Singapore-based shipbuilder Seatrium announced that it has completed the sale of a fleet of 17 tugboats and will outsource its tugboat services.
Seatrium stated that the sale was completed on April 24. The 17 tugboats were sold for a total of S$104 million (approximately US$82 million).
The company stated earlier this year that the divestiture of the tugboat fleet was part of Seatrium’s efforts to “rationalize non-core assets, streamline operations, and create long-term value for shareholders.”
This asset sale was completed through Seatrium’s subsidiary, Seatrium Marine Services. On January 29, 2026, the latter entered into a binding purchase agreement with tugboat service provider KST Maritime and its affiliate, Maju Maritime.
Following the sale of its owned tugboats, Seatrium also entered into a towing service agreement with KST Maritime to ensure the continuity of its shipyard towing services. Seatrium stated that the towing services will be gradually outsourced to achieve long-term cost-effectiveness.
In related news reports, in addition to 17 tugboats, Seatrium also sold two shipyards (Crescent Shipyard and Karimun Shipyard) and a floating dock this year. Seatrium described these transactions as non-core asset sales, which will result in annualized cost savings of over S$50 million.