Broker Name: DBS

Date of Report: (Not stated in the document, inferred as recent based on FY25/FY26 references)

Excerpt from DBS report.

Report Summary

• Nam Cheong is divesting a 4,000 DWT PSV for USD20.5 million, crystallising a substantial gain and highlighting that its vessel book values are at least 50% below current resale values.
• Proceeds from the sale will be redeployed into shipbuilding and fleet expansion, positioning Nam Cheong to capture opportunities from the expected upcycle in OSV newbuilds and charters, with potential catalysts including new contracts and vessel redeployment supporting a positive outlook for 2026.

Above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website: https://www.dbs.com