Prima Marine Public Company Limited (PRM), the largest fully integrated business operator in oil tanker and oil and petroleum storage in Thailand, is planning to invest in floating storage units (FSUs) in preparation for IMO 2020.
Chanwit Anakakul, CEO of PRM, on Wednesday (24 July) revealed the company is considering adding eight FSU vessels, each with a size of 300,000 dwt, to its current fleet of seven FSUs which currently has an average utilisation rate of 100%.
The FSUs will be used to store and blend fuel oil to the 0.5% sulphur limit in accordance with IMO regulations.
He noted the investment will increase the competitiveness and business potential of the company.
“This year we see signs of good growth in the shipping and crude oil storage business group and the FSU [market] that is likely to grow rapidly,” said Anakakul.
“From the increase in service fee according to higher demand, in this year we have purchased two additional vessels which have already provided services to customers. With an average utilization rate of 100%, there is still a lot of demand in the market.
“We are in the process of considering investing in additional FSU ships that will help support the growth of the FSU fleet, which is expected to be concluded in this quarter and ready to serve customers immediately.”
If carried out, the addition of eight FSUs will increase the proportion of revenue of PRM’s FSU business from 38% to near 50% of the total revenue. For its financial year, PRM has targeted total revenue growth of 10-15%.
Photo credit: Prima Marine Public Company Limited
Published: 25 July, 2019
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