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Singapore Ltd News

22 Aug 2019

SMD on Digitalisation in the Maritime Industry

300 students from Institute of Technical Education, junior colleges, polytechnics, and universities participated in the 6th edition of the Singapore Maritime Dialogue (SMD), which featured a lively panel discussion on the theme of ‘Maritime Singapore in the Age of Digitization’.The group exchanged views on the digital revolution taking place in the maritime industry with invited panelists comprising Guest-of-Honour, Dr Lam Pin Min, Senior Minister of State for Ministry of Transport and Health; Mr John Hahn, CEO and Co-Founder of Ocean Freight Exchange; Mr Richard Koh, Chief Technology Officer of Microsoft Singapore; and Ms Melissa Kee, Chief Human Resources Officer of Kuok Singapore Ltd.

03 Apr 2018

Maybulk to Sell its Stake in POSH

Malaysian Bulk Carriers Bhd (Maybulk) plans to sell its entire 21.23% stake in Singapore-listed PACC Offshore Services Holdings Ltd (POSH) to its own shareholders, reported The Star. According to the report, Maybulk seeks to raise cash to pay for new vessels and cut down its debts. It also seeks to raise funds to strengthen its future operations in the dry bulk sector. Maybulk said the proposed disposal will enable the group to focus on its core business activity in the dry bulk sector. POSH is involved in offshore marine support services. Kuok (Singapore) Ltd is its largest shareholder with a 60.3% stake. The stake will be sold to its shareholders via a renounceable restricted offer for sale (ROS) exercise involving up to 386.39 million POSH shares, said a report.

25 Oct 2016

Sembcorp Marine Swings to Loss in Q3

Photo: Sembcorp Marine

Singapore's Sembcorp Marine Ltd swung to a loss in the third quarter and the rig builder's revenue was hurt by customers deferring rig deliveries amid a protracted downturn in the oil and natural gas market. The company posted a net loss of S$21.8 million ($15.7 million) for the three months ended Sept. 30, compared with a net profit of S$32.1 million a year ago. It said the bottomline was hurt by higher financing costs, share of losses from associates and foreign exchange impact. The company, majority-owned by industrial conglomerate Sembcorp Industries Ltd, said revenue dropped 21 percent.

20 Oct 2016

Rickmers’ Investors Demand Prompt Bond Repayment

Singapore-based shipping trust Rickmers Maritime announced that it has already received a letter from lawyers representing a group of bondholders demanding for the immediate payment of their share of  bonds, reports Bloomberg. The development comes after some holders of the firm’s S$100 million ($72 million) of 8.45 percent notes due in May 2017 sought accelerated repayment last month, as the operator of container ships proposed a debt restructuring plan to help avoid potential liquidation or judicial management. The letter said that the trustee DB International Trust (Singapore) Ltd. has “failed to institute any action against the issuer,” according to a statement Thursday from Rickmers. The letter said that the notes trustee DB International Trust (Singapore) LTd.

15 Feb 2016

Sembcorp Marine posts first Quarterly Loss.

Posts S$535 mln loss vs year ago profit; net order book backlog at S$10.4 billion. Singaporean rig builder Sembcorp Marine Ltd posted its first quarterly loss, hit by writedowns and project delays by its key customers, underscoring the strain caused by plunging crude oil prices. The company also warned that it expects the downtrend to last longer than previous cycles as Singapore's $10 billion rig building industry faces cancellations and a dearth of new orders. For the fourth quarter, Sembcorp posted a S$535.2 million ($383 million) attributable loss, excluding non-operating items, compared with a profit S$174 million for the same year ago period. It said fourth-quarter net profit would have been S$99 million before impairments and provisions and losses from associates and joint ventures.

