South & Central Asia
Shahar Energy forms Yam Pro Energy for WERPO wave projects
The owners of Shahar Energy, an Israel-based renewable energy company, have established Yam Pro Energy to drive forward the technology and wave energy projects recently acquired from the wave energy developer WERPO.
NMDC scores LNG dredging job in India
Abu Dhabi-based National Marine Dredging Company (NMDC) said it has won a $316 million contract from Swan Energy for an LNG terminal project in Gujarat state, India. The contract involves dredging works, construction of a breakwater and jetties and associated facilities, NMDC said, adding that the w
IEA expects global oil demand growth to wind down in 2016
Crude oil prices eased to around $45 per barrel in August as a global supply overhang weighed and demand growth weakened, the International Energy Agency (IEA) said in its newly released IEA Oil Market Report (OMR) for August. Brent crude had threatened to break below $40 per barrel at the end of Ju
Kogas H1 sales down 2.8 pct
The world’s second-largest buyer of LNG, Kogas said its sales volume dropped 2.8 percent in the first half of this year as compared to the corresponding period a year ago. South Korea’s Kogas said in its first-half results report it sold 16.75 million mt of LNG in January-June, compared to 17.23 mil
Scrapping Activity at South Asian Beaches Rises in Q2
A total of 182, out of 212 end-of-life ships which were sold for breaking in the second quarter of 2016, ended up on the South Asian beaches, according to the data collected and analysed by the NGO Shipbreaking Platform. This represents 86 percent of end-of-life vessels which reached the shores of
Rosneft in gas condensate discovery offshore Vietnam
Russian oil company Rosneft has found a gas condensate discovery at an exploration well located in the Nam Con Son basin, offshore Vietnam. Rosneft started drilling the well, the company’s first drilling project as an operator in the international waters, in March 2016 with the Hakuryu-5 semi-submer
Malaysia Reveals New Tax Incentives for Shipbuilders
In an effort to attract investments into the Malaysian shipbuilding and ship repairing industry, the country has decided to introduce new incentives for the sectors, according to the Malaysian Ministry of International Trade and Industry. The incentives would provide new companies with either a Pion
MSI: Future Shipping Cycles to See Structural Change
Excess shipyard capacity and a slowing but still considerable orderbook are the negative factors overhanging brighter prospects for shipping demand growth, according to Maritime Strategies International (MSI). MSI has forecast a structural change to future shipping cycles, “with shorter, sharper cyc
CMA CGM Cuts Zeebrugge, Dalian from FAL 1 Rotation
French container shipping company CMA CGM plans to change the port coverage of its French Asia Line 1 (FAL 1) service by no longer calling Belgium’s port of Zeebrugge and China’s port of Dalian. As from MV CMA CGM Jules Verne voyage 115 FLE, the service will no longer call the port of Zeebrugge. Las
IHI gets DNV GL approval for its floating LNG power concept
Classification society DNV GL said it has approved a floating power generation concept by Japan’s IHI Corporation. The formal handover of the Approval in Principle took place in Tokyo on 5th July. The FLPS (floating LNG power station) concept is a combination of a floating storage and regasification
Kogas posts higher sales in July
South Korea’s Kogas, the world’s second-largest buyer of LNG, reported a rise of 15.2 percent in its sales volume in July. Kogas sold 2.19 million tonnes of LNG in July this year, compared with 1.90 million tonnes a year ago, the company said in a filing to the stock exchange. Gas sales into the pow
Jogmec backs Tangguh LNG expansion
Japan Oil, Gas & Metals National Corporation (Jogmec) said it has signed a loan agreement with three Japanese companies to help them in financing the costs of the third Tangguh LNG train in Indonesia. Jogmec will back Nippon Oil Exploration, KG Berau Petroleum and KG Wiriagar Petroleum with a liabil