The removal of Malaysia's 30-year-old cabotage policy for Sabah, Sarawak and Labuan has been slammed by local shipping lines as disastrous for the industry and a political tool to gain votes while likely to have little effect on its stated purpose of reducing the high cost of consumer goods in the three territories to the east of Peninsular Malaysia.
Malaysia's resource-rich eastern states seem to be getting more assertive in taking control of their oil and gas resources, with local media reporting that Sarawak's state government is planning to establish a state-owned offshore oil and gas exploration company in order to participate in the industry.
Container line Orient Overseas Container Line (OOCL) has enhanced its intra-Asia network with the introduction of two new services, namely the Indonesia Thailand Straits Service (ITS) and Vietnam Johor Straits Service (VJS).
Sabah's Suria Capital Holdings is on track with its expansion programme, which will start next year, at Sapangar Bay Container Port (SBCT), and is expected to be completed by 2023, while also trying to update port tariffs to contemporary levels, local media reported.
Malaysian offshore marine support services provider Perdana Petroleum aims to be re-listed on the Malaysian stock exchange by mid-August.
Malaysia’s UMW Oil and Gas (UMW-OG) is putting in all efforts to return to the black this year and aims to strengthen its financials, maximise rig utilisation and get better day rates, president Rohaizad Darus was quoted as saying in local media.
Yinson Holdings said its FPSO unit has produced first oil in record time-to-market for its client in Ghana.