The Singapore-listed company is paying $1.5m for a 49% stakein new entity PT Bahtera Niaga Internasional set up to own, operate and charter offshoresupport vessels, it said in a stock exchange filing.
Analysts at Singapore-based OSK DMG say the investmentwill boost Nam Cheong’s high-margin recurring charter income, thus providing anew source of orders and shipbuilding profits.
“The JV will allow NCL to charter vessels in Indonesia,where the enforcement of cabotage law has led to charter rates spiking up 33%last year,” a note to clients said.
