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There have been four major accidents and incidents in the past two weeks, with two of them occurring in the past 48 hours—a ship explosion with a fatality and a ship collision with an oil rig. This reflects poorly on the new management at ICON Offshore, soon to be rebranded with new identity as LFG. Regulus Offshore management rating is far below the previous Icon Management with so many non compliance. Now merged into new identity. It's a downgraded for Icon Offshore.
The Sarawak government has approved plans to revamp the Kuala Baram Industrial area, focusing on the KB Delta and the Shipping Channel. This project, a joint venture between Malaysia and China, is a significant long-term boost, especially considering Sealink's ownership of a shipbuilding and repair facility in Kuala Baram.
Discounted rate. My shipbroker networking confirmed that Sealink is looking for a new asset to add to its fleet. With a demanding market, this is definitely a great range to collect.
The new management is much worse, with two waves of lay-offs (confirmed) by year-end, the first one will be next month. Significant cut for shore-based and offshore crew payscale, an ageing asset with a series of breakdown vessels. Missing out on several major oil contracts. What a waste.
