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The Edge Daily News

25 Jun 2008

Scomi Marine to Operate Tankers in Vietnam

Scomi Marine plans to jointly operate five clean product tankers with its Vietnamese partner over the next three years as part of the company’s strategy to increase the revenue contribution of its offshore support services arm, reports said. Scomi Marine has a 20% stake in Southern Petroleum Transportation Joint Stock Company (PV Trans Petro), the prospective main clean petrol product transporter for PetroVietnam’s proposed refineries.    Source:  Edge Daily

21 Aug 2007

Star Cruises Unit Sells $1b Stake to Apollo

Star Cruises Ltd unit NCL Corporation Ltd (NCL) is selling a 50 percent stake to a global private equity group, Apollo Management LP, for $1b. Star Cruises said the proceeds of the Apollo investment would be used to refinance existing NCL indebtedness, greatly increasing the liquidity available to fund a continuation of the dramatic new shipbuilding program. Under the agreement, Star Cruises and the New York-based Apollo — which manages more than $33b in funds — would each hold 50 percent of NCL. The transaction is expected to be completed early in the fourth quarter of 2007 and is subject to regulatory approval, Star Cruises’ shareholder approval, and Star Cruises and NCL lender consent. (Source:http://www.theedgedaily.com/)

29 Jan 2007

Fabricators in Danger of Losing Out on Oil Rig Boom

According to the Edge Daily, Malaysia oil rig fabricators need to upgrade their services and technology or lose out on fast-growing global demand for shallow, deep-water and ultra-deep oil rigs, an industry researcher said. The industry estimates expect some 15 new rigs and 70 platforms to be installed in the next five years alone to cater to the Malaysian deepwater sector, according to Maritime Institute of Malaysia (MIMA) research. The major local players are MISC Bhd subsidiary Malaysia Marine & Heavy Engineering Sdn Bhd (MMHE), Sime Darby Bhd subsidiary Sime Darby Engineering Sdn Bhd, Muhibbah Engineering (M) Bhd and Ramunia Holdings Bhd. Source: The Edge Daily

07 Nov 2006

Tanjung Offshore Signs Contract with Boustead Naval Shipyard

Tanjung Offshore Bhd's unit Tanjung Kapal Services Sdn Bhd has awarded shipbuilding contract to Boustead Naval Shipyard Sdn Bhd for an anchor-handling tug and supply vessel, according to a report on www.theedgedaily.com. It said that the construction of the vessel would be financed by internal funds and borrowings. Completion of the vessel is expected to be the third quarter of 2008. The company said the 60-m vessel would be able to perform as a safety vessel for offshore drilling and workover rigs on 24 hours a day basis. (Source: www.theedgedaily.com)

20 Apr 2006

MISC Orders Chemical Tankers

According to The Edge Daily, MISC Bhd ordered four new chemical tankers from South Korea's STX Shipbuilding Co, for delivery in 2009. MISC gave no value for the orders. MISC, which is 62%-owned by state energy firm Petronas, said the tankers would have a gross weight of 38,000 deadweight tonnes each. MISC currently has a fleet of 108 vessels, including 18 chemical tankers. (Source: The Edge Daily)

29 Dec 2005

MISC Signs Charter with Yemen LNG

MISC Bhd has secured two long-term charters for its LNG carriers with Yemen LNG Company (YLNG) for the transportation of the commodity from Yemen to the US and Mexico, according to a report on www.theedgedaily.com. Under the charter party agreement, MISC will provide two 157,000 cu. m. LNG carriers to YLNG for the shipment of LNG from Balhaf in Yemen to Total Gas & Power Ltd facilities at Sabine Pass, Louisiana and Altamira in Mexico. The duration of the charter parties is 20 years each with the option to extend for one plus five, plus five years (1+5+5 years), MISC said in a statement. The LNG carriers under construction in Japan now were scheduled to be delivered in the first quarter of 2009 and start operations between April and September the same year.

23 May 2006

Sumatec Buys Two Tankers

Sumatec Resources Bhd has ordered two units of 8,000 dwt double-hull product oil tanker from a Chinese shipyard for $11.6 million each. In a statement to Bursa Malaysia on May 22, Sumatec said it had entered into a letter of intent (LOI) with Yangzhou Kejin Shipyard Co Ltd and Jiangsu Guotai International Group Textile Imp & Exp Co Ltd for the purchase of the tankers to serve contracts from oil majors. The first tanker would be delivered by Dec 15, 2007 and the second would in March 2008. Funding for both vessels is from internal sources and bank borrowings. The company added that it had received a letter of intent from a Malaysian oil company to charter both vessels for up to 10 years. (Source: The Edge Daily)