19 Jan 2016

Mercator Exists Dry Bulk, Divests Fleet

As a part of an ongoing portfolio restructuring exercise following booking of losses for three years in a row, Mercator Limited has decided to exit dry bulk business carried on by its arm Mercator Lines(Singapore) Ltd(MLS). Mercator has 11 bulkers in its fleet, ranging between 70,000 and 92,50 dwt built from 2001 to 2010. The Board of Directors of the company in a meeting have  approved to stake sale proposal and a sole placement agreement has been appointed to identify the prospective investor/buyer for the sale of entire stake in Singapore Stock Exchange listed  MLS. The bulk carriers business has been the worst affected by the downturn in the shipping cycle with the Baltic Dry Freight having collapsed from a level of 11…

16 Jun 2015

Cosco Bags Research Ship Order

Cosco (Guangdong) Shipyard secured a contract worth over 129 million yuan ($20.8m) to build one research vessel, to be delivered in the fourth quarter of 2017.   The contract will become effective upon the receipt of letter of guarantee from the shipyard's bank.    Cosco (Guangdong) Shipyard is a subsidiary of Cosco Corporation (Singapore) Ltd's 51 per cent-owned subsidiary, Cosco Shipyard Group.   The contract is not expected to have a material impact on the net tangible assets and earnings per share of Cosco Corporation (Singapore) for the year ending Dec 31, 2015.   Cosco Guangdong Shipyard received its first ever research vessel conversion contract from Guangzhou Geological Survey at the end of May.

30 Apr 2015

COSCO Q1 Profit Sinks on Shipyard, Shipping Weakness

COSCO Corporation Singapore Ltd, part of one of China's largest shipbuilding groups, said its first-quarter net profit dropped 94 percent year-on-year to S$766,000 ($579,600) on weak performance in shipyard and bulk shipping businesses. COSCO Corp, a Singapore-listed subsidiary of Chinese state-owned maritime conglomerate China Ocean Shipping (Group) Company, posted a revenue of S$991.2 million ($750 million), down 4.6 percent on the year. ($1 = 1.3216 Singapore dollars) (Reporting by Rujun Shen

24 Feb 2014

COSCO 2013 Net Profit Falls 71%

Chinese shipbuilder COSCO Corp (Singapore) Ltd on Monday reported a 71 percent fall in full-year 2013 net profit, due to lower profit contributions from ship building and marine engineering segments. COSCO Corp, a subsidiary of state-owned maritime industry giant China Ocean Shipping (Group) Co, said its full-year net profit stood at S$30.6 million ($24.14 million), below the Thomson Reuters SmartEstimate of S$43.78 million. The company did not state its fourth-quarter results. In the first nine months of the year, its net profit slumped 68 percent to S$26 million. The shipbuilder said its order book was at $7.8 billion, up from $7.2 billion a quarter earlier. ($1 = 1.2676 Singapore dollars) (Reporting by Rujun Shen; Editing by Matt Driskill)

18 Oct 2013

COSCO Shipbuilders Deliver Vessel, Contracts for Two More

COSCO Corp. (Singapore) Ltd. announce a newbuilding delivery by its Guangdong shipyard, and contracts for its Nantong and Dalian subsidiary shipyards also in China as follows: COSCO (Guangdong) Shipyard has delivered a 4500m2 Livestock Carrier, “Galloway Express” to its European buyer. The vessel is 134.80 meters in LOA 19.60 meters in breadth and 9.6 meters in depth. COSCO (Nantong) Shipyard has been contracted for a conversion valued at over USD 170 million of a semi-completed hull to high-end floating accommodation unit.The unit is scheduled for delivery in 24 months. COSCO (Dalian) Shipyard has secured a contract valued over USD180 million from an Asian company to build a Jackup drilling rig scheduled for delivery in the 3rd quarter of 2015.

20 Jun 2012

Chinese Shipyard Terminates Greek Contract

Yangzijiang Shipbuilding (Holdings) Ltd has terminated a contract with Greek shipowner FreeSeas Ltd after it failed to make payments The cancelled contract was for Yangzijiang to build two bulk carriers for FreeSeas, an external spokeswoman for the Chinese shipbuilder told Reuters. Although the orders from FreeSeas account for only 1 percent of Yangzijiang's $4.5 billion order book, "the cancellation will still be negative on sentiment as this is Yangzijiang's first contract cancellation on default," said DBS Vickers in a report. It added that among the Singapore-listed shipyards, COSCO Corp Singapore Ltd has the highest exposure to Greece and Europe, with more than 60 percent of its order book from the region, while Yangzijiang will be the least affected among Chinese yards.

