Coastal Contracts Reaches Vessel Agreements

By MarEx 2015-07-24 11:17:59

Coastal Contracts Bhd secured contracts valued at RM130 million (about $34,002,944 million) for the sale of two offshore support vessels (OSV) and six low-end vessels.

Coastal Contracts bagged these contracts through its wholly-owned subsidiaries, Coastal Offshore (Labuan), Thamaus Marine Ltd and Pleasant Engineering Sdn Bhd. All of the vessels are expected to be delivered in 2015 and should positively contribute to the company’s bottom line.

“The revenue stream from the latest contracts is expected to contribute positively to the earnings per share and net assets per share of Coastal Group for the financial year ending Dec 31, 2015,” Coastal Contracts said in a statement.

The netted contracts raise Coastal Contracts’ order book to about RM3.8 billion (about $9,880,000,000 billion). Vessel and rig sales constitute RM1.97 billion of their order book.

Coastal Contracts executive chairman Ng Chin Heng also said the lifting of US sanctions on Iran could benefit the company because some of its customers have strong relationships working with Iranian oil and gas companies. Post-sanction, Coastal Contracts believes Iran can create more opportunities in the OSV market.

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Scorpio sells final Dorian stake

NYSE-listed Scorpio Tankers has sold all of its remaining shares in Dorian LPG, a move viewed as a positive by analysts.
Scorpio disclosed on 24 July that it will sell 3,392,083 Dorian shares to Sino Energy Holdings for USD16.16/share. On 19 July Scorpio confirmed it was selling 6 million shares to
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U.S. Blacklists Singapore Shipping Firm

By MarEx 2015-07-24 10:08:51

The US blacklisted Senat, a Singapore shipping firm, Thursday. The US Department of the Treasury believes Senat Shipping is supporting illicit arms shipments to North Korea. The blacklisting freezes any US assets held by Senat and its president, Leonard Lai. Senat Shipping denies the allegations.

The Department of Treasury alleges that Senat supported the Ocean Maritime Management Company (OMMC) in arranging a shipment of arms on the Chong Chon Gang ship that was seized in Panama in 2013. OMMC is a North Korean firm already under US sanctions. The Chong Chon Gang was seized for transporting undeclared military equipment from Cuba to North Korea under a cargo of sugar.

According to US authorities, Senat arranged the purchase, repair, certification and crew for the OMMC. Senat released the following statement: “The US Treasury’s move to put Senat and Leonard Lai on the OFAC (Office of Foreign Assets Control) list is a misguided measure purely based on Senat’s historical dealings with OMM.”

Senat also contends that while they did have a relationship with North Korea in the past and did charter the Chong Chon Gang, the relationship was dissolved following the vessel’s seizure.

The Department of Treasury also alleges that OMMC operates through a variety of front companies and representative offices to evade sanctions.

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US Blacklists Singapore Shipping Firm

By MarEx 2015-07-24 10:08:51

The US blacklisted Senat, a Singapore shipping firm, Thursday. The US Department of the Treasury believes Senat Shipping is supporting illicit arms shipments to North Korea. The blacklisting freezes any US assets held by Senat and its president, Leonard Lai. Senat Shipping denies the allegations.

The Department of Treasury alleges that Senat supported the Ocean Maritime Management Company (OMMC) in arranging a shipment of arms on the Chong Chon Gang ship that was seized in Panama in 2013. OMMC is a North Korean firm already under US sanctions. The Chong Chon Gang was seized for transporting undeclared military equipment from Cuba to North Korea under a cargo of sugar.

According to US authorities, Senat arranged the purchase, repair, certification and crew for the OMMC. Senat released the following statement: “The US Treasury’s move to put Senat and Leonard Lai on the OFAC (Office of Foreign Assets Control) list is a misguided measure purely based on Senat’s historical dealings with OMM.”

Senat also contends that while they did have a relationship with North Korea in the past and did charter the Chong Chon Gang, the relationship was dissolved following the vessel’s seizure.

The Department of Treasury also alleges that OMMC operates through a variety of front companies and representative offices to evade sanctions.

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Damen launches Maersk offshore carrier

Damen Shipyards Group has launched subsea support vessel Maersk Connector on 23 July at its Galati yard in Romania.
It is the second of the Offshore Carrier 8500 design, a new generation of cable-laying vessels developed by Damen as a flexible platform for both transport and installation work
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