South & Central Asia
ABS Becomes 1st Foreign RO to Inspect Maritime Labor in Japan
Classification society American Bureau of Shipping (ABS) has been selected by the Japanese Ministry of Land, Infrastructure, Transport and Tourism (MLIT) as the first foreign recognized organization (RO) for maritime labor inspection. “We are very pleased to be the first foreign recognized organizat
Auditors Reveal USD 1.28 Bn Accounting Fraud at DSME
An accounting probe launched into the financials of the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) has found an accounting fraud in the amount of some KRW 1.5 trillion (USD 1.28 billion), The Korea Herald reported. The inspection also revealed that the company’s man
Report: $2 trillion funding gap ahead for upstream O&G majors
The embattled crude oil and natural gas industry worldwide has slashed capital spending to a point below the minimum required levels to replace reserves — replacement of proved reserves in the past constituted about 80 percent of the industry’s spending; however, the industry has slashed its capital
Samsung Heavy Industries Lays Out Restructuring Plans
South Korea’s Samsung Heavy Industries (SHI) has unveiled details of its self-restructuring plan which reveals that the financially troubled shipbuilder plans to make the necessary workforce cuts through an early retirement scheme and to require from its executives to return part of their salaries,
MAN ME-GI engines ordered for Maran Gas LNG newbuilds
MAN Diesel & Turbo on Tuesday said it has received orders for M-type, electronically-controlled, gas-injection (ME-GI) engines from Maran Gas, for its two newbuilds at DSME of South Korea.
Maersk Line to Up Asia-Europe Freight Rates from July 1
Danish container shipping giant Maersk Line revealed its intention to raise the freight rates from Far East Asia to North Europe to USD 1,450 per 20-foot equivalent unit (TEU), the company said on Tuesday. The changes, which will apply to all kinds of freight, are scheduled to take effect from July
VIDEO: Time-lapse of Gina Krog load out in South Korea
The main support frame for the Gina Krog topside has been loaded on to the heavy transport vessel Mega Caravan in South Korea. Statoil, the operator of the Gina Krog field located in the Norwegian sector of the North Sea, shared a time-lapse video of the main support frame for Gina Krog’s topside be
Pakistan: ECC approves RLNG price increase
Pakistan’s Economic Coordination Committee (ECC) on Tuesday reviewed the pricing mechanism for regasified LNG, approving a US$1.2 per unit price raise, previously rejected by the Oil and gas Regulatory Authority.
New boss takes helm at CNOOC
CNOOC, China’s crude oil and natural gas producer, has made changes in directors and senior management of the company, including the change of its Chief Executive Officer (CEO). Following the resignation of its current CEO, President, and Executive Director Li Fanrong, appointed in 2011, CNOOC named
MAN Heart for Angelicoussis Shipping’s New Vessels
Four new vessels, ordered last week by Maran Tankers Management (MTM) and Maran Gas Maritime, oil tanker and gas shipping units of the Angelicoussis Shipping Group Limited (ASGL), will each be fitted with MAN engines, according to the company’s statement. Angelicoussis Shipping’s units ordered two M
One Dead After Philippine Motor Banca Sinks
One person died after a motor banca carrying 70 passengers sank at Magallanes Wharf, Agusan Del Norte, on June 11, the Philippine Coast Guard (PCG) said. The boat encountered engine trouble while sailing due to big waves prevailing in the area, according to the PCG. All the passengers onboard panick
India restarts LNG alliance talks with Japan, South Korea
As the demand for LNG in Asia grows, India has renewed its talks with Japan and South Korea on forming a liquefied natural gas purchasing alliance.