South & Central Asia
Oil prices fall as short-covering rally fizzles, oversupply weighs
By Henning Gloystein SINGAPORE (Reuters) – Oil prices fell by 1 percent on Friday as a crude and refined product glut weighed on markets and investors eyed a possible stutter in China’s imports, ending a two-day short-covering rally. U.S. West Texas Intermediate (WTI) crude futures were trading at $
Drewry: Dry Bulk Charter Rates on Road to Recovery
Charter rates on major dry bulk shipping routes are expected to recover due to increasing trade and contracting supply, according to shipping consultancy Drewry. “Demand for coal-carrying vessels will increase in the coming quarters because Japan has decided to increase its coal-fired power generati
MISC Q2 profit up, LNG earnings down
Malaysian LNG shipper MISC, a unit of energy giant Petronas, reported an 81 percent year-on-year increase in its net profit in the second quarter to 1.35 billion Malaysian ringgit ($334.4m). MISC’s revenue for the quarter ended 30 June 2016 of 2.4 billion Malaysian ringgit was 8 percent lower when c
Singapore’s SGX urges Baltic Exchange shareholders to back bid for historic London firm
By Jonathan Saul and Anshuman Daga LONDON/SINGAPORE (Reuters) – Singapore Exchange Ltd (SGX) plans to buy one of London’s oldest institutions, the Baltic Exchange where shipping rates are published, and urged shareholders on Thursday to support a deal. As the global shipping industry struggles with
Teekay cans pair of flotel newbuilds
Teekay Offshore has canceled construction contracts for two newbuild cylindrical flotels with China’s Cosco shipyard. The company said on Thursday in its second quarter 2016 results report it canceled the construction contracts for two units for maintenance and safety (UMS) and, as a result, incurre
ZIM Most Reliable Carrier in 2nd Quarter
Israel’s cargo shipping company ZIM Integrated Shipping Services Ltd. was the most reliable carrier during the second quarter of 2016, followed by Japanese counterpart Mitsui O.S.K. Lines (MOL) and German-based Hamburg Süd Group, according to the Global Liner Performance Report by SeaIntel Maritime
New Measures against Oil Pollution Effective from October
The latest amendments to the MARPOL Annex I for the prevention of oil pollution are scheduled to come into effect on October 1, 2016, according to Marine Department of the Government of Hong Kong. The amendment regulation states that oil residue (sludge) tank for machinery space should be provided w
OOS International orders pair of semi-sub crane vessels in China
Dutch provider of offshore accommodation solutions, Holding OOS International Group B.V., has entered into a contract for two newbuild semi-submersible crane vessels (SSCV) with China Merchant Group. The contract for the engineering and construction of two SSCVs, OOS Serooskerke and OOS Walcheren, w
Lawsuits Pile Up against Ailing STX Shipbuilding
South Korea’s financially troubled shipbuilder STX Offshore & Shipbuilding is facing some 25 civil lawsuits amounting to a total of KRW 102 billion (USD 91.5 million), making it difficult for the company to normalize its operations, according to Korea Times. The lawsuits were filed by former employe
SGX Makes USD 102 Mn Offer for Baltic Exchange
After months of discussions, Singapore Exchange (SGX) has made a formal offer of GBP 77.6 million (USD 102.2 million) for London’s Baltic Exchange. Namely, the shareholders are being offered GBP 160.41 in cash per Baltic share. It is contemplated that the Baltic shareholders will also receive from t
MSC, NITC Giants Clash in Singapore Strait
The Panama-flagged Very Large Crude Carrier (VLCC) Dream II and containership MSC Alexandra collided in the Singapore Strait in the evening hours of August 3, according to the Maritime and Port Authority of Singapore (MPA). As a result of the collision Dream II, owned by National Iranian Tanker Co (
South Korea’s Ulsan port in LNG bunkering deal
South Korea’s Ulsan port said it is moving towards in its attempt of becoming the country’s first port to provide liquefied natural gas (LNG) bunkering. The port has signed a three-year deal with public institutions and private companies to explore the development of LNG bunkering infrastructure, LN