KUALA LUMPUR: Offshore vessel provider, Keyfield International Bhd, expects to secure higher charter rates in the second half (2H) of this year by chartering more anchor handling tug and supply (AHTS) vessels.
Group Chief Financial Officer, Eugene Kang Hong Ngee, said for 2H 2026, the group will be chartering “quite a number” third-party AHTS vessels and some contracts will flow over into next year as well.
“Quite a fair bit of the AHTS vessels are seeing maybe 10 or 15 per cent higher rates than in the previous years,” he said at the company’s virtual 2Q 2026 financial results briefing on Thursday (Aug. 13).
As for the accommodation work boats (AWBs), he said “one or two” are recording higher rates than last year, but the rates are lower for the majority.
Kang noted that all of its AWBs are currently on short tenures of less than one year.
According to him, the shorter charter tenure could allow the company to benefit from an improvement in market activity when contracts are renewed in 2027.
Kang said the latest PETRONAS Activity Outlook report highlighted a shortage of AHTS vessels, particularly 80-tonne vessels, and this shortage is expected to be increasingly felt in 2026, 2027 and potentially 2028.
“AHTS activity is also slightly higher currently while there is a shortage of AHTS,” he said.
He noted that Petroliam Nasional Bhd (PETRONAS) has removed the age limit for vessels in its tender requirements, which was previously capped at 20 years for AHTS and 25 years for workboats.
“PETRONAS is also acknowledging that there is no more new build and the supply is quite tight. This augurs well for all of us (petroleum arrangement contractors) because some of our vessels will be fully depreciated by a certain time, but they can continue to earn revenue,” he said.
Keyfield posted a lower net profit of RM23.09 million in 2Q ended June 30, 2026, compared to RM66.36 million in the same period last year.
Revenue also declined to RM113.52 million from RM131.97 million previously. – BERNAMA
