Xiamen University shaping up to be the largest foreign university campus in Malaysia

 Xiamen University Malaysia Campus

Video: First ever Chinese overseas campus opens in Kuala Lumpur
CCTV News - CCTV.com English http://english.cctv.com/2016/09/23/VIDEQAcbMXh1wwYcpf2mzJGF160923.shtml#.V-S9c6xl6C4.twitter

In Malaysian capital Kuala Lumpur, students have this week been enrolling at the first Chinese university to open a campus overseas.

Officials feel it is more than just an educational ventune, it is also a way to advance good relations between China and its southeast Asian neighbors, as well as promoting the inclusive Belt & Road initiative.

A specially chartered Xiamen Airlines plane brought this special, first group of students to Kuala Lumpur. In all, 440 students from 14 Chinese provinces will be arriving this week to take their places at the emerging new campus of Xiamen University in Malaysia. They all scored top marks in China’s university entry exams and chose to be part of this pioneering educational venture.

“In terms of the quality, in terms of the size of the batch of students, and in terms of the procedures, this is unprecedented in terms of Malaysia’s tertiary education history. So it’s really a big day for us too,” said Professor Wang Ruifang President, Xiamen University Malaysia.

A specially chartered Xiamen Airlines plane brought this special, first batch of students to Kuala Lumpur.

It’s also a big day for the students.

“First is excited, because it’s an opportunity for me to develop, and it’s an opportunity for me to enjoy the cultural diversity,” said Zhu Wen, student, Xiamen University Malaysia.

The Chinese students will join students from Malaysia and later around South East Asia. Numbers will eventually swell to 10,000 at what is shaping up to be the largest foreign university campus in Malaysia. All courses will be taught in English, except for Chinese studies and Traditional Chinese Medicine.

At a recent meeting with Southeast Asian leaders, Chinese premier Li Keqiang said China wants to strengthen its relationship with ASEAN in a number of key areas, including people to people ties, and in particular, education.

The university says it hopes to advance that aim as well as China’s One Belt, One Road initiative, something the Chinese students are well aware of.

“The Malaysia campus is based on China’s Belt and Road initiative so I think to come to the Malaysia campus is to put our hands on the ark of history and combine historical process and our personal development together,” said Wu Hanyang, student.

A lofty goal, perhaps, but in keeping with what this campus is really about: Meeting the highest academic standards while helping China and ASEAN deepen their social, cultural, strategic and economic cooperation.

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New ways to beat superbugs, a Malaysian doctorate student discovered?

A Malaysian doctorate student is causing a buzz in the medical research field.

 Lam Shu Jie (pic), 25, and her team of researchers may have found a solution to the antibiotic-resistant bacteria commonly known as “superbugs”.

The team from Melbourne School of Engineering published a paper on Monday on a new treatment method.

Shu Lam A 25 year-old Melbourne Uni student has made a discovery that could be a game-changer for modern medicine and avert a serious health crisis.

The method uses star-shaped structures called structurally nano-engineered anti-microbial peptide polymers (SNAPPs).

SNAPPs are found to be highly effective in killing Gram-negative bacteria – a class of bacteria which is antibiotic resistant – without hurting healthy cells, according to the team’s article in Nature Microbiology.

Unlike antibiotics which attempt to kill the bugs chemically, the star-shaped protein molecules defeat them by “ripping apart their cell walls”.

She also found that it was important to have outside interest due to the research work's long hours and possibility of failure..

"I've just watched the Korean movie called 'Train to Busan'. I also like trying new cuisines and exploring cafes here because the food culture's very strong," she laughed..

She lamented that the initial experiments were daunting, which left her in fear..

"My experiments kept failing, but later I learned what went wrong. I like the investigating part of research. It's beyond being in the labs or reading books; it's also about speaking with other experts," she said..

The second child of three siblings still has strong ties with home..

"I try to come back for the Chinese New Year because I miss my family," she said while lamenting the loss of her father last year..

