| 08 Feb 2010 |
|
MISC and Al Hilal in JV to set up shipping agency
- Text size
MISC's wholly-owned subsidiary MISC Agencies has entered into an agreement with Al Hilal Shipping Agency to set up a joint venture (JV) company in Dubai.
In a filing with Bursa Malaysia, MISC last Wednesday said the agreement is to incorporate a joint venture company in Dubai for acting as sole shipping agents for MISC, to carry out business of shipping agency and other allied shipping activities in the UAE.
Al Hilal Shipping Agency is an independent subsidiary of the Rais Hassan Saadi GroupRais Hassan Saadi Group
. Founded in 1910, it has been operating out of all major ports in the region, apart from North America, North Europe and the Mediterranean regions. A company official yesterday told Emirates Business that the joint venture came into operation from February 1. "It has been in the pipeline for quite some time now. The agreement will greatly benefit both companies," said the official.
MISC Agencies entered into the joint venture agreement (JVA) with Al Hilal Shipping Agency on October 15, 2009. The name of the joint venture company is MISC Shipping Services - UAE.
While Al Hilal Shipping Agency will hold 51 per cent, the remaining stake will be held by MISC Agencies. The issued and paid-up capital of the JVC will be Dh1 million.
MISC said the joint venture is not expected to provide a material impact on the earnings of MISC for the current financial year ending March 31.
Meanwhile, MISC recently announced that it is to revise the port rotation and coverage of its Halal Express 2 (HE2) service linking the Far East, Southeast Asia, the Indian Subcontinent and the Middle East.
MISC last month launched a new service to add to its current Halal Express Service (HE1 and HE2). The Malaysia East Asia Service (MES) will directly connect the Far East ports to Ho Chi Minh and the South East Asia region.
The service, which commenced on January 26, 2009, with an inaugural voyage starting from Yokohama, is said to meet the growing demand for the carriage of cargoes in the intra-Asia region.
The Malaysia East Asia Service will serve the following port rotation: Yokohama, Nagoya, Shanghai, Kaohsiung, Shekou, Ho Chi Minh City, Singapore, Tanjung Pelepas, Jakarta, Singapore, Ho Chi Minh City and back to Yokohama. A total of five vessels with a capacity of 1,200-1,700 TEU (20-foot equivalent unit) are allocated for the new service.
The company also said that in line with the launch of Malaysia East Asia Service and its focus to improve services to customers, the HE2 port rotation has been restructured to cover Qingdao, Pusan, Shanghai, Xiamen, Singapore, Port Klang, Colombo, Nhava Sheva, Jebel Ali, Dammam, Karachi, Port Klang, Singapore and back to Qingdao.
MISC was formed 39 years ago and today owns a fleet of vessels ranging in capacity from 5,800 to 308,000 dwt. About 20 newbuilds are scheduled to join the fleet within the next three years, comprising 11 owned Aframax tankers; six Aframax tankers, three in-chartered medium range two tankers and three owned product tankers.
Through its subsidiary, Malaysia Marine and Heavy Engineering, MISC is involved in a wide spectrum of oil and gas engineering construction. It is also involved in fabrication, building and upgrading of deepwater vessels, drilling platforms and other oil and gas facilities.
By Joseph George
x
DISCLAIMER
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
Access to this article is subject to specific terms and condition.
Loading ...Free Newsletter
Get the latest news from Transport and other Free newsletters.
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.