Shipping Industry Faces Shake Up
As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry. Private equity invested tens of billions in global shipping after the 2008 financial crisis, but weaker Chinese demand and an oversupply of ships has driven down freight rates and caused firms to idle vessels and in some cases file for bankruptcy. At least five private-equity backed shipping firms are seeking share listings…
Miclyn Express Offshore Takes Delivery of MSV
Miclyn Express Offshore takes delivery of 2011 built 70m Maintenance Support Vessel, renamed “MEO Galaxy”. Headquartered in Singapore Miclyn Express Offshore group of companies is a leading provider of service vessels to the expanding offshore oil and gas industry, across South East Asia, Australia and the Middle East. MEO Galaxy is an ideal vessel to provide support for platform maintenance, as well as HUC operations. The fully SPS compliant vessel is capable of carrying 150 persons and is fitted with a 4 point mooring system…
Thai Offshore Supplier Gets Chevron Contract
The 3 year firm contract with plus 2 x 1 year extension options is to provide coil tubing marine support services to Chevron`s production activities in the Gulf of Thailand. Uniwise Offshore will purchase a Platform Supply Vessel currently under construction in a Chinese Shipyard, to fulfil the service requirements. The vessel will commence operation in October 2012. The new contract is a continuation of a long standing relationship with Chevron in the region. CEO Diederik de Boer said, “This new vessel represents our sixth Offshore Service Vessel servicing Chevron in the Gulf of Thailand. We have been able to leverage off our strong operating track record in Crew/Utility Vessels to further increase our exposure to Chevron’s OSV operations.