03 Nov 2008

Singapore –Bunker Insurance

Singapore –Bunker Insurance The Singapore Maritime and Port Authority (MPA) issued a circular providing the names of additional insurers and underwriters that it has accepted for purposes of issuing Bunker Convention Certificates. The insurers and underwriters include: ·         QBE Insurance (International) Limited ·         British Marine Luxembourg S.A. ·         Navigators Insurance Company ·         Tokio Marine & Nichido Fire Insurance Co., Ltd. ·         Tokio Marine Insurance Singapore Ltd. ·         China Shipowners Mutual Assurance Association ·         The Korea Shipowner's Mutual Protection & Indemnity Association (www.mpa.gov.sg)

01 May 2008

Cosco to Grow Offshore and Shipbuilding Business

Cosco Corp. Singapore Ltd. aims to draw one third of its business each from ship repairs and conversion, new shipbuilding and offshore marine engineering services. The three key businesses contribute $481.2m or 91 percent of the company's $528.8m revenue during the January to March quarter, Energy Current reported. Of the total revenue from the three key business segments, 21 per cent comes from ship repairs contracts, half of its 42 per cent share last year. The smaller revenue share from ship repairs business is in line with Cosco's move to secure higher value contracts in new shipbuilding and offshore marine engineering services, Cosco Vice Chairman and President Ji Hai Sheng said during a press briefing in .

19 Feb 2008

Pipavav Shipyard in Talks to Set Up Diesel Engines Factory

India’s newest private shipbuilding firm,Pipavav Shipyard Ltd, is the latest in a growing list of firms looking to enter the business of making diesel ship engines in an attempt to meet growing demand for these in India and in other parts of the world, and is talking to two multinational firms for a partnership. Last week, Pipavav Shipyard started work on the first four of 26 Panamax bulk carriers that have been ordered by Norwegian, French and Greek fleetowners for a total of $1.1 billion (Rs4,360 crore). The contract makes Pipavav the world’s second biggest Panamax size shipbuilder by order size after Japan’s dry bulk cargo shipbuilding specialist Oshima Shipbuilding Co. Ltd.

24 Jan 2008

Cosco Shipbuilding on the Rise

Cosco Corp. Singapore Ltd., the shipbuilding and repair unit of China's shipping line, rose in the stock market after it won orders totaling $422 million to convert and build tankers, according to a Bloomberg report. A Norwegian customer reportedly placed the order to build two shuttle tankers, scheduled for delivery in 2010 and 2011.

03 May 2002

Wärtsilä Reports 1Q Results

Wärtsilä's reported that net sales for the first quarter increased 17 percent to EUR 580.9 (497.4) million, despite a weakening of the global marine market and nearly non-existent containership business. After the close of the period Wärtsilä paid approximately EUR 350 million for the acquisition of John Crane-Lips. during the first months of the year. quarter in 2001. Demand was most active for tankers and bulk carriers. The containership market has all but halted. John Crane-Lips became part of Wärtsilä on April 15, 2002. global ship power supplier. April 1. The company gained a significant order for dual-fuel engines in April. Gaz de France. The vessel is the first in the world to deploy a propulsion system based on diesel technology.

20 May 2002

Wärtsilä Acquires Engine Repair and Reconditioning Business

Wärtsilä entered into an agreement to acquire the engine repair and reconditioning business from Metalock Singapore Ltd., at the beginning of the year. This deal has now received the requisite approval of the company's shareholders and authorities. The business will be consolidated in Wärtsilä effective May 20, 2002. The acquisition price is approximately $4.9 million. The business has an annual net sales of $8 million and 87 employees. The acquired business will be called Ciserv Singapore Pte Ltd and it is located in Singapore. It will specialize in repairing and reconditioning marine engines, focusing in particular on low-speed engines in the South East Asian region. Wärtsilä Singapore provides other maintenance services for Wärtsilä's marine and power plant customers.

