Malaysia’s Alam Maritim is taking drastic measures to stem losses and keep itself viable amid the prolonged slump in the oil and gas (O&G) market, with plans to halve its fleet size as it predicts continued difficult conditions.
The shock victory by the Malaysian opposition Pakatan Harapan in the country’s General Election on Wednesday have put a question mark over Belt and Road Initiative projects with China in the Southeast Asian nation.
As the container port industry in Asia develops rapidly, some of the opportunities may be in unexpected places and some port operators could benefit from a refocussing of their ambitions.
Apparently in response to market demand, the end of 2017 and the first couple of weeks of the year have seen the launch of a flurry of new and enhanced services from several key lines on intra-Asia and China-Southeast and South Asia routes in particular.
Despite the challenging state the Malaysian maritime industry is currently in, players still see opportunities ahead, especially in the Asean market and even further afield.
Regional Container Lines (RCL) is splitting its service from Singapore to Palembang and Pasir Gudang into two increasing the frequency of calls.
Wilhelmsen Ship Management (WSM) is relocated its global headquarters from the Malaysian capital of Kuala Lumpur to neighbouring Singapore.