The Syscorp group operates a fleet some 300 vessels.

04/11/2014 (The Star) - Micaline Sdn Bhd, a 55:45 joint venture between Danum Shipping Sdn Bhd and Sarawak Oil Palms Bhd (SOP), will deploy its fourth chemical tanker to transport crude palm oil (CPO) between Malaysia and China early next year.

Danum is a wholly-owned subsidiary of Miri-based Shin Yang Shipping Corp Bhd (Syscorp). SOP is Sarawak’s top plantation company, which owns some 63,500ha of oil plam estates, six CPO mills and a palm oil refinery and fractionation plant in Bintulu. Syscorp and SOP have common major shareholders and directors.

Syscorp group financial controller Richard Ling said the new 7,000-tonne tanker would join Micaline’s fleet in the first-quarter of 2015.

Micaline ventured into CPO shipment about two years ago with the initial deployment of two tankers, the 12,000-tonne Merris 1, and the 10,000-tonne Merris 2. The third 7,000-tonne tanker joined the fleet later.

The four tankers are among more than 20 vessels, including container and cargo ships, acquired by Syscorp after their owner Swee Joo Bhd went into voluntary liquidation due to insolvency. Swee Joo, one of Sarawak’s oldest and most established shipping firms, was then laden with some RM460mil in debts.

Ling said the existing three tankers were plying between Malaysian ports and ports in southern and northern China. “We target each tanker to operate between 12 and 15 trips a year. Besides Malaysia, the tankers also pick up CPO cargo from Indonesia.

“The tankers are doing well, as the freight rates are quite good and stable,” he added.

The Syscorp group owns and operates a fleet of some 300 vessels, including container ships, landing crafts, tugs and barges.,