Business briefing

Otto Marine snags long-term charter

OFFSHORE marine group Otto Marine has announced that it has secured a long-term charter contract worth US$40 million. The contract is for its 24,000 bhp anchor handling tug supply vessel, Go Pegasus, which will soon be deployed to the North Sea for the summer before commencing its term contract from September.

Chuan Hup Hldgs' Q2 net profit up 9.5%

MARINE transportation company Chuan Hup Holdings yesterday posted a 9.5 per cent increase in net profit to US$5.8 million for the second quarter ended Dec 31, from the US$5.3 million last year. This was achieved on the back of a 26.1 per cent rise in revenue to US$53.4 million over the same period, due largely to its property development and electronics manufacturing business units. Earnings per share for the quarter rose to 0.62 US cents, up from 0.57 US cents the year before.