South & Central Asia
Jinhui Shipping Sells Three Bulk Carriers
Hong Kong-based shipping company Jinhui Shipping and Transportation Limited has decided to sell three of its bulk carriers, according to data provided by VesselsValue. The bulkers in question are two Ultramaxes, the 2010-built Jin Ming and the 2011-built Jin Han, which were sold for USD 13.5 million
Engie, Mitsubishi, NYK Line launch joint LNG bunkering company
France’s Engie and its Japanese partners Mitsubishi Corporation and NYK Line have launched Gas4Sea, a new brand for joint marketing of LNG as a marine fuel.
Oil slips towards $47 as hopes for producer action wane
Oil slipped towards $47 a barrel on Tuesday, falling further from the previous session’s one-week high on receding hopes for imminent action to tackle a supply glut.
ESC Urges Terminals to Release Hanjin Shipping’s Containers
The European Shippers’ Council (ESC) has called on terminals that currently hold containers because of the financial troubles of container liner Hanjin Shipping, to “release those containers immediately.” Namely, ESC said that the terminals should release the boxes because the stationary containers
BIMCO: Carriers Still Under Pressure Due to Boxshsip Overcapacity
Severe overcapacity in the container shipping market and recently agreed contract rates on the transpacific trade lanes are keeping pressure high on the liner companies, according to BIMCO. Overall container demand grew around 2% in second quarter of 2016 compared to the same period a year earlier,
Despite cuts, Big Oil to expand production into the 2020s
By Ron Bousso LONDON (Reuters) – Never mind the drop in crude prices, huge spending cuts and thousands of job losses – the world’s top oil and gas companies are set to produce more than ever for some time. While top oil companies struggle with slumping revenues following a more than halving of price
Hanjin Group to Rack Up Funds for Hanjin’s Cargo Unloading
South Korea’s conglomerate Hanjin Group, the parent company of the ailing container carrier Hanjin Shipping, is looking to raise KRW 100 billion (USD 90.4 million) which would be used to fund the unloading of cargo stranded on vessels following the company’s decision to file for court receivership,
AU: Artesian, CEFC launch $20M clean energy seed fund
Artesian Venture Partners has launched the Au$20 million Clean Energy Seed Fund, that includes a Au$10 million cornerstone commitment from Clean Energy Innovation Fund, managed jointly by Clean Energy Finance Corporation (CEFC) and the Australian Renewable Energy Agency (ARENA).
BIMCO: Strong Tanker Freight Market Comes to an End
Lower growth rates for refinery throughput and drawdowns on swollen oil stocks has impacted the seaborne tanker market negatively, according to BIMCO. The refiners and traders, primarily in Asia, have reduced their appetite for crude oil as margins and profits have diminished. Global oil prices came
Petronet LNG’s net profit climbs 55 pct
Petronet LNG, India’s largest importer of the chilled fuel, reported a 55 percent rise in its net profit for the quarter ended June 30.
MTCC Wins F. Bilehdhoo Dredging Gig
Maldives Transport and Contracting Company (MTCC) has won a contract to dredge a harbor entrance channel in F. Bilehdhoo, according to the Republic of Maldives’ Ministry of Housing and Infrastructure latest announcement. The main scope of this major development project, scheduled to last 160 days, w
Rosneft, PTT form LNG ties
Rosneft of Russia on Friday signed an agreement with PTT of Thailand that includes cooperation in the field of LNG supplies.