the Miri-based shipbuilder and repairer.
The company posted a jump in its net profit to RM42.42mil in the second quarter of its financial year ending June 30 (2Q25) from RM19.52mil a year ago.
This was on the back of higher revenue of RM611mil in 2Q25 versus RM235.27mil a year earlier.
The company attributed the significant pre-tax profit and revenue growth to income from the newly acquired automotive segment during the current quarter.
The automotive segment contributed RM359.9mil to the group's revenue and RM25.2mil to its pre-tax profit.
However, its shipping segment's revenue fell 4.6% to RM169.4mil in 2Q25 from RM177.6mil in the same quarter last year.
This decrease in revenue was primarily due to the normalisation of freight rates in the shipping segment.
However, the increase in pre-tax profit for the shipping segment was mainly attributed to an improvement in load factors and cargo volume in the container segment and a gain of RM5mil from the disposal of three vessels.
Moving forward, it plans to expand its investments in container depots, haulage services, including warehouse facilities, to capture new business opportunities.
Shin Yang is optimistic about its prospects in the newly acquired segment in the automotive business, considering that Toyota is a well-established brand and its cars business have been among the top five best-selling cars in Malaysia for many years.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
Desecration risks in rezoning Vivekananda Ashram
The status of Vivekananda Ashram in Brickfields has changed from mixed development to main commercial in successive Kuala Lumpur local plans. — Filepic A NATIONAL heritage group has raised concerns over the rezoning of the century-old Vivekananda Ashram in Brickfields under the Kuala Lumpur Local Plan 2040 (KLLP 2040). Badan Warisan Malaysia (BWM) president Lim Wei-Ling said the ashram building was 'at real risk of being desecrated'. 'Gazetted in 2016, it is an important heritage building of historical and cultural significance, together with the site on which it sits in Brickfields. 'The rezoning and classification also pose an alarming risk of not having a sufficient buffer zone around the building. 'While we agree on the need for development, this should happen within reason and land around heritage sites should not be prone to overdevelopment,' she said in a media statement. Lim was responding to a StarMetro report on May 26, 'Vivekananda Ashram at a crossroads' where stakeholders highlighted an inconsistency in the revised draft of the KLLP 2040. While the ashram is classified as a Category 1 Heritage Building under the National Heritage Act 2005, the 0.4ha site is now zoned as 'main commercial', raising concerns that it could be overshadowed by future development. In the earlier draft of KLLP 2020, the land surrounding the ashram was designated for facilities, utilities and infrastructure within a heritage zone. By the time the KLLP 2020 plan was gazetted, the zoning had changed to 'mixed development'. Lim also expressed support for stronger provisions in the KLLP 2040 to protect heritage sites from development. 'Sites like Vivekananda Ashram, which are surrounded by skyscrapers, are in jeopardy of being lost and demolished within Kuala Lumpur. 'These small and meaningful heritage sites are part of the diverse historical references that define Kuala Lumpur. 'They should be celebrated and protected as part of Warisan Kuala Lumpur, an initiative launched recently by our Prime Minister,' said Lim. She stressed that authorities should offer greater protection to heritage buildings and sites in support of that vision. When contacted, Kuala Lumpur mayor Datuk Seri Maimunah Mohd Sharif said in the case of the ashram, 'if a proposal is submitted and follows the local plan, we can look into the sensitive design around the site.' 'There are mechanisms in place to protect the heritage building,' she said. On concerns that stakeholder input was not considered in the amended KLLP 2040, Maimunah said that when she assumed office in August, the local plan study was already nearing completion after public participation. 'The committee presented me with the outcomes and proposed amendments in October. 'Proposals that align with the plan will be approved while those that do not, will be rejected,' she said.
