In February 2026, Nam Cheong Limited announced that it had won a new shipbuilding contract. The last time it made such an announcement was more than 10 years ago. The deal – US$64.5 million for four ships commissioned by a UAE-based energy logistics company – was notable for its size, but it also signaled something else. The Sarawak-based offshore support vessel (OSV) builder was going through the most brutal recession in the history of its industry. It had restructured its loans, let employees go, and even threatened customers with default and legal action. Despite all this, it survived. For retail investors who have followed Nam Cheong’s journey over those years, the contract announcement must have been a long-awaited sign. Yet CEO Leong Seng Keat is careful not to focus too much on any one data point. This also includes the ongoing surge in oil prices between America-Israel-Iran.…
