KUALA LUMPUR: Malaysian Bulk Carriers Bhd
(Maybulk) has clinched a 15-year contract estimated to be worth RM563mil to transport coal for Tenaga Nasional Bhd unit TNB Fuel Services Sdn Bhd.
In a filing with Bursa Malaysia, Maybulk said the affreightment contract would involve shipping about 1.50 million metric tonnes of steam coal per year to Malaysia.
The contract, from Sept 1, 2016, to Aug 31, 2031, is on a consecutive voyage charter contract basis and the estimated value of RM563mil is based on the maximum value of the estimated annual delivery quantity contracted and at an exchange rate of US$1:RM3.9350.
Maybulk said the deal was expected to contribute positively towards the earnings and net assets of the group for the contract’s duration.
“The contract is subject to normal operational risks and the group intends to utilise its owned panamax vessels to perform the contract,” it said.
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