September 20th, 20190Robert Kuok’s Singapore-listed PACC Offshore Services Holdings (POSH) could be hit with an impairment charge of up to $42m, following the default of its 50%-owned joint venture on $27.6m worth of debt. The joint venture is POSH Terasea, which the company operates with troubled Ezion Holdings as well as Seabridge Marine...
September 20th, 20190Singapore-headquartered ship management firm Synergy Group has opened a new office in Copenhagen. The office is Synergy’s 13th worldwide, and will be headed by Rune Zeuthen. Zeuthen moves from Teekay, and his career includes stints at Maersk, Topaz Energy, Gulf Navigation and Clarksons. Rajesh Unni, CEO and founder of Synergy...
September 18th, 20190Indonesian coal shipping and logistics company Pelita Samudera Shipping (PSS) has grown its fleet to a total of six bulkers with the acquisition of 2008-built handysize bulker . PSS has paid Singapore's IMC $7.525m for the vessel, settling 20% of the amount in cash and the remaining 80% in PSS shares. VesselsValue places a market...
September 16th, 20190Peter Weernink has bought out his old company, SwissMarine, with a little help from John Fredriksen. Weernink, who quit SwissMarine to set up his own Singapore Marine business from the ski resort of Verbier this year, has bought out his old company. "This acquisition will significantly accelerate the growth of Singapore Marine with...
September 16th, 20190The Maritime and Port Authority of Singapore (MPA) yesterday issued a reduced visibility warning to ships, as farmers slash and burn vast chunks of forest in neighbouring Indonesia creating significant haze around Southeast Asia. “During periods of restricted visibility, shipmasters are advised to keep a proper lookout and navigate...
September 13th, 20190Physical premiums in Singapore continue to be extremely strong leaving many owners searching for alternate options. The graph below illustrates the trend of HSFO in Singapore versus a basket of nearby major ports. Perhaps it was the jubilation of their National Day because since August 9, Singapore has been steadily rising and is now...
September 12th, 20190Singapore-headquartered offshore marine company PACC Offshore Services Holdings (Posh) has sealed a ship management agreement with asset management company Ocean Challenger, part of Chinese shipbuilder CIMC, for 2012-built semi-submersible crane vessel . Posh has already taken over management of the vessel, which is equipped with DP3...
September 12th, 20190Singapore’s Kim Heng Offshore & Marine Holdings has secured a horizontal directional drilling (HDD) contract, via subsidiary Kim Heng Marine & Oilfield, from a repeat customer. The new contract is set to commence this month, and its part of Kim Heng’s move into the renewable energy services for shallow water subsea cable...
September 11th, 20190Omegra was conceived in 2013 in Singapore as an independent dry bulk shipping company sitting alongside sister company and commodity trading house, Enerfo. From the outset, the aim was to be nimble, snatching opportunities in what has been an incredibly volatile market this decade. “For any operator, success derives from the...
September 9th, 20190Hutchison Port Holdings Trust is to be booted from Singapore’s Straits Times Index after its market value slumped dramatically.
One of the biggest IPOs in Singapore back in 2011, the south China boxport offering has seen its market cap slide 84% since then to become the lowest among the 30 constituents of the Straits Times...
