MH370 Search Continues

MH370 Search Continues

MH370 Search Continues

Malaysian Airlines MH370, with 239 aboard, disappeared in March 2014 while on a flight from the Malaysian capital Kuala Lumpur to Beijing. It has long been believed that the plane crashed into the ocean in the remote region plotted on the simulator.

The home flight simulator owned by Captain Zaharie Shah the pilot of missing Malaysia Airlines Flight MH370 was used to plot a course to the southern Indian Ocean where the aircraft is believed to have gone missing. Since the crash there have been competing theories over whether one, both or no pilot was in control of the aircraft when it disappeared or whether it was hijacked. Adding to the mystery, investigators believe someone may have deliberately switched off the plane’s transponder before diverting it thousands of kilometres.

Malaysian government has agreed to an offer by a U.S. exploration company to resume the search for the missing Malaysia Airlines flight MH370 on a “no cure, no fee” basis, Transportation Minister Liow Tiong Lai said Saturday.

The U.S. company, Ocean Infinity, said earlier this week that it was “hopeful of receiving the final contract award for the resumption of the search for MH370 over the coming days.”

Liow told reporters on Saturday that the Malaysian government has agreed to resume the search. “Now we have approached Australia and China, and we are working together to resume the search for MH370,” he said.

Liow confirmed that the search would be on “no cure, no fee” basis, adding that the contract would be finalized by next week.

Ocean Infinity said it was moving Seabed Constructor, the vessel that the company uses for the search, towards the vicinity of the possible search zone given that the weather window would be relatively narrow.

MH370, carrying 239 on board, went missing en route from Kuala Lumpur to Beijing on March 8, 2014.

The governments of Malaysia, Australia and China suspended the search operation in January 2017 after almost three years’ efforts in a 120,000-square-km area in the Southern Indian Ocean failed to find any sign of the wreckage of the plane. But a report from the Australian Transport Safety Board released later in the year pointed to a new search area where the plane could be found.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

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