South & Central Asia
Mermaid Sees Profits Halved
Singapore listed Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has seen its profit chopped by close to 50 percent for the three-month period ended June 30, 2016. The Singapore-listed company generated revenue of $49.6 million versus $107.5 million
GE, L&T bring subsea equipment manufacturing to India
General Electric (GE) has teamed up with India’s L&T Hydrocarbon Engineering Limited to manufacture subsea manifolds destined for future deepwater projects in the Krishna-Godavari basin on the east coast of India. The partnership brings together the manufacturing and technological excellence of two
Report: Cosco Buys 51 Pct Stake in Piraeus Port
China’s port operator Cosco Group (Hong Kong) Limited has officially acquired a 51 percent stake in the Greek Piraeus Port Authority following prolonged talks on the matter, according to Reuters. The stake was bought for EUR 280.5 million (USD 313.7 million), representing a price of EUR 22 per share
GE and L&T Ink Subsea Equipment MoU
GE has signed an exclusive memorandum of understanding (MoU) with L&T Hydrocarbon Engineering to manufacture subsea manifolds destined for future deep water projects in the Krishna-Godavari basin on the east coast of India. L&T’s 600,000 sq.m. modular fabrication facility in Tamil Nadu was chosen as
Cargo Volumes Drive Adani Ports’ Quarterly Rise in Profit
India’s port developer and part of Adani Group, Adani Ports and Special Economic Zone Limited (APSEZ), recorded a 31 percent increase in profit during the first quarter of fiscal year 2017 as a result of cargo volume growth. The company’s profit after tax rose from INR 639 crore to INR 836 crore. Du
National Marine Dredging Company Wins Gujarat LNG Deal
National Marine Dredging Company (NMDC) from Abu Dhabi has signed a $316 million contract for the engineering, procurement and construction of new LNG terminal in Gujarat, India. This capital development program will include massive dredging and marine infrastructure works. NMDC’s role in the Gujara
India gives more time for ONGC-RIL offshore dispute report
The Indian government has given more time to a committee looking into a dispute between the countries largest oil companies ONGC and Reliance Industries over their respective offshore blocks in the Bay of Bengal. Shri Ajit Prakash Shan , former Chief Justice of Delhi High Court was in December 2015
Ektank’s New Tankers to Feature FKAB Design
Gothenburg-based shipowner Ektank’s new 18,600 dwt intermediate product/chemical tankers will be built to a design jointly developed by Swedish ship designer Fartygskonstruktioner (FKAB) and Ektank. The project, FKAB T28 is a 22 700 m3, Oil product & Chemical Tier II tanker, designed for low fuel co
DW: global FLNG capex to hit $41.6 billion
Despite challenging market conditions, global capital expenditure on FLNG facilities is forecast to total $41.6 billion over the 2016-2022 period, according to a report by Douglas-Westwood (DW). The protracted oil price downturn has impacted the sanctioning of capital intensive liquefaction units ov
Alphaliner: Global Container Volumes Rise at Sluggish Pace
As the weak volume growth recorded in the first half of 2016 dragged full year volume projections down, Alphaliner said that the global container throughput is expected to grow by only 0.3% this year, marking the second lowest annual growth rate since 2009. Total throughput at the world’s top 30 con
Otto Marine launches dispute over unpaid hire for two vessels
Singapore’s offshore marine group Otto Marine has launched arbitration proceedings against a charterer that failed to pay hire for two vessels. Otto Marine said on Wednesday that two of its subsidiaries, Swordfish 5 Pte Ltd and GO Offshore, have each started the proceedings under the London Maritime
Dual-fuel ethane carrier “Navigator Aurora” delivered
Shipping company Navigator Gas said it has recently taken the delivery of its dual-fuel ethane carrier Navigator Aurora. The Navigator Aurora was delivered to the owner at Jiangnan Shipyard in Shanghai, China on August 2. According to Navigator Gas, the ethane carrier is capable to sail both on dies