Seatrium has successfully divested its fleet of 17 tugboats in Singapore, completing the transaction on April 24, 2026. This follows an earlier announcement made in February regarding the sale.
The tugboats were sold in January 2026 for $81.5 million (S$104 million) to KST Maritime and its affiliate Maju Maritime, both of which are unrelated third parties. This divestment, along with other non-core asset sales, is projected to yield over $39.1 million (S$50 million) in annual cost savings for the company.
In addition to the sale, Seatrium has established a towage services agreement with KST Maritime. This agreement will enable KST to provide tugboat services to Seatrium’s shipyards in Singapore, marking a shift towards an outsourcing model for the company.
