Shin Yang sees boost in earnings, benefits from bunker fuel price drop

File picture shows Shin Yang’s container vessel making a call at Northport. The group’s 18 container vessels transported 70,738 TEUs in FY2014, which was a 22.9 increase from 57,526 TEUs in FY13.

KUCHING: Shin Yang Shipping Corp Bhd, which owns and operates a fleet of 297 vessels serving domestic and international routes, will see a boost to its bottom line if the current low bunker fuel price stays.

Group financial controller Richard Ling said Shin Yang had benefitted from the drastic drop in bunker fuel price as marine fuel oil consumed by the group’s larger cargo vessels and chemical tankers had plunged to US$450 per tonne from US$600 per tonne early this year.