Marine activities are booming, supply is in short supply, and Kaihui International charter rates are bullish

Ji Rihui said, “We all know that in the past few years, no new supply vessels have entered the market. The harder it is to find the right support ship, the higher the DCR will be. Also, some projects need to be completed within a specified period of time, so the fees will be higher.”

He said that although recent monsoon winds have reduced maritime activity, which may hit daily charter rates, in the medium to long term, marine activity is booming and can support the next two years.

Kaihui International today handed over its Helms 1 geotechnical engineering vessel to Helms Geology & Marine. Ji Rihui expressed the above views at the handover ceremony.

Helms Geology & Marine is mainly engaged in the collection of marine geotechnical samples. Collecting samples is essential to the design and construction of the separation facility. If this project is bypassed, it will threaten the structure, structure and environmental safety of the building.

The company obtained a 3-year soil drilling contract from CNPC exploration during August 2021, and now it has obtained a 3-year contract from CNPC until June 2027.

Hilmi, managing director of Helms Geology & Marine, said the contract was worth more than 0.1 billion US dollars (approximately RM0.47 billion). In addition to ASEAN, the company currently has long-term projects with Shell, Hess Exploration, PTTEP, and Chevron (Chevron).

Also attending the handover ceremony were Mohd Ivan, Executive Director and Chief Operating Officer of Kaihui International, and Mohd Shalil, general manager of Helms Geology & Marine.