South & Central Asia
Hanjin Shipping Sees Red Ink amid Falling Freight Rates
South Korean shipping company Hanjin Shipping has been further hit by falling freight rates in the container shipping industry as the company plunged into loss during the second quarter of 2016. The shipping firm saw its net loss at KRW 212 billion (USD 191.2 million) in the quarter, representing a
ADB Provides Fund for Expansion of Maldives’ Harbor
The Republic of the Maldives has received an approval for a USD 9.6 million grant from the Asian Development Bank (ADB) to expand Kulhudhuffushi Harbor. The project would include the construction of a dedicated passenger and cargo harbor that can cater to larger cargo vessels and accommodate a long-
Asian Development Bank to Fund Kulhudhuffushi Harbor Expansion
The Asian Development Bank (ADB) has approved a grant of $9.6 million to the Republic of the Maldives to expand Kulhudhuffushi Harbor. The project will construct a dedicated passenger and cargo harbor that can cater to larger cargo vessels and accommodate a long-distance passenger service from the c
Abu Dhabi Ports, ADSB Team Up on Zayed Port Project
Port developer and operator Abu Dhabi Ports and its compatriot shipbuilding company Abu Dhabi Ship Building (ADSB) have signed a long term contract to establish a ship repair facility and floating dock capability within Zayed Port. The project’s first phase includes developing and operating a dedica
Paradigm Bags Its Largest Deal in Malaysia
Aberdeenshire-based Paradigm Flow Services said it has just landed its largest ever contract in Malaysia. The deal will see the company’s React Locate Remediate (RLR) umbilical unblocking technology deployed in a deepwater setting for an undisclosed international operating company. This recent win w
Samsung Heavy Reduces Loss
One of South Korea’s biggest shipbuilders Samsung Heavy Industries reported a net loss of KRW 212.3 billion (USD 194.8 million) in the second quarter of 2016, compared to a net loss of KRW 1.15 trillion reported in the same quarter of 2015. Furthermore, the shipbuilder’s net loss for the first half
Malaysia: MMHE/EPIC in repair services joint venture
Malaysian offshore facilities builder Malaysia Marine and Heavy Engineering (MMHE) has teamed up with Eastern Pacific Industrial Corporation, (“EPIC”) forming a joint venture company known as MMHE EPIC Marine & Services Sdn Bhd. The purpose of the company, MMHE said, is to provide repair services fo
MMHE sets up Malaysian JV
Malaysia Marine and Heavy Engineering Holdings (MHB) said its unit Malaysia Marine and Heavy Engineering (MMHE) established a joint venture with Eastern Pacific Industrial Corporation (EPIC).
South Korea’s Big Three Lose 5,000 Workers
South Korea’s Big Three shipbuilders have cut their joint workforce by some 3,000 workers during the first half of the year as the shipbuilding industry was hit by global oversupply and lack of demand, Yonhap News Agency reported. Namely, the country’s shipyards Hyundai Heavy Industries (HHI), Samsu
DSME hits LNG tanker milestone
South Korean shipbuilding giant Daewoo Shipbuilding and Marine Engineering said it has recently delivered its 100th liquefied natural gas (LNG) tanker. DSME noted in its statement it started constructing LNG carriers back in 1992, and delivered the first one in 1995. The Greek-flagged 173,400-cbm Ma
Colombo Dockyard Completes Repairs of DEME’s Ambiorix
Colombo Dockyard PLC has just announced that DEME Group’s self-propelled cutter suction dredger Ambiorix called in for layup and drydock repairs during May – June 2016. “One of the biggest CSDs in the DEME fleet selected Colombo as the repair center for its special survey requirements,” Colombo Dock
DSME Plunges into Red with USD 1 Bn Loss
South Korean shipbuilding giant Daewoo Shipbuilding and Marine Engineering (DSME) has returned to the red as it reported a net loss in the second quarter of 2016 at KRW 1.2 trillion (USD 1 billion), compared to a net profit of KRW 31.4 billion seen in the first quarter of the year. The company’s net