The oil support vessel segment in Malaysia has been badly hit by low oil prices and the rise of the pandemic, with a number of delays in operations and cancellation of projects.
Locally, Westport Holdings Bhd had said its container volume declined by 4% in the first nine months of the year when compared to the same period last year as container volume and demand were affected by various forms of lockdowns imposed globally to control the spread of Covid-19. “Based on our estimate and observations, there are as many as 100 oil support vessels with Malaysian flags operating under these pseudo-Malaysian companies,” he said.
“With the recent controversy about foreign-owned cable-laying vessels working in Malaysian waters, it is time that such a cabotage policy is strictly enforced and the practice stopped as otherwise the balance of payments will be further aggravated,” Safwan said. “Oil prices have been quite persistent at the level above US$45 per barrel for the past few months. It shows a lot of encouraging signs and we are prepared for higher activities in this segment next year.
“Most of these vessels are near the age limit of 15 years. That’s the reason for expanding the fleet of certain types of vessels.
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