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ASL Marine Q3 profit slumps

Its earnings plummet 65.7% from previous year to S$1.94m on industry downturn

Published Tue, May 12, 2015 · 09:50 PM

Singapore

LOCAL shipyard ASL Marine's third-quarter earnings released on Tuesday reflect the extent to which vessel owners have been avoiding new orders amidst low oil prices and a global glut of offshore support vessels (OSVs).

The group said in a Singapore Exchange filing that although its ship chartering segment was stable, new shipbuilding projects have slowed down, been put on hold, or have been cancelled altogether.

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