OSV Market Sees Strong Demand As Offshore Activities Rise
OSV Market Sees Strong Demand As Offshore Activities Rise
According to Kenanga, the above-noted combined revenues from the AWBs and AHTS were considered in line with expectation of RM129,000 DCR in 2024 for AWBs and chartered third-party vessels. Keyfield International Berhad (Keyfield) is expected to ride the high waves of strong demand for the Offshore Support Vessel (OSV) services in the second half of the year, as analysts project upward trend for the local OSV market in view of rising demand against tight supply.
Keyfield国际Berhad（Keyfield）预计将在下半年搭乘强劲需求对近海支援船（OSV）服务的高涨浪潮，分析师预测地方OSV市场呈上升趋势，供不应求。
The company earlier won eight work order awards (WOAs) from Petronas Carigali Sdn Bhd involving six accommodation work boats (AWB) and two anchor handling tug & supply (AHTS) vessels under its Panel Contractor Contract (PCC). The work orders were valued at approximately RM130.3m, with duration ranging from 91 to 153 days per vessel.
该公司早前从Petronas Carigali私人有限公司赢得了八份工作订单奖（WOAs），涉及六艘住宿工作船（AWB）和两艘拖船供应船（AHTS）船只，根据其面板承包商合同（PCC）。这些工作订单价值约为13030万令吉，每艘船的持续时间从91至153天不等。
Under the deals, the implied daily revenue per vessel, inclusive of daily charter rate (DCR), catering, and other auxiliary services, amounts to RM100,000-110,000 for the AWBs. The work orders utilised four of Keyfield's own vessels and two chartered vessels. The two AHTS vessels, on the other hand, were chartered, with DCRs ranging between RM50,000 – RM55,000.
根据这些交易，每艘船暗含的收入每日金额，包括日租金（DCR）、餐饮和其他辅助服务，为AWBs为10万至11万元令吉。工作订单利用了Keyfield自己的四艘船只和两艘租赁船只。另外两艘AHTS船只则为租赁船只，日租金为5万至5.5万元令吉。
According to Kenanga, the above-noted combined revenues from the AWBs and AHTS were considered in line with expectation of RM129,000 DCR in 2024 for AWBs and chartered third-party vessels.
根据Kenanga的说法，从AWBs和AHTS获得的综合收入与2024年AWBs和租赁第三方船只的129,000令吉DCR预期相符。
Keyfield is currently in the peak season of OSV market (typically 2Q and 3Q of the year), and vessel utilisation is expected to remain strong going into the third quarter.
Keyfield目前处于OSV市场的旺季（一般为年度的第二、三季度），船只利用率预计将在进入第三季度时保持强劲。
The group took delivery of Keyfield Itqan (formerly known as Belait Barakah), a 239-pax accommodation work barge, on 3rd July 2024. Keyfield Aulia (a second-hand AHTS vessel) was also added to the company's fleet after being delivered on 13 August 2024. These vessels are expected to start contributing from the fourth quarter onwards, further driving earnings growth. Overall, DCRs are projected to trend upward in the local OSV market, as supply remains tight while client demand continues to increase.
该集团于2024年7月3日交付了Keyfield Itqan（前称Belait Barakah），一艘239位乘客的住宿工作驳船。Keyfield Aulia（一艘二手的AHTS船只）也于2024年8月13日交付并加入公司的舰队。预计这些船只将从第四季度开始贡献，进一步推动收益增长。总的来说，随着供应持续紧缩，客户需求继续增加，本地OSV市场的DCR预计将呈上升趋势。
Kenanga maintains its earnings forecasts for Keyfield, a target price (TP) of RM3.18 and an OUTPERFORM call.
Kenanga维持对Keyfield的盈利预测，目标价（TP）为3.18令吉并给出OUTPERFORM看涨建议。
As at 10:30am Thursday, Keyfield's stock traded at RM2.40. (Stock updates from )
截至周四上午10:30，Keyfield的股票价格为2.40令吉。 （股票价格更新自 ）
