News

Pengerang Terminal Phase 2 goes ahead with new shareholder

Pengerang Terminal Phase 2 goes ahead with new shareholder

Kuala Lumpur: Petronas subsidiary PRPC Utilities and Facilities (PRPCUF) has become majority shareholder in the special purpose vehicle (SPV) that will develop, construct and operate Pengerang Terminals (Two) (PT-2) in Johor, Malaysia. The company signed a shareholders agreement on December 19 with Dialog Group’s subsidiary Dialog Equity (Two) and Vopak Terminal Pengerang, the two existing partners in the PT-2 SPV.

PaxOcean buys CSS Derwent in Hallin Marine settlement

PaxOcean buys CSS Derwent in Hallin Marine settlementSingapore: Shipyard PaxOcean has bought the compact semi-submersible (CSS) Derwent after Hallin Marine cancelled its shipbuilding contract with the yard. The two companies reached an “amicable settlement” November 11, PaxOcean...

WSS hires new HR director for Asia Pacific

WSS hires new HR director for Asia PacificSingapore: Adrian Lau has been appointed regional human resources and organisation development director, Asia Pacific, for Wilhelmsen Ships Service (WSS). Lau will focus on “driving the company’s performance culture, talent ma...

PSA, Mitsui and NYK to operate new Jakarta terminal

PSA, Mitsui and NYK to operate new Jakarta terminal Jakarta: A Japanese-Singaporean consortium has been given the go ahead to build a new terminal in the Indonesian capital. PT Pelabuhan Indonesia II (IPC), Mitsui & Co, shipping line Nippon Yusen Kaisha and Singapore port operator ...

Shipowners detail 2015 prospects

Shipowners detail 2015 prospectsSingapore: With less than two weeks till the end of the year our sister title Maritime CEO has raided its archives to present a unique review of the year from the viewpoint of many of the world’s top shipowners. The review looks at...

China to fund Thai rail port link

China to fund Thai rail port linkBangkok: China’s ongoing transport outreach to Southeast Asia continues. Today a memorandum of understanding was signed with Thailand to build dual-track railways. The two railways include a 734 km route linking Nong Khai, Nakh...

Japan to help in latest Malacca Strait survey

Japan to help in latest Malacca Strait survey Singapore: Japan and three Southeast Asian nations will jointly survey the Strait of Malacca for hazards to shipping next year. Indonesia, Malaysia and Singapore will map five priority locations in the congested channel. Japanese ...

Mermaid wins two-year charter for dive support vessel in Thailand

Mermaid wins two-year charter for dive support vessel in ThailandSingapore: Mermaid Maritime has won a $50m two-year contract for its dive support vessel, Mermaid Commander, which will be deployed on a subsea construction project in the Gulf of Thailand. The vessel will provide support for a re...

Damen to purchase Cam River Shipyard stake

Damen to purchase Cam River Shipyard stakeHo Chi Minh:The Dutch shipbuilding company, Damen Shipyard Group, intends to buy at least a 70% stake of the Cam River Shipbuilding Company, a subsidiary of Shipbuilding Industry Corporation (SBIC), formerly known as Vinashin. S...

Japan and Singapore collaborate on exhaust gas cleaning research

Japan and Singapore collaborate on exhaust gas cleaning researchSingapore: Japanese companies, Nippon Yusen Kabushiki Kaisha (NYK Line), Monohakobi Technology Institute, and ClassNK are now cooperating with Singapore-based Nanyang Technological University and Sembcorp Marine Technology to researc...

Beng Kuang Marine appoints new executive board member

Beng Kuang Marine appoints new executive board memberSingapore: Kwek Kok Beng has been named as a new non-executive director of Singapore-listed Beng Kuang Marine. Kwek has held the position of executive director, China shipyards for PaxOcean Engineering since July 2013.

Vard Vung Tau to build Farstad offshore subsea construction vessel

Singapore: Offshore shipbuilder Vard Holdings Limited has announced a contract to design and construct an offshore subsea construction vessel for Farstad Shipping at its Vung Tau shipyard in Vietnam. The vessel is a VARD 3 17, designed in close coop...

Nordic Maritime wins survey contract in Indonesia

Singapore: Singapore-based offshore operator, Nordic Maritime, has been awarded a contract to provide 2D seismic survey work in Indonesia for MultiClient Geophysical (MCG). This survey will be undertaken by the vessel S/V Nordic Bahari, is expecte...

Tan Cang-Hiep Phuoc port opens

Hanoi: Saigon Newport Corporation (SNP) has started operations at its brand new Tan Cang-Hiep Phuoc Port. The port lies on the Soai Rap Estuary and is aimed at reducing congestion at Cat Lai port.

PPA warns further port congestion

Manila: The Philippine Ports Authority (PPA) has urged importers to step up the pace of their container withdrawals at the two Manila ports, Manila International Container Terminal (MICT) and Manila South Harbor (MSH), to prevent further port congest...

Global Carriers delists from Bursa Exchange

Kuala Lumpur: Global Carriers will be delisted from Bursa Malaysia Securities on Friday, December 19. Bursa dismissed Global Carriers’ (GC) appeal for a time extension of up to June 2015 to submit its financial regularisation plan to the exchang...

Sinwa announces Schellenberger replacement

Singapore: Sinwa, one of Asia’s top ship chandlers, has appointed Alex van Zuijlen as group sales and marketing director. Van Zuijlen previously worked for Sinwa as marketing director from 2003 to 2011. He will take over from Peter Schellenberge...

Singapore-bound ex-cruise ship runs aground in Philippines

Singapore: Preparations are being made to salvage a 23,000-tonne Panama-flagged cruise ship that ran aground off General Santos City, Philippines, on Friday, the Philippines Coast Guard (PCG) says. The MV Victory Pacific was heading from Mexico Ci...

Coastal Contracts incorporates new Singapore subsidiary

Kuala Lumpur: Marine service provider Coastal Contracts has incorporated Coastal Drilling, a new subsidiary based in Singapore. Coastal Drilling will principally be a ship/rig owner and will provide ship/rig chartering services, Malaysia-listed Co...

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In Focus

Analyse this

Bei Hong reflects on a tough year for shipping analysts and wishes them well in the new world of industry consolidation

Analyse this

Another year draws to a close and with it, the percentage of years of my shipping career where markets can best be described as ‘disappointing’, sadly increases. This is no place to be conducting a ‘review’ of the past twelve months. December seems to bring about a host of such things, together with awards ceremonies, which this title has so far mercifully managed to shy away from. Back in the UK, the onset of the Christmas season is not heralded by an event with any religious significance, but by the annual Sports Personality of the Year television extravaganza, an event which more often than not proves that if you were blessed with great sporting talent, it invariably came at the expense of anything resembling a personality.

Personality is something which participants in the shipping industry have never been short of -- larger than life characters have dominated the business for years. Shipowners have always been prime tabloid fodder - Oslo, Greece and Hong Kong in particular have their share of tycoons who regularly appear on the social as well as the business pages, but recent years have seen the rise of the celebrity shipping analyst. They might not be making it on the social pages, but the rise of the shipping conference industry has seen analysts take on a much higher profile -- and 2014 probably wasn’t a great year for them.

Unless you subscribe to the conspiracy theory that the analysts were talking things up on instructions from their broking and investment banking colleagues who were acting on behalf of the ‘new money’ flooding in to the business (surely not?), then in the dry cargo market in particular, things didn’t go the way the analysts predicted. It was painful reading yet another ‘the upturn is just around the corner’ report as optimism for the second quarter petered out and the third quarter began to see a degree of panic set in, partially off-set by an autumn  ...   More>>