MTT Shipping is investing US$79.93 million to acquire two 3,300 TEU containerships from China's Wuhu Shipyard, enhancing its fleet capacity.
MTT Shipping and Logistics Bhd is investing US$79.93 million to acquire two 3,300 TEU containerships from China's Wuhu Shipyard, reports the Malaysia Star.
In filings with Bursa Malaysia, the group stated that its subsidiaries, MTT Shipping Pasir Gudang Sdn Bhd and MTT Shipping Miri Sdn Bhd, signed contracts worth $39.97 million each for the construction of one vessel.
The ships are scheduled for delivery by March 31, 2029, and June 30, 2029. Payments will be made in five instalments tied to construction milestones, including signing, steel cutting, keel laying, launching, and delivery.
Each vessel will have a capacity of about 3,300 TEU and a minimum deadweight of 54,400 tonnes. They will be built to China Classification Society standards and registered under the Malaysian flag.
MTT Shipping and Logistics Bhd stated that the contracts are expected to contribute positively to the company's growth.