Despite her supervisor Prof. Greg Qiao reportedly saying that her research is still at its early stage, Lam has plans to continue her research in the field, while in the long-term, she expressed hope to establish a research group with experts upon returning home and also lecture..

She will complete her PhD in two months time..

The scientific breakthrough was picked up by many news portals including Science Daily, the Australian Broadcasting Corporation and the South China Morning Post.

Lam told South China Morning Post that she spent the past three and a half years researching polymers and how they can be used to kill antibiotic-resistant bacteria.

The Batu Pahat lass, who is to submit her PhD thesis in two months, admitted that she hoped to continue to work in research, rather than opt for medical training like her father who is a paediatrician.

“I think my career will be mainly focused on research in the medical field,” said Lam.

Her supervisor Prof Greg Qiao, who is also one of the 10 co-authors of the scientific journal, said the research was still in its early stages.

He told South China Morning Post that more work was needed to verify the best formula and structure, as well as determine dosage and test for toxicity, before the substance could be deemed safe for human use.

“Even with all the money in the world, it would take at least five years to get to the first human-test stage because many resources and much work are needed before commercialisation,” he said.

Superbugs stem from misuse or overuse of antibiotics, according to the World Health Organisation.

It lists anti-microbial resistance as a global concern that threatens our ability to treat common infectious diseases, resulting in prolonged illness, disability and death. The Star/Asia News Network.

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“I think my career will be mainly focused on research in the medical field,” said Lam, who has already begun pursuing her passion in polymer research during her four-year undergraduate degree in chemical and biomolecular engineering.

“As an undergraduate, she would come to our group for summer work when she had time,” Qiao recalled of Lam.

These days when Lam finds the rare downtime between researching polymers, she likes to watch TV and explore the city. “Being in Melbourne, I have developed an interest in food and really like exploring new cafes and brunch places, so I spend a lot of time trying new food and walking around when I’m not working,” Lam said.

Lam moved to Australia for her foundation studies after finishing primary and secondary school in Malaysia, and is likely stay on in Australia after graduating at the end of the year.

“My main preference would be to continue to stay in research, but I am also looking at career fields outside of polymer research,” she said. “This research is going in different directions,” said Qiao. “One is killing the bug, the other is treating cancer.”

That sinking feeling: ‘superbugs’ may be multiplying in China’s tap water due to world-low hygiene standards, scientists say

Her group is also examining the use of polymers as a drug carrier for cancer patients as well as the treatment of other diseases.

A key project at the moment is the synthetic transplant of cornea in the eye, which involves the use of polymers grown from the patient’s own cells in the lab to replace the damaged cornea.

The operation has already been tested multiple times successfully on sheep, and Qiao hopes to begin the first human trials in Melbourne within two years, working with the Melbourne Eye and Ear Hospital.

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PBA in a fix over Penang water cut; billion litres water waste via leaky pipes

Water letdown: Residents waiting for their pails to be filled by a PBAPP employee during the water cut.

Buckets of frustrations

Delay in repairs on a leaking pipeline at Medan Pantai Jerejak causes a host of problems for folk in the southern part of Penang island as unexpected water cuts disrupt their daily activities.

Jaseni (centre, with umbrella checking out the welding work to reseal the leaking section of the pipeline at the repair site at Medan Pantai Jerjak, near to Sungai Dua Besar.

Users left high and dry as rain delays repair works on leaking pipeline

MORE than 80,00 people from Bukit Dumbar to the southern areas of Penang island were fuming over the delay in the return of water supply.

A reader called The Star claiming that he could not get through to the Penang Water Supply Corporation Sdn Bhd (PBAPP) hotline for an explanation after the water supply to his condominium was cut off on Monday morning.

Peter Lee, 58, a manager, said his friends in Batu Uban faced a similar problem.

Housewife K.L. Lim, 63, from Sungai Nibong said her family ran out of drinking water and had to buy water from shops.

“We did not stock up on water since we did not know about the matter. There is still water for showers but not enough for drinking,” she said.