The Sun
5 hours ago
- The Sun
PM expresses appreciation, applauds successful organisation of LIMA'25, ASEAN Summits
PUTRAJAYA: Prime Minister Datuk Seri Anwar Ibrahim has expressed his heartfelt appreciation to all parties involved in the successful organisation of the Langkawi International Maritime and Aerospace Exhibition 2025 (LIMA'25) and the 46th ASEAN Summit and Related Summits last month. Communications Minister Fahmi Fadzil, who is also MADANI Government spokesperson, said Anwar conveyed the appreciation message during today's Cabinet meeting, describing both events as historic milestones for Malaysia. 'The Prime Minister deeply values the efforts of all personnel and teams involved in organising LIMA'25 in Langkawi, as well as the ASEAN Summit and Related Summits in Kuala Lumpur, at the end of May. 'Most heads of state and government leaders expressed their satisfaction with the warm hospitality and thorough preparations by Malaysia as the host,' Fahmi said at his weekly press conference. Fahmi said that the Prime Minister is currently considering appropriate forms of recognition to honour the dedication and commitment shown by all parties involved, with a formal announcement to be made in due course. 'Insya-Allah, several options are being considered, and we leave it to the Prime Minister to make the official announcement,' he said. LIMA'25 in Langkawi gathered 860 exhibitors from 24 countries, comprising 426 international and 434 local companies. Themed 'Today's Innovation, Tomorrow's Achievements', this year's edition was the largest maritime and aerospace exhibition in Southeast Asia since LIMA's inception in 1991. In Kuala Lumpur, apart from the 46th ASEAN Summit, two high-level meetings were also successfully held last month, namely the ASEAN-Gulf Cooperation Council (GCC) Summit and the first ASEAN-GCC-China Summit. The inaugural trilateral summit between ASEAN, GCC and China, which was also attended by Chinese Premier Li Qiang, not only marked a new chapter of strategic ties but also showcased Malaysia's commitment to enhancing regional economic cooperation. The GCC comprises Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. Fahmi noted that the successful organisation of LIMA'25 and the 46th ASEAN Summit and Related Summits forms a strong foundation for Malaysia's hosting of the 47th ASEAN Summit in October under its 2025 ASEAN Chairmanship theme 'Inclusivity and Sustainability'.
Barnama
6 hours ago
- Barnama
PM Expresses Appreciation, Applauds Successful Organisation Of LIMA'25, ASEAN Summits
GENERAL PUTRAJAYA, June 5 (Bernama) -- Prime Minister Datuk Seri Anwar Ibrahim has expressed his heartfelt appreciation to all parties involved in the successful organisation of the Langkawi International Maritime and Aerospace Exhibition 2025 (LIMA'25) and the 46th ASEAN Summit and Related Summits last month. Communications Minister Fahmi Fadzil, who is also MADANI Government spokesperson, said Anwar conveyed the appreciation message during today's Cabinet meeting, describing both events as historic milestones for Malaysia. 'The Prime Minister deeply values the efforts of all personnel and teams involved in organising LIMA'25 in Langkawi, as well as the ASEAN Summit and Related Summits in Kuala Lumpur, at the end of May. 'Most heads of state and government leaders expressed their satisfaction with the warm hospitality and thorough preparations by Malaysia as the host,' Fahmi said at his weekly press conference. Fahmi said that the Prime Minister is currently considering appropriate forms of recognition to honour the dedication and commitment shown by all parties involved, with a formal announcement to be made in due course. 'Insya-Allah, several options are being considered, and we leave it to the Prime Minister to make the official announcement,' he said. LIMA'25 in Langkawi gathered 860 exhibitors from 24 countries, comprising 426 international and 434 local companies. Themed 'Today's Innovation, Tomorrow's Achievements', this year's edition was the largest maritime and aerospace exhibition in Southeast Asia since LIMA's inception in 1991. In Kuala Lumpur, apart from the 46th ASEAN Summit, two high-level meetings were also successfully held last month, namely the ASEAN-Gulf Cooperation Council (GCC) Summit and the first ASEAN-GCC-China Summit.
