Singaporian vessel operator Vallianz has ended operations at its Singapore shipyard, due to the industry slowdown and discontinuation of business with a key customer, the firm has said.
The move was part of an ongoing strategic review "to mitigate the challenges of slower market conditions in the offshore and marine industry."
Vallianz will focus its energies and resources on its core vessel chartering business and it will consolidate its yard operations at its marine base in Batam, Indonesia.
"These initiatives will enable the group to concentrate its
resources on core business units, particularly its profitable vessel chartering operations which are based primarily in the Middle East," said Vallianz.
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