Battered offshore supply vessel (OSV) shipbuilder Nam Cheong is looking forward to emerging from its long period of financial troubles with the successful approval and sanction of its scheme of arrangement as well as a proposed rights issue that will help to ease its cash crunch as well as position well for a recovery and future growth in oil and gas business.
Predictably, the sights of the new Malaysian government’s crackdown on expenditure have now fallen on the Carey Island project, which has been previously linked with Chinese interests.
Port users at Malaysia's Port Klang’s will get a six-month reprieve as the government deferred the planned 15% tariff hike from September 1 this year to March 1, 2019.
Bungling pirates attacked a tanker off Malaysia last month to steal its oil cargo only to find the vessel was empty and were later arrested by the authorities.
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.