South & Central Asia
Husky, CNOOC settle Liwan gas project dispute
Husky Energy’s China subsidiary has signed a Heads of Agreement (HOA) with CNOOC for the price adjustment of natural gas from the Liwan 3-1 and Liuhua 34-2 fields in the South China Sea. According to Husky’s statement on Wednesday, the HOA would see the price set at $12.50-15.00 Cdn per thousand cub
Korean Register Expands Its BWMS Testing Facilities
The Korean Register of Shipping (KR), a member of the International Association of Classification Societies (IACS), has expanded its land-based test facilities for Ballast Water Management System (BWMS). “Manufacturers who have already secured BWMS type approval from their administrations or have de
Court Starts STX Shipbuilding’s Rehabilitation Process
Seoul Central District Court launched the corporate turnaround process at the South Korean shipbuilder STX Offshore & Shipbuilding Co. on August 1, after the company filed for court receivership in May, 2016. The cash-strapped shipbuilder, which opted for the move after its creditors decided to end
Construction of HKIA Three-Runway System Begins
Airport Authority Hong Kong (AA) kicked off the construction of Hong Kong International Airport’s (HKIA) Three-Runway System (3RS) yesterday. The eight-year construction of 3RS is expected to be completed in 2024, with the commissioning of the new runway in 2022, HKIA said in the announcement. The c
Malta’s LNG Floating Storage Unit Ready for Work
A sail-away ceremony for the Floating Storage Unit (FSU) Armada LNG Mediterrana, which will be dispatched in the coming days to Malta, was held at Keppel Shipyard’s facilities in Singapore on August 1. Owned by Malaysia-based offshore oil & gas services provider Bumi Armada, the 125,582 cbm Armada L
Danaos in Discussions with Hanjin on Charter Rate Cuts
Athens-based containership owner Danaos Corporation has started the negotiations on charter rate cuts with South Korean shipping company Hanjin Shipping as the shipping giant publicly announced its intention to restructure its balance sheet and seek concessions from charter owners. As the discussion
Swiber Applies for Judicial Management, Defaults on Bonds Interest Payment
Swiber Holdings, has applied to discharge the provisional liquidation order and withdrawn the winding up application following discussions with its major financial creditor. Namely, the Singapore-based company and its subsidiary, Swiber Offshore Construction have taken out applications to be placed
Gallery: Fire Hits Barge at Sembcorp Marine Yard
A fire broke out in a room of a cargo barge around 3:30 p.m. on August 1 at Sembcorp Marine Tuas Boulevard Yard in Singapore, according to Singapore Civil Defence Force (SCDF). SCDF dispatched 70 firefighters on the scene in order to contain the fire, cool the structure and prevent fire spread. SCDF
Japan’s JGC mulls building small LNG plant in Sakhalin
Japanese engineering firm JGC Corp is considering building a small liquefied natural gas plant on Russia’s remote Sakhalin island, according to a statement by the Sakhalin region government. The Sakhalin Island is the home of Russia’s only producing LNG plant, Sakhalin-2, with a capacity of about 10
GSF Develops Plan to End Container Shipping Surcharges
Global Shippers’ Forum (GSF) has developed a plan to end container shipping surcharges within five years, GSF said during its Annual Meeting in Colombo, Sri Lanka. GSF is looking to end “the imposition of surcharges on shippers by 2020” through a series of actions “that will expose the scale and inj
Moody’s: Chinese Port Operators Under Pressure
Slower economic growth, deteriorating export competitiveness and weak liner profitability are narrowing the headroom within the ratings of Chinese port operators, according to Moody’s rating agency. “Although manageable capex plans over the next three years will alleviate some of the pressure on the
PHOTO: Vroon’s new vessel completes sea trials
Vroon has informed that its newbuild platform supply vessel (PSV), the VOS Passion, completed sea trials in China last week. The company said on Monday that the vessel is in the final stages of construction and it will be ready for delivery next month. VOS Passion, a PX121-type platform supply vesse