Latest news with #ShinYangShipyard
New Straits Times
27-05-2025
- Business
- New Straits Times
Shin Yang's unit receives LOI from Home Affairs Ministry for completion offshore patrol vessels
KUALA LUMPUR: Shin Yang Group Bhd's (Shin Yang) wholly-owned subsidiary, Shin Yang Shipyard Sdn Bhd, has received a Letter of Intent (LOI) from the Ministry of Home Affairs to appoint as a contractor for works on offshore patrol vessels (OPVs). In a filing with Bursa Malaysia today, Shin Yang said the LOI expresses the intention of the Ministry of Home Affairs to appoint Shin Yang Shipyard as the contractor for the completion of the remaining works on OPV 2 and OPV 3 for the Malaysian Maritime Enforcement Agency (MMEA). "The issuance of the LOI is subject to further discussions and negotiations between the Ministry of Home Affairs and Shin Yang Shipyard regarding specific terms of the proposed shipbuilding contract," it said. Shin Yang said the LOI does not constitute a legally binding commitment by the Ministry of Home Affairs, and there is no certainty that a definitive contract will be awarded to Shin Yang Shipyard. "The potential shipbuilding contract, if awarded, is expected to contribute positively to the group's earnings and net assets for the duration of the project. "However, the exact financial impact can only be determined upon finalisation and execution of the definitive contract," it added. -- BERNAMA
Malaysian Reserve
27-05-2025
- Business
- Malaysian Reserve
Shin Yang in line to build two patrol vessels for maritime agency
SHIN Yang Group Bhd said that its subsidiary, Shin Yang Shipyard, has received a letter of intent (LOI) from the Ministry of Home Affairs to construct two offshore patrol vessels (OPV 2 and OPV 3) for the Malaysian Maritime Enforcement Agency (MMEA). The group said the LOI, received on May 20, expresses the government's intention to appoint the shipyard for the project, although a binding contract will only be signed after final negotiations on pricing and payment terms. While the LOI is not legally binding, the group noted that a successful award could enhance its earnings and asset base. Shin Yang also acknowledged potential risks, including project delays, regulatory changes, execution challenges, and manpower and material availability. Shares in Shin Yang Group rose 2.5 sen or 3.38% to close at 76.5 sen today, giving it a market capitalisation of RM830.5 million. — TMR
The Star
27-05-2025
- Business
- The Star
Shin Yang's unit receives LOI for offshore patrol vessel work
KUALA LUMPUR: Shin Yang Group Bhd 's (Shin Yang) wholly-owned subsidiary, Shin Yang Shipyard Sdn Bhd, has received a Letter of Intent (LOI) from the Ministry of Home Affairs to appoint as a contractor for works on offshore patrol vessels (OPVs). In a filing with Bursa Malaysia today, Shin Yang said the LOI expresses the intention of the Ministry of Home Affairs to appoint Shin Yang Shipyard as the contractor for the completion of the remaining works on OPV 2 and OPV 3 for the Malaysian Maritime Enforcement Agency (MMEA). "The issuance of the LOI is subject to further discussions and negotiations between the Ministry of Home Affairs and Shin Yang Shipyard regarding specific terms of the proposed shipbuilding contract,' it said. Shin Yang said the LOI does not constitute a legally binding commitment by the Ministry of Home Affairs, and there is no certainty that a definitive contract will be awarded to Shin Yang Shipyard. "The potential shipbuilding contract, if awarded, is expected to contribute positively to the group's earnings and net assets for the duration of the project. "However, the exact financial impact can only be determined upon finalisation and execution of the definitive contract,' it added. - Bernama
The Star
26-05-2025
- Business
- The Star
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.