At SJK (C) Kwang Hwa in Jalan Sultan Azlan Shah, Sungai Nibong, the water disruption resulted in the school using water from fire hydrants in the school premises.

A representative from the school said the water cut began on Monday afternoon and only resumed at 1pm yesterday.

“We needed water for the toilets and canteen.

“We had to use pails to collect water from the three fire hydrants in the school to deal with the disruption until the water supply resumed,” said the representative.

During a press conference that was also attended by state Works, Utilities and Transportation Committee chairman Lim Hock Seng, PBAPP chief executive officer Datuk Jaseni Maidinsa apologised for the water disruption.

He said PBAPP detected a leak on a 900mm diameter pipeline at 9am on Monday at a river crossing at Medan Pantai Jerejak, near Sungai Besar.

The pipeline was then shut down for repair work, and a cofferdam built quickly to isolate the repair site.

Jaseni said they were ready to proceed with the repairs on the pipe at 9.45pm on Monday and had expected work to be completed by about 6am on Tuesday but “work was held up by 10 hours due to the heavy rain, high river water and high tides”.

“The welding work to reseal the leaking section of the pipeline could only commence after the site was finally drained at 7.45am on Tuesday.

“The challenge was to gain access to the leaking section of the pipeline overnight. We managed to meet the standard requirement by finishing the work in about 29 hours, as we are allowed up to 48 hours for repairs to pipes that are more than 600mm in diameter.

“It would have taken us only 19 hours without the delay, and we apologise to consumers. On-site work has been finalised and water supply should resume from 2pm,” he said at Komtar yesterday.

Jaseni said four water tankers were deployed to provide water to residents living on higher grounds.

He said PBAPP optimised the pumping of water from Bukit Dumbar via the two other key pipelines to all the southern areas of the island, including the Bayan Lepas Free Trade Zone and the Penang International Airport during the shutdown period.

It was reported that a new RM11.9mil water station at Bukit Dumbar could pump up to 270 million litres of water per day (MLD) to serve 315,000 people living in the southern parts of the island.

Its service areas cover Gelugor, Batu Uban, Sungai Nibong, Bayan Baru, Relau, Sungai Ara, Batu Maung, Bayan Lepas, Permatang Damar Laut, Teluk Kumbar, Gertak Sanggul, Genting and Balik Pulau.

By CHONG KAH YUAN and N. TRISHA kyuan@thestar.com.my

Billion litres water waste via leaky pipes

PETALING JAYA: More than 4.27 billion litres of treated water – enough to fill more than 1,700 Olympic-sized swimming pools or keep Perlis going for 53 days – are leaking out of the country’s ageing pipe system every day.

Experts warn that more will be wasted unless drastic measures are taken.

If saved, that amount of water could ease stressed water supplies in the Klang Valley, as fears of a shortage and rationing loom dangerously.

According to the National Water Services Commission (SPAN), non-revenue water (NRW) accounted for 36.6% of all water pumped out of treatment plants in 2013, or about 5.69 billion litres a day.

This was higher than 2012, which saw a 36.4% NRW.

Of this amount, at least 75% was due to problems like leaky asbestos-cement pipes and other infrastructure problems.

Association of Water and Energy Research (Awer) president S. Piara­pakaran said that unless the pipes were fixed, more water would be lost even with state governments rushing to build treatment plants to meet a growing local demand.

“When the Langat 2 plant is completed (in 2017), it will pump 1,130 million litres a day (mld). If things don’t change, 300mld will be just lost in the system,” he told The Star.

While a number of states have seen their NRW levels fall in 2013, others such as Selangor saw more water lost.

Malaysian Water Association (MWA) president Syed Mohamad Adnan Alhabshi said more than RM20bil had to be spent to replace the country’s 43,890km-long asbestos-cement pipes.

“You need to spend RM500,000 to change 1km of these pipes,” he said, adding that state governments did not have the money.

He said water operators were unable to invest in stopping NRW as tariffs were low, giving them low revenue.

This was also reflected in SPAN’s statistics – a deficit of RM429mil was incurred by all states combined last year.

