HOMEGROWN marine products distributor Xin Min Hua now aims to double its revenue to more than $120 million within five years thanks to a new exclusive distributorship from Mitsubishi Heavy Industries.

Plans are also afoot to jointly set up a new manufacturing facility in Singapore, as the E50 award winner hopes to capture 15 per cent of the marine & offshore market in Asia in the long term.

'There is a huge market potential for marine engines in Asia, especially in Singapore due to the community presence of vessel owners, builders, agents, brokers and marine supporting companies,' said Elvin Tan, managing director of Xin Min Hua.

The company is now in talks with Mitsubishi to explore the set up of a new production facility, while there are plans to set up a training school for its engineers to raise the company's technical capability.

Yesterday, Xin Min Hua also unveiled its new 'Integrated Propulsion System' product which comprises a medium to high-speed engine, controllable pitch propeller, modular gearbox and additional specialised pump linked to an electronic control system.

Clients can 'mix-and-match' the entire system using components from different brands to tailor-fit to their budget and system needs.

With flexibility of choice, they can choose a medium or high-speed (ranging from 1,000 horsepower to 4,000 horsepower) engine fitted with top quality components from Japan and Europe or competitively priced parts.

Customers save time and money from having to deal with interface problems between the different components and the engine, and the hassle of having to liaise with multiple vendors.