Singapore-based shipbuilder and vessel operator Seatrium has completed the divestment of its fleet of 17 tugs in Singapore.
Seatrium said the divestment was completed on Friday, April 24. The company expects that this divestment, alongside other non-core asset divestments disclosed in an earlier announcement, will deliver over SG$50 million (US$39 million) in annualised cost savings upon completion.
The divestment of the tug fleet was part of Seatrium's efforts to, "rationalise non-core assets, streamline operations, and drive long-term value for shareholders," the company said earlier this year.
The divestment of the tug fleet began in January 2026 and had generated SG$104 million (US$81.6 million).
The asset sale, which was executed through Seatrium’s subsidiary Seatrium Marine Services, followed a binding purchase agreement signed on January 29, 2026, with KST Maritime and its affiliate, Maju Maritime.
Seatrium said that both KST Maritime and Maju Maritime are unrelated third parties and providers of towage services.
Seatrium concurrently entered into a towage services agreement with KST Maritime for the provision of towage services to Seatrium’s Singapore-based shipyards. Seatrium said this will ensure continuity of such towage requirements and will enable towage costs to evolve to an outsourcing model that it expects will offer long-term cost efficiencies.