South & Central Asia
Popular news, August 1 – 7, 2016
Popular news, August 1 – 7, 2016
Highlights of the Week
Dredging Today brings you an overview of the most popular stories from the past week (August 1-7, 2016). TSHD Arco Dee Picks Up WW2 Bomb Off Selsey Trailing suction hopper dredger ‘Arco Dee’ has picked up an unexploded World War Two shell during its work off Selsey. New Cutter Suction Dredger De
COSCO, EXIM Bank Ink USD 18 Bln Financing Deal
China Ocean Shipping Group (COSCO) and China Export-Import (EXIM) Bank signed a CNY 120 billion (USD 18 billion) strategic cooperation agreement in Beijing, as well as a term sheet to finance the construction of 50 ships. The deal was signed in an effort to help accelerate optimization of fleet stru
Value of Second-Hand Vessel Sales Halved in July
A total of USD 1.6 billion was spend on second-hand vessels in July 2016, compared to USD 3.1 billion spent in the same month last year, representing a drop of 48% in the total value of second-hand sales concluded in the period, according to data provided by VesselsValue. Bulker and tanker sales wer
Asia-Europe Spot Freight Rates Bounce Back
The downwards trend line in Asia-Europe spot freight rates has finally been reversed, data from World Container Index Shanghai-Europe shows. Whereas the first four months of 2016 saw 50% or larger reductions in freight rates and record-low spot rate levels, a series of five consecutive monthly rate
Rickmers Maritime Posts USD 55.6 Mn Loss in 2Q 2016
Singapore-based Rickmers Trust Management (RTM), a trustee manager of Rickmers Maritime, said that the company recorded a net loss of USD 55.6 million in the second quarter of this year, compared to a loss of USD 15.7 million in the same period last year, a change of 255%. Rickmers Maritime reported
COSCO Corp Under Pressure amid Sluggish Markets
Sluggish marine engineering and shipping markets continued to put pressure on the performance of COSCO Corporation (Singapore) Limited, a shipbuilding, marine engineering and dry bulk shipping group, as the company suffered a net loss of SGD 36.8 million (USD 27.4 million) in the second quarter of 2
International offshore rig count jumps sequentially, falls YOY
Oilfield services provider Baker Hughes reported on Friday that the international offshore rig count for July 2016 was up sequentially and down year over year. The international offshore rig count for July 2016 was 226, up 3 from the 223 counted in June 2016, and down 38 from the 264 counted in July
COSL wraps up seismic project in “Far East”
China Oilfield Services Limited (COSL), a Chinese offshore services provider, has completed its first exploration operation in the Far East. COSL informed in early June it won a seismic acquisition contract in the “Far East” but did not reveal the name of the client nor the exact location of the sur
OOCL to Cut October Asia-Mediterranean Sailing
Hong Kong-based Orient Overseas Container Line (OOCL) is to cancel the sailing of its Asia-Mediterranean Service in October due to the expected low demand. On the Asia-Europe route, the company plans to withdraw the EUM sailing of the Hyundai Tenacity 022 west/east, with an estimated time of arrival
BP clinches $3.7 billion loan for Tangguh LNG expansion
Energy giant BP and SKKMigas, Indonesia’s upstream oil & gas regulator, signed a loan deal worth $3.74 billion with a consortium of international and Indonesian banks to fund the expansion of the BP-operated Tangguh LNG plant. The financing deal follows the decision made by BP and other partners in
Alphaliner: Boxship Orderbook Ratio Drops Like It’s 1999
The containership orderbook, measured as a percentage of the existing fleet, has fallen to its lowest level since 1999, and is expected to slide further in the near term, according to Alphaliner. Namely, the current orderbook-to-fleet ratio plunged to 17.1% from the peak of 64% recorded at the end o