MWA council member Hairi Basri said it was not easy to stop NRW as many of the problem pipes were underground.

MWA further estimated that if the country were to keep to SPAN’s NRW target of 25% today, the potential revenue operators could have made in 2013 was RM809.4mil.

SPAN executive director Mohd Ridhuan Ismail said combating NRW was more than just fixing or replacing leaky pipes.

Measures, he said, included mapping pipe networks, setting up district metering zones and a constant pressure management and maintenance of the system.

“It is not a one-off effort and the entire exercise requires huge investment,” he told The Star.

He said state governments were hampered by low water tariffs and could not invest in NRW reduction measures, adding that human capital in this was also a challenge.

Mohd Ridhuan said many states had migrated their assets over to the Water Asset Management Com-pany (PAAB) to ensure their interests were protected.

He said states that had done so had managed to reduce their NRW substantially.

“SPAN believes that the remaining non-migrated states will be able to improve on their NRW once migrated,” he said.

 By Patrick Lee The Star 4 September 2014

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People's Daily criticizes USA as " source of turnmoi in the world "

霸气！党报狠批美国为世界“动荡之源”

导读:尽管和平与发展是当今世界的主题，但是局部冲突依旧不断，而这背后，或多或少都有美国在插手。

党报狠批美国_英语新闻网

The People’s Daily, the official newspaper of the Communist Party of China, has criticized the United States as the "source of turmoil in the world."

北京9月18日电 中国共产党官方报纸《人民日报》批评美国为“世界动荡之源”。

The newspaper on Sunday published three articles by Chinese scholars to analyze the causes of expansive and hegemonic moves by the United States from systemic, ideological and strategic perspectives.

《人民日报》于周日发表了三篇由中国学者撰写的文章，从内在体制、意识形态、国家战略方面分析美国的扩张和霸权主义运动。

An editor’s note on the page said that U.S. interventions are behind unrest and disputes in many places, including the Middle East, Eastern Europe and the South China Sea.

报纸上一位编者的卷首语写道，多地的动荡和纷争背后都有美国的插手，包括中东、东欧和南海。

"The United States is keen to make messes in the world, cast shadows on order and stability in multiple regions and jeopardize peace and development in relevant countries," the note said.

“美国热衷于在世界制造混乱，给多个地区的秩序与稳定投下阴影，对相关国家的和平与发展构成威胁。”卷首语写道。

An article by Yang Guangbin, a professor of politics at Renmin University, pointed out that the "military-industrial complex," which former U.S. President Dwight D. Eisenhower warned against, is "kidnapping U.S. domestic and diplomatic policy."

杨光斌，人民大学政治学教授在文中指出，美国前总统艾森豪威尔曾警告说，“军事工业复合体”正“绑架着美国的国内和外交政策”。

The "military-industrial complex" naturally demands war and military expansion, resulting in the Iraq war, "Arab Spring" uprisings and growing tensions with Russia and China, Yang said.

“军事工业复合体”自然是要求战争和军事扩张，这就导致了伊拉克战争、“阿拉伯之春”起义以及与俄罗斯和中国关系的不断紧张。

Yang also criticized the United States for selling its ideology, which has brainwashed the elite in some non-Western countries.

杨光斌还批评了美国推广其意识形态，这洗脑了一些非西方国家的精英分子。

"Countries that have followed American-style ’liberty and democracy’ are not turning into American-style states. Instead, their lives remain the same, or even become worse," the article said.

文章写道，“信奉美国‘自由民主’的国家并没有因此而变成美国式国家，依然过着自己固有的日子，甚至境况更差。”

Another article by Li Wen, a researcher at the Chinese Academy of Social Sciences, noted that the United States’ eagerness to make trouble around the world is due to its "hegemonic anxiety."

另外一篇由中国社科院的一位研究人员撰写的文章写道，由于“霸权焦虑症”，美国急切地想要煽风点火。

It is "to a large degree, a reflection of a twisted mentality of an empire moving downhill," according to the article.

