Seatrium has completed the divestment of its fleet of 17 tugboats in Singapore, following an earlier announcement in February.The company said the transaction was completed on April 24, 2026.The divestment, along with
Seatrium has completed the divestment of its fleet of 17 tugboats in Singapore, following an earlier announcement in February.
The company said the transaction was completed on April 24, 2026.
The divestment, along with other non-core asset sales, is expected to deliver more than $39.1 million (S$50 million) in annualized cost savings.
The tugboats were sold in January 2026 for $81.5 million (S$104 million) through Seatrium Marine Services to KST Maritime and its affiliate Maju Maritime, both unrelated third parties.
Seatrium has also entered into a towage services agreement with KST Maritime to provide tugboat services to its Singapore-based shipyards, shifting to an outsourcing model.
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