Seaborne

BHIC bullish on maritime trade

KUALA LUMPUR: Boustead Heavy Industries Corp. Bhd (BHIC) sees better prospects in 2022 amid improving and favorable economic conditions, the government’s commitment to safeguarding national defense and security, and a strong order book.

In a statement yesterday, BHIC Managing Director Sharifuddin Md Zaini Al-Manaf said the group was optimistic in view of the increase in maritime commercial and pleasure vessel traffic, a rebound in the aviation, as well as offshore exploration and production activities. .

The government’s allocation of RM16 billion to the defense sector as part of the 2022 budget boded well for the group as it would result in new contracts and the extension of contracts in the defense sectors. defense and security, Bernama reported.

“Thanks to our facilities, our track record and our experienced human capital, we have proven that we are able to carry out projects to the satisfaction of our customers. The delivery of three littoral mission vessels to the Royal Malaysian Navy and the completion of various projects, as well as the awarding of various new contracts and contract extensions in 2021 are testimony to this,” said Sharifuddin.

As of May 31, 2022, BHIC Group, including its associates and joint ventures, had an outstanding order backlog of RM4.9 billion and this is expected to last until 2028.

The group’s backlog replenishment target for the year ending December 31, 2022 is RM274.5 million, Sharifuddin said.