Nam Cheong Sells Two Offshore Support Vessels for $37M

(Credit: Nam Cheong)

Malaysia-based offshore support vessel (OSV) provider Nam Cheong has sold two vessels for $36.7 million, including its first newbuild sale in more than a decade.

The transactions include a newly built multi-purpose support vessel (MPSV) and a 120-tonne anchor handling tug supply (AHTS) vessel, which was 16 years old and divested following the completion of its charter contract in the first quarter of 2026.

Both vessels were delivered in the second quarter of 2026 to a vessel operator in Indonesia and a government-linked operator in Egypt.

The company said proceeds from the sales will be primarily reinvested into its shipbuilding operations or used to support fleet expansion, depending on market conditions.

The divestments form part of Nam Cheong’s fleet optimization strategy, aimed at recycling capital by selling older vessels while maintaining flexibility to supply newbuilds.

“Our strong OSV shipbuilding heritage and established global clientele base allow us to identify and capitalize on market opportunities for vessel monetization. This enables the Group to capture earnings upsides through the sale of both newbuilds and existing ageing vessels.

“With an ageing global OSV fleet, the Group continues to see increasing demand for newbuilds. Earlier this year, the Group successfully secured its first shipbuilding contract for four OSVs in more than a decade. We view this newbuild sale as a further encouraging signal of emerging shipbuilding demand,” said Leong Seng Keat, Chief Executive of Nam Cheong.