South & Central Asia
Euroseas Cancels First Ultramax Newbuilding
Greek owner and operator of dry bulk and container ships Euroseas Ltd. has terminated the order for the first of its Ultramax vessels, Hull Number DY 160, under construction at Sinopacific Shipbuilding’s Dayang yard in China. The company said that the vessel was cancelled due to excessive constructi
Singapore’s Swiber put under judicial management
Singapore’s offshore services company Swiber Holdings is withdrawing its wind up application after it has been placed under judicial management. The company said on Wednesday that the Singapore High Court granted an order putting the company and its subsidiary, Swiber Offshore Construction (SOC), in
Shipping Corporation of India Inks MOU amid Growth Plans
Shipping Corporation of India (SCI) has signed the Memorandum of Understanding (MOU) with the country’s Ministry of Shipping for the financial year 2016-17 as the company eyes growth opportunities. The MOU, which is based on the MOU guidelines 2016-17 issued by the Department of Public Enterprises (
BW converts DSME LNG tanker order to FSRU
Singapore-based gas shipping giant BW said it has amended its LNG tanker orders it has with South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME). BW adjusted orders for two LNG tankers ordered in September 2014, and two in September last year, a BW spokeswoman confirmed to LNG World News on
Subsea in July
Subsea World News has gathered all the highlights to bring you a summarized version of the most popular articles from the previous month. Industry majors made the news again last month with new contract awards, including Saipem’s field development project for the Zohr gas field, located off the Egyp
Oil edges up to $42 after slide, but glut still weighs
By Alex Lawler LONDON (Reuters) – Oil edged higher to $42 a barrel on Wednesday after hitting its lowest since April the previous day, supported by an industry report showing a fall in U.S. inventories and a weaker dollar. But prices could struggle to make much headway, analysts said, as sentiment r
Eurotankers Buys Second-Hand VLCC from MOL
Greek shipping company Eurotankers has expanded its fleet of Very Large Crude Carriers (VLCCs) with a 2003-built tanker purchased from Japan’s shipping company Mitsui O.S.K. Lines, Ltd (MOL). According to data provided by VesselsValue, the second-hand vessel Kaminesan was bought for a price of USD 2
Report: SGX Working on Formal Offer for Baltic Exchange
The Singapore Exchange (SGX) is preparing a formal offer to purchase London’s Baltic Exchange, after the parties entered exclusive talks on the acquisition in May, Reuters cited sources close to the matter. The sources added that both parties reached key milestones related to the acquisition. Follow
Lundin scraps deal to sell Bertam FPSO
Swedish independent oil company Lundin Petroleum has canceled a deal to sell the Bertam floating production storage and offloading (FPSO) vessel to a Malaysian company. Lundin said in January that it had entered into an agreement to sell the FPSO Bertam to M3nergy Investment Ltd (M3nergy), a wholly
SE Asian Countries Reach Deal on Maritime Security
Three Southeast Asian countries, the Philippines, Indonesia and Malaysia, have reached an agreement for trilateral maritime cooperation to launch joint sea patrols in regional waters in an effort to deal with the rising number of kidnappings and pirate attacks, according to the Jakarta Post. Under t
Singapore Exchange prepares formal offer to buy UK’s Baltic Exchange
By Anshuman Daga and Jonathan Saul SINGAPORE/LONDON (Reuters) – Singapore Exchange Ltd (SGX) is readying a formal offer to buy London’s Baltic Exchange following months of discussions that culminated in exclusive talks between both parties, sources familiar with the matter said on Tuesday. Founded i
Drewry: MR Charter Rates to Drop amid Falling Freight Rates
Time charter rates in the smaller chemical tanker vessel sizes are expected to remain stable over the next two years, but rates for the larger sizes, especially Medium Range tankers (MRs), will decline due to the impact of falling freight rates for clean petroleum products (CPP), shipping consultanc