South & Central Asia
DSME’s Former CEO Taken into Custody
Daewoo Shipbuilding & Marine Engineering’s (DSME) former Chief Executive Officer Nam Sang-tae was taken into custody as part of an accounting probe into the financials of the South Korean shipbuilder, launched earlier this month. According to the Korea Herald, the CEO was called in for questioning o
HMM’s Restructuring Pushed to Late July
The creditor-led restructuring scheme of the South Korea’s cash-strapped shipping firm Hyundai Merchant Marine (HMM) has been pushed to late July as the company struggles to find a global shipping alliance, according to Yonhap News Agency. Under the terms set by its creditors, led by the state-run K
Maersk Bolsters North East Asia – New Zealand Coverage
Danish container shipping firm Maersk Line is upgrading its existing Triple Star service to provide direct, weekly connections between North East Asian ports and New Zealand. Starting from July 2016, the new service will offer a 14-day transit time between Hong Kong and Tauranga. It will include sev
Tekmar, Covestro in China OWF Subsea Cable Protection Pact
Tekmar Energy and Covestro have signed a cooperation agreement on subsea cable protection for the China offshore wind farm (OWF) market. Reportedly, this market is set to grow towards 10 gigawatts of capacity within the next three to five years. Cable protection systems cover solutions from bend sti
SGX Extends Exclusive Talks with Baltic Exchange
Singapore Exchange (SGX) has extended the period of exclusive discussions to buy the London’s Baltic Exchange by two months. According to the new information, the deadline for the talks has been pushed from June 30, 2016 to August 31, 2016. The announcement comes on the back of the exclusivity agree
SapuraKencana nets $125M in new contracts
SapuraKencana Petroleum’s wholly-owned subsidiary companies have been awarded new contracts and contract extensions related to drilling and engineering and construction services with a combined value of approximately $125 million. In the drilling sector, SapuraKencana Drilling Tioman has been awarde
Tsavliris to Create Salvage Network in Chinese Waters
Greek emergency response contractor Tsavliris Salvage has signed a Memorandum of Understanding with China’s Zhoushan Port Free Trade Zone Administrative Committee on setting up a salvage network in Chinese waters. The agreement was signed as part of the Zhoushan Maritime Event held in Athens. In the
Fatal Accidents Rise at Bangladeshi Shipbreaking Yards
At least five shipbreaking workers have been killed and five more severely injured in a series of fatal accidents at the beaching yards in Bangladesh in only one month, according to data provided by NGO Shipbreaking Platform. At the end of May a worker died at Seiko Steel shipbreaking yard when he f
ADB, SMBC Ink Colombo Port Co-Advisory Agreement
The Asian Development Bank (ADB) and Sumitomo Mitsui Banking Corporation (SMBC) have signed an agreement to provide the co-advisory services to the East Container Terminal (ECT) of Colombo Port in Sri Lanka. SMBC will join ADB’s ongoing advisory services for ECT as co-adviser in relation to preparin
Wisdom Marine Orders Two Tankers in Japan
Taipei-based shipping company Wisdom Marine Lines has decided to enter the tanker shipping market as it ordered two new vessels in Japan, according to the company’s stock exchange filing. Namely, the order for the new 115,000 dwt oil tankers, placed with Japanese shipbuilder Japan Marine United (JMU
BigLift orders third Happy S-type vessel
Dutch shipping company BigLift Shipping has placed an order for the third Happy S-type vessel to be built by China’s Ouhua Shipbuilding. ‘Happy Sun’, as the new build vessel will be named, will be identical to BigLift’s ‘Happy Star’ vessel and is expected to be delivered in the first quarter of 2018
ABS and Keppel Team Up on Subsea Technology Projects
ABS, a provider of classification services to the offshore industry, is pursuing multiple major joint development projects (JDPs) with Keppel Offshore & Marine Technology Centre (KOMtech). The JDPs will include topics such as special purpose rigs, data analytics, and subsea technology. Senior manage