12 Feb 2001

COSCO Investment Seeks New Opportunities

COSCO Investment (Singapore) Ltd. is looking at opportunities to invest in the shipping business in China and in Southeast Asia. These opportunities involve "outright purchase or co-investment," COSCO said. It noted that it had already located potential targets and started negotiations with relevant parties in China, but no final agreements have been reached. "It is intended that investments in shipping-related businesses in China will form a very significant part of COSCO Investment's business in the future," it said. The group said it would continue to expand its core dry bulk shipping business, and was close to reaching an agreement to sign contracts to take delivery of another two new ships in April and August.

15 Nov 2007

Golden Ocean Resells Six Bulk Carriers

A multinational shipping firm that has signed a deal to have its ships built at an Indian shipyard, which is still under construction, has already sold the ships, an indication of growing demand for ocean-going vessels. This is the first time such a thing is happening at an Indian shipyard. The yard, Pipavav Shipyard Ltd, is under construction and will not start building ships before February 2008. On 19 March, the Bermuda-based Golden Ocean Group Ltd.—the dry bulk cargo ship operating firm controlled by Norwegian shipping tycoon John Fredriksen—had placed orders with Pipavav Shipyard to build four Panamax bulk carriers, each with a cargo carrying capacity of 75,000 tonnes. The agreed price of each vessel was $35.5m. The company also placed an "optional" order for two more Panamax vessels.

28 Mar 2006

COSCO Singapore Sells Four Vessels For $34M

COSCO Corp. (Singapore) Ltd. has sold four of its older vessels for $34 million as part of an ongoing fleet renewal exercise and will realize a profit of about $14.2 million from the sale, the Singapore-listed Chinese shipping and ship-repair company said Tuesday. The vessels were sold at around their assessed values to sister companies Shenzhen Ocean Shipping Co. Ltd. and COSCO International Trading Co. COSCO Singapore also said it took delivery of M/V COS Prosperity, a new dry bulk carrier, on Tuesday. The vessel had been due in the third quarter of 2006. Source: Dow Jones

18 Jun 2001

NOL To Raise $300M

Singapore's Neptune Orient Lines Ltd. launched an issue of seven-year notes totaling $300 million after setting up a $1 billion medium-term note (MTN) program for up to 10 years. The shipping group, which owns container group APL, said in a statement the funds raised would be used for expansion and to refinance existing borrowings. The issue, with a coupon of 4.09 percent per year, is arranged by OCBC Bank, Overseas Union Bank, Societe Generale Asia (Singapore) Ltd and Standard Chartered Bank. "The arrangement not only meets our current requirements, it allows us to access further funds sometime in the future if we choose," said Lim How Teck, NOL's chief financial officer. "We consider this is good timing because interest rates are currently very low.

15 Feb 2002

Wärtsilä Acquires Reconditioning Business from Metalock

Wärtsilä will acquire the engine reconditioning business from Metalock (Singapore) Ltd. The acquisition will consist of the marine engine repair and recondition business and the workshop. Wärtsilä will pay a consideration of $ 4.7 million for the acquisition. The sales volume of the acquired business is $7.7 million and number of employees is 87. The focus of the acquired business is on marine engine reconditioning, with the special know how in low speed engines. The workshop is located in Singapore. "We will now have a possibility to provide also recondition service for our customers in South East Asia region, the service which we earlier didn´t have in-house", says Jukka Murtoaro, Managing Director of Wärtsilä Singapore.

24 Apr 2001

Pacific Carriers Is Propositioned by Hovert Investments

Hovert Investments Pte Ltd, a unit of Kuok (Singapore) Ltd, has made an unconditional offer for the shares of shipping company Pacific Carriers Ltd. Hovert accumulated a controlling stake of 56.56 percent on Friday, paying an offer price of S$1.25 per share for 152.7 million shares and an enhanced offer price of S$1.40 per share for 16.8 million shares at the close of business. Although the unconditional offer was at S$1.25 per share, Hovert paid $1.40 per share for the stake of shareholders "presumed to be acting in concert with the offerer" in its takeover bid for PCL.