Singapore's Labroy Marine has spent S$8.2 million (about HK36.3 million) of the proceeds from a warrant issue to buy a general cargo vessel, building its fleet to five general cargo vessels.

Of the remaining proceeds from the issue, which was announced in September last year, the company said $9 million has been used to finance a floating dock, $9 million to refinance long-term bank loans and the remaining $41.2 million to finance and refinance two livestock carriers, one product tanker and several tugs and barges.