Swissco

Swissco: Bags three chartering contracts worth an aggregate $15.2m. The first, a 3-year contract for an offshore support vessel, will be deployed in the Middle East with a sale and purchase option exercisable after the charter period. The other two contracts are for accommodation vessels to be deployed in two separate work sites in Southeast Asia, one for 30 days with an option for extension, and the other will be deployed for a 6-month period. Swissco is undergoing a fleet expansion and renewal program with 11 vessels under construction at Chinese shipyards, and targets its fleet to reach 50 vessels over the next few years from 33 currently by leveraging on the healthy demand for offshore support vessels in the mid-term. At $0.305, Swissco trades at a trailing P/E of 9.8x, above its historical average of 7.5x but supported by its growth prospects and relatively lower gearing compared to its peers.