文章写道，这“很大程度上是一个衰落中的帝国特有的心理扭曲在行为上的反映。”

The scholar also denounced the United States’ measures to contain China by causing trouble in East Asia.

这位学者还谴责了美国通过在东亚制造事端包围中国的措施。

A third article by Lin Hongyu, a professor at Huaqiao University, said U.S. maneuvers in the Asia-Pacific region are just part of its overseas expansion and interventionist diplomacy to maintain its leading international role.

第三篇文章由华侨大学教授林宏宇写道，他表示，美国在亚太地区的军事演习只是其海洋扩张和干预外交的一部分，目的是为了维持主导的国际地位。

The article called on Chinese authorities to manage disputes between China and the United States in a constructive way and to build a new type of major-country relationship together.

这篇文章呼吁中国政府以建设性的方式处理中美之间的争端，共同建立一种新型的大国关系。

Source: 编辑:David Yang (人民网) 双语

http://news.iyuba.com/m/essay/2016/09/19/49492.html

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A new China in the making at Xiamen International Fair for Investment and Trade (CIFIT)

Brisk business: A popular “food cultural village” that sells typical Xiamen food near Xiamen University.

It was a case of chin up, chest out at the recently concluded CIFIT in Xiamen, with the doors swung wide open to foreign sophisticated industries and its private industries poised to venture out.

China’s economic growth may be slowing down after three decades of high growth, but the 19th China International Fair for Investment and Trade (CIFIT) held at Xiamen from Sept 8 to 11 showcased a “new China” that is confidently restructuring its economy in response to global challenges.

CIFIT 2016 themed “New Concept, New Development: Towards a new world of open economy” clearly signified China’s readiness to embrace reforms, after it has sailed through the exciting period of opening up in the 1980s-1990s, and the 2008 crisis that hit its industries badly.

A new China will discard China-made cheap and low-quality industrial products, and counterfeits – rampant at the beginning of the opening-up and even to this day, but will want to see quality enterprises that can compete internationally with high-end goods and services, such as those provided by Huawei, Lenovo and Haier.

The financial crisis of 2008 and China’s disappearing demographic advantage, as well as external trade friction, have forced industries and the economy to go for structural changes. Slower economic growth backed by quality investments is to be the new norm.

New ventures: Ong (second from left) opening the ACCCIM Pavilion at Xiamen trade and investment fair CIFIT. Joining him on his left are Fujuan province Vice Governor Zhang Zhinan and ACCCIM president Ter. On his right is Xiamen Municipal financial affair director Han Jing Yi.

In fact, emerging industries that focus on quality and technology have gradually replaced traditional industries and become a driving force in economic development. Mobile phones, computers, household electrical appliances, machinery and equipment, property development and rail technology, among others, have gone global.

And the ‘One Belt, One Road’ economic initiative expounded by President Xi Jinping three years ago is offering unprecedented opportunities to companies within the mainland to go global and have a say in the world.

While structural changes are taking place at local enterprises, China is opening up further to usher in more high-tech and high-value foreign brands to stimulate its economic development to a higher plane. This could be discerned from its Government’s policy.

At the main CIFIT forum in Xiamen on Sept 8, vice-premier Wang Yang announced in his opening speech: “From Oct 1, we will grant equal and fair treatment to all local and foreign companies incorporated in China. Our Chinese companies will have to compete with foreign-owned companies on level playing fields in China.”

This is the “new China” exhibited at the four-day CIFIT, touted to be the largest investment fair in the world, where its products and services were displayed alongside leading products from over 50 countries at 6,000 booths.

CIFIT 2016 was organised by the central government almost immediately after China successfully hosted the G20 Summit from Sept 3 to 5 in picturesque Hangzhou, Zhejiang province, with grandeur.

The world’s second-largest economy had been hailed by world leaders for its determination to boldly tackle a number of global issues, including the economy, environment, corruption and poverty.

In fact, China has the basis to be confident.

Despite weak international conditions, flow of foreign direct investment (FDI) into the country – albeit slower – still ranks the highest in the world so far this year, according to Wang Yang.

