SHIPPING company Halim Mazmin Group (HMG) plans to acquire another two container ships and two bulk carriers to add to its existing fleet of 17 ships.

 
The local company, which has tie-ups with some of the biggest shipping companies in the world including Hamburg-Sud and Senator Lines of Germany and Nippon Yusen Kaisha (NYK) Lines of Japan, is already shopping for the vessels and expects to conclude a deal within six months.

HMG senior general manager Capt Suresh E. Abishegam said the company will buy the ships on a charter back concept.

"We see a huge business in the container business and feel the acquisition of the ships would be timely.

"We don't go on a buying spree for nothing and we certainly don't buy (more ships) just to prove we are a big company," he said.

 
HMG-owned ships now ply the main ocean routes and make stop-overs at more than 45 ports of call in Europe, Middle and Far East, Australia and the American continent.

 
Suresh said the potential to transport cargo out of the country for local shipping companies was tremendous as they now only held 13 per cent share of the business.

 
The outflow of freight cargo business in 2002 was estimated to be worth RM13 billion.
HMG became a public-listed company in 1996.

 
Ranked by shipping analysts as one of the best local shipping companies, it posted an after-tax profit of RM34.3 million for the year ended Dec 31, 2002 compared to RM29.3 million the year before.