SSC invests S$15m to buy agency, logistics and terminal businesses
Singapore Shipping Corporation (SSC) is spending SGD15m ($12.2m) to buy stakes in agency, logistics and terminal operations owned by investment company MYP Ltd, Seatrade Asia online reports.
Singapore-listed car carrier owner SSC said the proposed investment presents opportunities for the company to increase its revenue streams into complementary industry segments such as agency and terminal operations, and the higher margin strategic projects and logistics businesses.
“The target companies will to a certain extent also mitigate the currency exchange risks faced by the group with the weakening of the US dollar, as the group's net income from the shipowning and shipmanagement business is mainly denominated in US dollar,” SSC said.