South & Central Asia
Oil bounces after big losses but glut persists
By Christopher Johnson LONDON (Reuters) – Oil prices rallied from sharp losses on Thursday but brokers said the downtrend could resume soon as record-high stocks and worries over slowing economic growth dampened sentiment. Brent crude oil <LCOc1> was up 50 cents at $46.76 a barrel by 0745 GMT. U.S.
Moody’s: Soechi Lines Rated B1 with Stable Outlook
Indonesian tanker company Soechi Lines Tbk has been assigned a definitive B1 corporate family rating (CFR) with a stable rating outlook, according to Moody’s rating agency. Moody’s has also withdrawn the provisional (P)B1 rating on the proposed USD 200 million senior unsecured notes of Soechi Capita
China’s Sub Jiaolong Completes Another Deep-Sea Expedition
Chinese deep-sea manned sub “Jiaolong” has returned to its home port in Qingdao after almost a 100-days-long scientific expedition to the Yap Trench and Mariana Trench in the west Pacific Ocean. During the expedition, the submersible descended to depths of up to 6,796 meters where it collected geolo
HMM Signs Deal to Join 2M, Fulfills Restructuring Terms
The South Korean shipping company Hyundai Merchant Marine (HMM) has signed a Memorandum of Understanding (MOU) to join the 2M Vessel Sharing Agreement (2M VSA) starting from April 2017, upon finalizing negotiations and approval procedures in each country. The company signed the MOU following agreeme
China LNG Group acquires stake in LNG storage company
China LNG Group informed it has recently agreed to invest RMB 45.9 million (approx. 6.9 million) in a company engaged in the development of LNG storage and transportation projects in China.
GE to power world’s largest crane vessel
GE has signed a deal which will see it provide equipment for one of the world’s largest crane vessels – Heerema Marine Contractors’ Sleipnir. The Sleipnir semi-submersible crane vessel is currently under construction at Sembcorp Marine’s Singapore yard. Under the recently signed deal between GE’s Ma
SHI Workers Organize Sit-In Protest
A group of workers of Samsung Heavy Industries (SHI), the South Korean shipbuilder, staged a sit-in protest in Seoul today over the company’s restructuring plans that include massive layoffs, Yonhap News Agency reports. The protest was organized after a majority of the company’s workers voted for a
Mermaid Scoops Asia – Middle East Subsea Projects
Mermaid Maritime’s business unit, Mermaid Subsea Services (Thailand), has been awarded a contract to provide technical support service personnel to an undisclosed offshore oil and gas EPIC company. According to the company, the contract, which has already started, is for the duration of one year and
Alphaliner: Panama Canal Reclaims USEC Container Volume Lead
The Panama Canal this month regained the majority share in terms of overall container transport capacity on all-water routes between the Far East and the US East Coast, according to Alphaliner. Following the completion of the USD 5.25 billion expansion project in late June, the Panama Canal has succ
Mermaid Maritime provides personnel for offshore projects in Asia and Middle East
Mermaid Maritime has been awarded a contract to provide technical support service personnel to a national offshore oil and gas engineering, procurement, installation and commissioning company with large-scale projects internationally. According to the company’s press release on Wednesday, the contra
IEA sees rise in global oil supplies in June
Global oil supplies rose by 0.6 mb/d in June, to 96 mb/d, after outages curbed OPEC and non-OPEC supplies in May, while production was 750 kb/d below as higher OPEC output only partially offset non-OPEC declines, International Energy Agency (IEA) has informed in its Oil Market Report for July. IEA s
Top Firms Join Forces to Boost LNG as Marine Fuel
A number of companies have decided to join forces in a new cross-industry initiative called SEALNG, to accelerate the use of liquefied natural gas (LNG) as a marine fuel. Over 90% of global trade moves by sea and this trade is expected to increase substantially over the coming years. In terms of ton