Seatrium exits tugboats amidst $50m cost-cutting drive

This links multiple disposals across yards, vessels, and dock assets.

Seatrium Limited has completed the divestment of its fleet of 17 tugboats in Singapore on 24 April, as part of a broader programme expected to deliver more than $50m in annualised operational cost savings, according to a press release.

The fleet was sold for $104m through its subsidiary, Seatrium Marine Services Pte. Ltd., under a binding agreement signed on 29 January 2026, with KST Maritime Pte. Ltd. and Maju Maritime Pte. Ltd., both third-party towage service providers.

Seatrium has also entered into a towage services agreement with KST Maritime to support its Singapore shipyards, shifting towage operations to an outsourced model.

The divestment follows an earlier announcement in February on a series of non-core asset disposals, including the AmFELS yard in Texas and GNL platform supply vessels.

Other divestments include the sale of the Can-Do 2 floating dock for about $16.9m to Winter Park Trading – F.Z.E, and the Karimun Yard for $22m to PT Tirta Segar Alami.

Seatrium has also agreed to divest Crescent Yard in Singapore for $12.5m, following the exercise of an option granted to Mooreast Holdings Ltd.