Singapore shipbuilder Strategic Marine remains on track to list on the Singapore Exchange (SGX) in 2024 despite global economic headwinds.

Mr Chan Eng Yew, the firm’s chief executive, spoke to The Straits Times following the opening of Strategic Marine’s new shipyard in Benoi Road last week. He said demand for vessels made of aluminium and steel remains healthy, auguring well for the firm’s business outlook. “The demand for crew transfer vessels (CTVs) is growing, especially with demand for more renewable sources of energy growing rapidly. This is something we do not see slowing down any time soon,” he said.

Mr Chan said renewables would be one of the key growth areas for the firm over the next 12 months. At the opening ceremony, the shipbuilder delivered two CTVs to UK-based firm HST Marine. Both vessels are designed for offshore wind farm operations and feature hybrid technology.

Sea Forrest Power Solutions, a marine project management firm, and Strategic Marine collaborated on the development of the parallel hybrid system on both vessels, which will reduce main engine hours and maintenance. There will also be a significant reduction in operational carbon emissions.

CTVs, which transfer technicians and engineering staff to offshore wind facilities, now account for about half of the company’s revenues. The firm sees opportunities in the Taiwanese and Japanese offshore wind markets in 2024, and it is also eyeing expansion in continental Europe and Britain. It delivered five CTVs, each worth around $5 million to $6 million, in the most recent financial year.

“Strategic Marine will continue to innovate and strive to set new standards in the industry. We look forward to proudly presenting a Singapore-made product to the global maritime market following the launch of our hybrid vessels witnessed by the Ministry of Trade and Industry,” said Mr Chan.

“The event was not only to celebrate the opening of our new shipyard, but also to highlight the effort and contributions of Singaporean SMEs (small and medium-sized enterprises) in building South-east Asia’s first hybrid CTV.”

The new shipyard facility will allow Strategic Marine to expand its shipbuilding capacity and boost its maintenance and repair capabilities. The yard features a 5,000-DWT (deadweight tonne) dry dock measuring 105m in length, 18.5m in width and 8m in depth, as well as a 6,000 DWT slipway.

Read the full article on the Straits Times.