Five crew members of a Dominican-registered dredger were missing after a collision with an Indonesian-registered tanker in Singapore's territorial waters on Wednesday, Singapore's Marine Port Authority (MPA) said. The collision involved the Dominican-flagged dredger JBB DE RONG 19 and the Indonesian-flagged tanker Kartika Segara and occurred at 12:40 a.m. (Singapore time) on … [Read more...]
From Worst to Best: A Shipbuilder’s Fortunes Turn Around
By Krystal Chia and Livia Yap (Bloomberg) -- A recovery in demand for new bulk carriers has helped Singapore’s worst-performing stock in 2016 become its best this year. Yangzijiang Shipbuilding Holdings Ltd., which specializes in dry-bulk carriers, has rallied 83 percent in 2017 to lead the benchmark Straits Times Index. The Chinese shipbuilding firm has made a comeback … [Read more...]
Sembcorp Marine Q1 Profit Drops as Rig Orders Slow Down
SINGAPORE, April 27 (Reuters) - Singapore's Sembcorp Marine Ltd (Sembmarine) posted a 28 percent drop in its first-quarter profit as rig orders slowed and customers delayed taking deliveries. Sembmarine reported a profit of S$39.5 million ($28 million)for the three months ended March, compared with S$54.8 million a year earlier. The company, majority owned by industrial … [Read more...]
Singapore Efficiency Even Extends to Its Bankruptcy Laws
By Christopher Langner (Bloomberg Gadfly) -- When it comes to matters legal or bureaucratic, Singapore is swift to act. Bankruptcy, sometimes, can be even faster. Ezra Holdings Ltd., a Singapore publicly traded oil services group, and two of its affiliates, Ezra Marine Services Pte and EMAS IT Solutions Pte, filed for Chapter 11 protection over the weekend in a U.S. … [Read more...]
Ezra Bankruptcy Adds to Singapore’s Sorry Offshore Marine Story
By Aradhana Aravindan and Anshuman Daga SINGAPORE, March 20 (Reuters) - Oilfield services provider Ezra Holdings Ltd's decision to file for U.S. bankruptcy protection gave investors another cause for concern on Monday as its downfall added to troubles in Singapore's offshore marine sector. Ezra is one of several marine firms hit by a downturn in oil prices since 2014 that … [Read more...]
Bankrupt: Singapore’s Ezra Holdings Files Chapter 11
by Tom Hals (Bloomberg) Oilfield services firm Ezra Holdings Ltd (EZRA.SI) of Singapore filed for U.S. Chapter 11 bankruptcy on Saturday, blaming a prolonged slump in the energy industry. The company had been trying to restructure and said in February it faced a "going concern issue" if it did achieve a favorable outcome. Ezra is one of several Singapore offshore and … [Read more...]
Singapore’s Stock Rally Looks to Be Floating on Foam
By Christopher Langner (Bloomberg Gadfly) -- Read the shipping and offshore oil industry news in Singapore and you'd be forgiven for imagining the country's stock market must also be in the doldrums. A string of restructuring and bankruptcy proceedings was capped last week with reports that distress at oil-services company Ezra Holdings Ltd. has deepened. Ezion Holdings … [Read more...]