Seatrium to cut $50m in annual costs with non-core asset sales

It sold 17 tugboats in Singapore for $104m with a towage contract.

Seatrium Limited expects to achieve annual operational cost savings of more than $50m through a series of non-core asset sales scheduled for completion in the early months of 2026, according to a press release.

The company sold a fleet of 17 tugboats in Singapore to KST Maritime Pte. Ltd. and Maju Maritime Pte. Ltd. for $104m in January 2026, including a contract for KST Maritime to provide towage services to Seatrium shipyards in the city-state.

The tugboat sale is expected to close in the first quarter of 2026, the press release said.

Other divestments include the Can-Do 2 floating dock sold to Winter Park Trading – F.Z.E for $16.9m in cash for scrap and component recycling.

In Indonesia, the company sold its Karimun Yard to PT Tirta Segar Alami for $22m in December 2025. Seatrium relocated operations from the Karimun site to its facility on Batam Island.

The company also expects to complete the $12.5m sale of Crescent Yard to Mooreast Holdings Ltd. by the end of March 2026.

These transactions follow the 2025 sales of the AmFELS yard in Texas and GNL Platform Supply Vessels, the press release said.