Beng Kuang Marine strips non-core business units, pivots to asset-light model to chart turnaround

WHEN a live cattle carrier owned by Beng Kuang Marine was detained in Indonesian waters, chief executive officer Yong Jiunn Run thought it seemed like the right time to call it a day for the ship chartering business.

At the time, in 2021, the offshore and marine player owned two live cattle carriers. One had an accident during the pandemic, and the company incurred heavy charges for towing it back to port. As vessel owners, Beng Kuang could exercise few rights, and would always be on the losing end should anything happen to a ship.

Coupled with heavy depreciation costs, as well as maintenance, crewing and insurance, it made sense to wind down the business, said Yong.