MARKET: Why Don’t OSVs Get Scrapped?
The OSV sector will be reliant on a hitherto unseen amount of scrapping to balance the market, writes Gregory Brown, Associate Director – Offshore, Maritime Strategies InternationalThere is a consensus that an OSV market recovery will only be driven a supply side rationalization. As well as a lack of newbuild activity, that rationalization will have to include unprecedented levels of scrapping in a market which has historically witnessed only limited levels of attrition.That limited level of attrition has several deep-seated roots…
Kim Heng Enters Taiwan’s OWP
Kim Heng Shipbuilding & Engineering (KHSE), wholly owned subsidiary of Kim Heng Offshore & Marine (KHOM), has entered into a Memorandum of Understanding (MoU) for offshore wind farm projects (OWP) in Taiwan.KHSE did not disclose the name of the other signatory.Singapore headquartered integrated offshore and marine value chain services provider said that its subsidiary and the unnamed subsea cable installer will collaborate with each other targeting the offshore wind farm cable-laying projects in Taiwan.Both companies have agreed to cooperate to pursue submarine cable-laying work for the Taiwan windfarm renewables projects and will work towards signing a formal contractual agreement.The company will make further announcements when there are material updates to the MOU and related matters…
Singapore's Offshore Industry Recovering
A big drag on Singapore's growth in recent years, the embattled offshore and marine industry, has broken a three-year losing streak. Yet industry executives aren't betting on a return to the glory days anytime soon.The industry, along with a top-class finance sector, has been a key pillar of Singapore's economic transformation into a first world economy since independence from British colonial rule in 1965 and a source of national pride. But a 2014 collapse in oil prices has resulted in thousands jobs lost…
Kim Heng Offshore Inks Pact with Iran Marine
The Singapore-based offshore services provider Kim Heng Offshore & Marine has signed a memorandum of understanding with the Iran Marine Fund (IMF)to provide its technical expertise and financing to Iranian offshore marine and oil & gas projects. Based on the MOU, which was signed by Mehrdad Mozaffari, the IMF managing director, and Tan Keng Hoe Melvin, the general manager for supply chain management in Kim Heng, on Monday, the Singaporean company agreed to provide a €400 million finance to develop Iran's marine industries in several phases. The memorandum of understanding entails Kim Heng will support the offshore sector in the following areas: shipbuilding…
Profile: Paul Wong and Yong Choo Kui: A Tug Building Team
In 2002 Managing Director Yong Choo Kui gained ISO9001 Quality Management Certification at the same time as the Yong Choo Kui (YCK) Shipyard celebrated its 25th anniversary. As the first shipyard in Sibu, Sarawak to gain this certification there is a great sense of pride in the continued in-house quality control as well as in meeting the demands of a wide range of international classification societies. In August the (Nippon Kaiji Kyokai) NK-classed tug Kim Heng 9 is being delivered to her Singaporean owners, Kim Heng Marine Pte. Ltd. Well equipped for harbor work, the 23.5 meter vessel is powered by a pair of six-cylinder Cummins KTA19M1 main engines each delivering 500 hp to open 62-in. propellers through Reintjes WAF264 marine gears.
