The Malaysian shipowner saidthe vessels involved included four utility tugs/vessels and one straight supplyvessel (SSV).
Alam said the contract for the SSV was for one-year effectivefrom August and three-years for the other four vessels effective September.
Despitethe contract extensions Alam has been downgraded from ‘buy’ to ‘hold’ at Malaysianinvestment bank RHB Research.
The research house said it was lowering its earningsestimates for 2014 and 2015 as the shipowner is expected to carry out a numberof drydockings in both years.
The Kuala Lumpur-listed company owns a 41 strong offshorefleet which is dominated by anchor handlers.
Alam secured charter contracts for its fleetworth around MYR 1.3bn in 2013, according to exchange filings.