According to Dr Huang Chenhong, president of Dell Greater China, Dell’s headquarters in the US has committed to investing an additional US$125bil (RM517bil) in China and has pledged to contribute US$175bil (RM724bil) worth of total trade as well as bring in venture capitalists.

Going global: The short but colourful opening ceremony of CIFIT by Wang Yang on Sept 8 at China’s beautiful coastal town of Xiamen.

Huang told a CEO Summit on Sept 7 ahead of CIFIT: “All this shows that Dell continues to view China’s market positively, and will deepen our root here.”

Malaysia’s Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan, who was a guest of honour at CIFIT’s official opening ceremony, made this observation to Sunday Star in Xiamen:

“China has evolved. It is a much, much more confident nation now. It is ready to welcome foreign sophisticated industries to promote economic development to a higher plane, and at the same time its private industries are now prepared to venture out.”

Several years ago, only state-owned enterprises and financially-strong conglomerates were ready to expand overseas, he observed.

Citing the example of Kibing Group – China’s largest and highly automated float-glass manufacturer, Ong said this privately-owned listed company is now riding on the wave of the Belt and Road Initiative to expand its manufacturing in Malaysia, research and development in Taiwan and marketing arm in Singapore.

He also noted that while China has not signed free trade agreements with many countries, trade barriers would have to be broken down once China builds rail and other communication systems in all the 65 countries along the Belt-Road route to improve connectivity.

“While it takes 40 to 45 days to ship goods from Spain to China, it only takes a train journey of 16 days for freight from Madrid to be transported to the wholesale market in Yiwu.

“This is the power of the 21st Century Silk Road rail service under the Belt and Road Initiative,” he said.

On Dec 10, 2014, China and Spain was linked by the longest rail link in the world after a train from Yiwu in coastal China completed its maiden journey of 13,053km to Madrid. En route it passed through Kazakhstan, Russia, Belarus, Poland, Germany and France before arriving at the Abroñigal freight terminal in Madrid.

Brisk business: A popular “food cultural village” that sells typical Xiamen food near Xiamen University.

Together, the Belt and Road Initiative route covers 65 countries populated by 4.4 billion people. It has been projected that infrastructure development alone will bring in investment of US$160bil (about RM662bil) and China’s annual trade volume with Belt-Road countries will exceed US$2.5 trillion (RM10.3 trillion) in a decade or so.

The Belt-Road strategy could have as much impact on China’s internal economy as it will have internationally. One of China’s top priorities is to export industries with major overcapacity such as steel, cement and aluminium.

Datuk Ter Leong Yap, president of Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), told Sunday Star in Xiamen: “From the three CIFITs we have participated in, we can sense that China is not only ushering in high-tech, high-value foreign investments now, but it is also encouraging its companies to go global vigorously.”

“As it has economies of scale, it is prepared to buy foreign technology and R&D (research and development) to expedite its current economic transformation.”

He noted China has gone far ahead in the development of Internet services such as e-commerce, e-trade and e-logistics; and its home-grown IT giants led by Alibaba Group and Tencent are leading the IT revolution in the world.

China is seen as building infrastructure in the Belt-Road countries now. Following this, or concurrently, is the influx of investments from its reputable high-tech and high-value industries, observed Ter.

According to Wei Jianguo, vice-chairman of China Centre for International Economic Exchanges, emerging industries that are classifed as “new China-made” are IT industry represented by Huawei, machine building sector represented by XCMG and Sany Heavy Industry, space flight and aviation, as well as bullet train and high-speed rail industries. These industries boast high technology, patents, independent innovation and top talents in the world.

“The new China-made goods not only enter into Asian and African markets, but more importantly also enter into high-end European and American markets,” Wei said in an interview with Economy and Nation Weekly.

While in many sectors China has gained global recognition, Wei noted the country is still falling behind in automobile and chips as it lacks leading enterprises and high-tech talents in these industries.

