Discounting the short-term impact of major customer CMA CGM moving to Singapore as part of the container industry realignment, Malaysian Transport Minister Liow Tiong Lai believed that with two out of the three major alliances operating in Singapore, shipping lines would find it more challenging to operate there, especially on the transhipment trade, local media reported.
Malaysia’s Nam Cheong is proceeding to dispose of its corporate office property in Singapore so as to pay off an outstanding amount for the mortgage, in light of the company’s ongoing discussions on a proposed debt restructuring.
The port of Singapore has recorded a 10.1% spike in container handling volumes in August compared to the year-ago period, according to preliminary estimates from the Maritime and Port Authority of Singapore (MPA).
Baker Technology’s subsidiary and Point Hope have emerged as the ‘white knight’ investors for beleaguered EMAS Offshore Limited (EOL), which will receive a $50m investment from the investors.
Embattled EMAS Offshore Limited (EOL) and two of its wholly-owned subsidiaries have voluntarily filed a restructuring application to the High Court of Singapore, and entered into a binding term sheet with certain potential ‘White Knight’ investors as part of the financial restructuring.
Two bunker suppliers will be barred from operating in the port of Singapore as the authorities say they will not renew their license at the end of the month.
The Maritime & Port Authority of Singapore (MPA) and IBM have completed trials of the first three modules of a system using data analytics aimed at improving port volumes.