From an earlier 62%, Nam Cheong's proportion of long term charters has now reached 69%, which is just a shade lower than its target of 70%.
Ho Pei Hwa of DBS Group Research has kept her "buy" call and $1.60 target price on Nam Cheong after it won two charter contracts worth RM102.5 million, which enhances revenue visibility and recurring income for the company.
The two vessels, leased by different customers, are to both support offshore oil and gas activities in the region.
