JACCAR Holdings Moves From Shareholder to Strategic Partner of Sinopacific

For the last 5 years JACCAR Holdings has been instrumental in building up Sinopacific Offshore and Engineering (SOE) into one of China’s leading providers of LPG/LEG vessels, offshore cranes, and offshore production, through its indirect 25% share in the company.

JACCAR Holdings has now made a move to become a strategic partner instead of shareholder and has sold its shares of SPOM Pte Ltd to Pearlfine Ocean Worldwide Inc. The existing three shareholders of SOE remain the same, which are SPOM Pte Ltd, EVERGREEN Holding Group and Sinopacific Shipbuilding Group.

Since 2009 JACCAR Holdings has ordered 6 LPG Tiger 5000cbm, (first vessel to be delivered at the end of May 2012) and 8 LEG Tiger 12 000cbm (delivery as from 2013) from SOE. This investment, coupled with close cooperation between SOE and JACCAR Holdings have positioned SOE as a strong, innovative and unique player in the LPG/LEG field worldwide. With the targeted listing of SOE and the strong interest now shown by many other customers, this move will eliminate related party transactions as well as possible conflict of interest and enable SOE to venture out into new projects with new clients for profitable growth.

All the vessels ordered by JACCAR Holdings from SOE will be added to the existing fleet of Greenship Holdings, which is a fully owned subsidiary of JACCAR Holdings in Singapore. The aim is to own and operate advanced, fuel efficient and environmentally friendly vessels. Total investment in the gas and bulk sectors is around $900 M. The modern fleet will provide customers with reliability and cost efficiency whilst setting new standards for safe and sustainable gas transport at sea.