It is also reviewing the addition of two more ships in support of the same project.

The total contract value is around $8m for 10 vessels, with an average charter period of 4.5 months per unit.

Five of the vessels provided by Atlantic Navigation are from its owned fleet, while the remaining three are chartered from third parties.

Wong Siew Cheong, the company’s chairman, said: “Our effort has led us to secure up to 10 vessels of the 12 required for the project.

“Whilst