South & Central Asia
Pacific Basin’s Loss Up Despite Stronger TCE Earnings
Due to extraordinarily weak dry bulk market conditions seen in the first half of 2016, the Hong Kong-listed dry bulk shipping company Pacific Basin Shipping reported a net loss of USD 60.4 million, against a net loss of USD 15.4 million seen a year earlier, despite its strong TCE earnings premium. “
Westports Readies for New and Larger Shipping Alliances
Malaysian port operator Westports Holdings Bhd said that the first phase of the expansion of its container terminal facilities has started operations with the addition of four new 52-metre high ship-to-shore cranes and six rubber tyred gantry cranes. When completed, the operator’s CT8 expansion proj
Drewry: LNG Market Will Need More Vessels
Despite the current weakness in liquefied natural gas (LNG) shipping rates, the market will require more LNG vessels than listed on the current orderbook, shipping consultancy Drewry said, adding that it maintains its bullish long-term outlook for LNG shipping. Spot rates for dual fuel diesel electr
Carnegie forges ahead with CETO 6 development
Australian wave energy developer, Carnegie Wave Energy, has concluded the wave tank testing programme of its CETO 6 technology design at the University of Plymouth’s COAST facility.
Japan’s Big Three Slash Full Year Outlook
Due to the persistent weakness in freight rates, Japan’s big three shipping companies Nippon Yusen Kabushiki Kaisha (NYK Line), Kawasaki Kisen Kaisha (K Line) and Mitsui O.S.K. Lines (MOL) lowered their full year outlook as they posted first quarter earnings. Nippon Yusen Kaisha (NYK) suffered the w
CMA CGM Sets Up Bengal Bay Express Service
French container shipping major CMA CGM has launched Bengal Bay Express, a new direct service connecting Thailand, Singapore and Colombo to United States East Coast and Canada by deploying eleven 6,500 TEU vessels on a weekly basis. With this service, the company said it offers a fast connection fro
Exmar: Caribbean FLNG commissioning starts
Belgium’s Exmar said on Thursday that commissioning work has started on its Caribbean FLNG at the Wison Heavy Industry shipyard in Nantong, China. The commissioning of the Caribbean FLNG has started on 14th June with delivery expected in the third quarter of this year once the unit has been successf
Drewry says 65 more LNG tanker orders needed by 2020
Shipowners will need to order an additional 65 vessels by 2020 to meet LNG shipping demand as new supplies are coming on-stream, according to the shipping consultancy Drewry. Despite the current weakness in LNG shipping rates, Drewry “maintains its bullish long-term outlook” for LNG shipping and bel
Gazprom considers small-scale LNG exports to China
Gazprom Export, the exporting arm of Russian gas giant Gazprom may build small-scale LNG plants in the country’s remote Far East for exports to the world’s largest energy consumer, China. Gazprom Export, which has already established its presence in the European small-scale LNG market and has been e
Singapore’s Swiber to wind up
Singapore’s offshore services company Swiber Holdings has made an application to wind up the company following demands from creditors. The company said it made an application to Singapore’s High Court on Wednesday, July 27, 2016, with the hearing set for August 19, 2016. Additionally, the company ha
Moore Stephens: Shipping to Disclose or Risk Being Exposed
The shipping industry must adopt a transparent, proactive approach to corporate governance or else risk exposure to business and reputational damage, according to the international accountant and shipping adviser Moore Stephens. Corporate governance in shipping has been in sharp focus recently, part
Spotted: Chinese Phoenix to Adorn Norwegian Joy
US-based cruise company Norwegian Cruise Line (NCL) will soon unveil its new Breakaway-Plus class vessel Norwegian Joy, with its hull featuring a Chinese art motif, the phoenix. Set to debut in summer 2017, with home porting in Shanghai and Beijing, the Norwegian Joy will be Norwegian Cruise Line’s