Malaysia's shipping industry has once again sent out a mayday, calling this time for a relief fund to help financially distressed companies, and a refinancing scheme to provide relief to affected shipowners.

Still reeling from the news that the P3 alliance will be dropping some services to its terminals, Westports Holdings is calling on the Malaysian government will build more roads and bridges in Port Klang and Pulau Indah, local media reports said.

Sarawak-based mainly domestic shipping firm Hubline has been approached to go into the offshore support vessels (OSV) business, according to local media reports.

Malaysian offshore support vessel (OSV) provider Icon Offshore Bhd plans to raise about MYR450m ($141.5m) from its initial public offering (IPO), targeted for next year, according to local media reports.

Malaysia's Alam Maritim has won a MYR39m ($12m) contract for the provision of underwater services for a local oil and gas company.

UMW Holdings has won a contract worth about $24m to supply a jack up drilling rig to Japan Vietnam Petroleum Company (JVPC).

Jumbo has secured a contract from Sigur Ros, a Malaysian pipelaying firm, to transport and install 126 gravity anchor assemblies at the start of next year.

Mostly state-linked funds will come in to bolster the initial public offering (IPO) of Malaysia's busiest container terminal operator Westports Holdings Bhd, as its $610m listing is hit by poor market sentiment.

Port Klang terminal operator Northports needs to raise MYR1bn ($299m) for its expansion, and is deciding between going to the stock market or using islamic bonds or sukuk, ceo Abi Sofian Abdul Hamid was quoted as saying by local media.

Kuantan Port will become known as Malaysia's Eastern Gateway, and offering the most direct route between Malaysia and China, will boost bilateral trade and investment with China when its expansion is complete, according to local media reports.