It is learnt that Chinese auto firms are now on the lookout to take over foreign car manufacturers that are armed with special technology, after the acquisition of Volvo Cars in 2010 proved highly successful in technology innovation and marketing.

Wei opined that in the next 30 to 50 years, the Belt and Road Initiative will be the way forward for successful Chinese enterprises to enter the global market for a win-win co-operation as China’s Government develops strategies with foreign nations.

According to official data, China’s direct investments in Belt-Road nations – including Malaysia – hit US$14.8bil (RM61bil) in 2015, up 18.2% from 2014.

In the first quarter of 2016, direct investments to Belt-Road countries totalled US$3.6bil (RM14.8bil), a rise of 40% compared to the first quarter of 2015. Most of these investments had gone to Singapore, Indonesia, Malaysia and India.

Ranked by Peking University as “the least investment risk” among the Belt-Road countries, Singapore is ahead of its Asean neighbours in grabbing opportunities: It has already signed with Chinese-funded banks to bring in financing worth over S$90bil (RM270bil) to finance projects for high-speed rail, ports and the communication industry in South-East Asia.

“The Belt-Road vision is that government sectors and enterprises should not seek quick success and instant profits, but should create long-term effects, benefit local enterprises, people and countries, and make China be seen to be a reliable partner,” said Wei.

Sources: Ho Wah Foon The Star/Asia News Network

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Challenging 2017 seen for Singapore's shipping services

It has been a rough week for Singapore’s shipping services industry and the going could get even tougher next year with record debt falling due.

Rickmers Maritime, which operates container ships, said it is asking creditors for leniency on about US$253mil of debt. Marco Polo Marine Ltd, a provider of barges and tugs for coal, steel scrap and iron ores, said Tuesday it’s asking bondholders for approval to delay paying S$50mil (US$36.5mil) of securities due next month.

The city-state’s shipping and other logistics firms face a record US$1.8bil in note repayments in 2017, data compiled by Bloomberg show.

Singapore, a former British colony, relied on its port to help transform itself into one of Asia’s so-called tiger economies. Container throughput shrank 8.7% in 2015 as global trade slowed, while slumping crude prices have hurt firms that service the energy industry.

Swiber Holdings Ltd, which operates construction vessels to support the oil industry, defaulted in August, while Ezra Holdings Ltd said last week it held talks on potential fundraising.

Sembcorp Marine Ltd and Keppel Corp have reported slumping profits.

“It doesn’t look like the worst is over for the maritime industry,” said Joel Ng, an analyst at KGI Fraser Securities in Singapore. “It’s tough for the creditors.

The banks need to continue to provide liquidity given the industry’s cashflows are tight.”

Singapore’s bad loans rose to 2.25% of the total in 2015, the highest since 2009. Oil services firms are also facing mounting difficulties as crude prices have dropped to about half the prices in 2013, forcing energy giants to put investment plans on hold.

“The shipping and oil and gas space has really been a minefield in the bond market,” said Terence Lin, an assistant director of bonds and portfolio management at fund researcher iFast Corp in Singapore.

“One of the positives from this is that there’ll be increased scrutiny on very levered companies, and a push for management to take corrective plans or pre-empt liquidation outcomes.”

Rickmers Maritime won’t be able to repay US$179.7mil of senior debt due in March 2017 and the interest and principal on S$100mil of notes due in May 2017, it said in a filing yesterday.

It’s asking investors to exchange their debt with S$28mil of new perpetual securities to avoid potential liquidation or judicial management that it says would be “likely to result in zero recovery for noteholders.”

Marco Polo Marine told some noteholders of its debt-delay plan at a meeting Tuesday, and those present “appeared generally supportive,” it said in an exchange filing.

It will hold another meeting on Sept 16 on the debt extension proposal, which it didn’t disclose.

“The boards and management teams of the offshore and marine bond issuers still seem to be in denial on the need to do proper balance sheet restructuring,” said Kurt Metzger, a Singapore-based restructuring consultant at GEM Advisory.

“Bondholders are facing significantly higher risk and should be looking for significantly higher returns and improved structures.” – Bloomberg

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