South & Central Asia
Otto gets approval for two-year moratorium in Palawan Basin
Otto Energy has received approval from the Philippines Department of Energy for a two-year moratorium, until December 23, 2017, on required work activity under Service Contract 55 (SC 55), offshore Palawan Basin in the Philippines. Otto Energy informed in January 2016 of its plans to exit the Block
CMES Receives Scrapping Subsidy from China
Shanghai-based shipping company China Merchants Energy Shipping Co., Ltd (CMES) has received a financial package as part of the Chinese government’s scrapping subsidy program, the company said in a Shanghai Stock Exchange filing. Namely, the shipping firm received an amount of some RMB 763.4 million
Korean Banks Hit Hard by Shipbuilding Woes
After South Korea launched a KRW 11 trillion (USD 9.5 billion) worth fund for state-run banks, the country’s lenders could need more help to absorb the enormous shipbuilding losses, Bloomberg reported. According to data provided by Bloomberg, ten of South Korea’s shipbuilders have together accumulat
Drewry: Box Shipping Rates Fall as East-West Price War Rages On
As the price war between container shipping companies persists, contract rates in the major East-West trade routes are expected to see at least a 30 percent decrease for new contracts starting from the second quarter, shipping consultancy Drewry said. “The price war between carriers in the container
COSL names new boss
China Oilfield Services Limited (COSL) has named Qi Meisheng as the new CEO and President of the company following the resignation of its current executive director, CEO, and President, Li Yong. COSL’s parent company, China National Offshore Oil Coporation (CNOOC), also made changes in directors and
MacArtney sets eyes on Chinese ocean science industry
MacArtney has teamed up with Jessn Marine Equipment Company, based in Beilun Ningbo, China, to cover the ocean science industry for the Chinese market. Entering into a distributorship agreement with Jessn Marine Equipment Company is part of MacArtney’s strategic objective to upgrade Chinese business
Weather Hampers Sewol Salvage, Ops to Resume Next Week
The salvage teams are scheduled to continue their operations on the sunken Sewol ferry off South Korea’s southern coast next week, Channel News Asia cited the South Korea’s Ministry of Oceans and Fisheries (MOF). The country noted that the operations could pose a number of challenges, mostly because
Indian creek to generate tidal energy
Plans for a tidal energy project in the Indian city of Thane, state of Maharashtra, have been revealed by Thane Municipal Corporation. The company aims to set up a tidal energy plant at the confluence of the Thane creek and Ulhas river. “The system is based on the tidal movements which happen twice
CNOOC cleared to expand Shanghai LNG terminal’s storage capacity
Storage tank capacity expansion of CNOOC’s Shanghai LNG terminal has received approval by the Shanghai Development & Reform Commission and the Zhejiang Development & Reform Commission.
MacArtney in Chinese Business Partnership with Jessn Marine
MacArtney Singapore has entered into a distributorship agreement with Jessn Marine Equipment Company to cover the ocean science industry for the Chinese market. MacArtney Singapore, Asia Pacific Operations, recently established a MacArtney base in China located in ZhuHai. “The many years of experien
DNV GL Ventures Into Vietnam for Nearshore Wind Farm Feasibility Study
DNV GL Americas has entered into a contract with Phu Cuong Group (PCG) to deliver a feasibility study for a USD 435 million, 170MW Phu Cuong 1 nearshore wind farm project, the first in PCG’s planned series of similar projects along Vietnam’s southern coastline in Soc Trang province. PCG, a private f
Gazprom to boost Asia-Pacific LNG supplies
State-owned Russian energy giant Gazprom said it is aiming to boost LNG supplies to Asia-Pacific as the company is expanding production capacities in eastern Russia. Gazprom operates Russia’s only LNG plant, built within the Sakhalin II project, which currently has an annual production capacity of 9