South & Central Asia
ReCAAP: Asian Maritime Crimes at Lowest in Four Years
The number of incidents of piracy and armed robbery against ships in Asia has reached its lowest number in the first five months of the year compared to the same period in the past four years, from 2012 to 2015, according to the latest report from Asian piracy watchdog ReCAAP ISC. Between January an
Otto Marine Wins Tanker Deal, Seeks Delisting
Singapore-based offshore marine company Otto Marine Limited has secured a shipbuilding contract for a 6,500 dwt product tanker from an Indonesian stated-owned enterprise. The deal, which is worth USD 14 million, was secured through the company’s wholly-owned subsidiary, PT Batamec. Scheduled for del
Xeneta: Price War Key Driver for Swapping Container Carriers
Price, risk management and loss of trust were identified as the main reasons why businesses end agreements with container ship carriers in a market currently riven by instability, the market intelligence platform for containerized ocean freight Xeneta said. “One might expect bad service to be the ma
Maran Gas orders LNG duo from DSME
South Korea’s Daewoo Shipbuilding & Marine Engineering Co. (DSME) has won an order from Maran Gas Maritime, a unit of Greece’s Angelicoussis Shipping Group, to build two LNG tankers.
Iran Ends LPG Exports to Japan
Although Iran stopped liquefied petroleum gas (LPG) exports to Japan, the country’s supply will not go to waste as a large number of customers are showing their interest for the LPG, Iranian Mehr News Agency cited the Director general of the Association of Petrochemical Industry Corporations (APIC)
India: Two contractors take legal action against ONGC
India’s Oil & Natural Gas Corporation (ONGC) has received a notice of arbitration from two contractors related to the B-193 process platform project, offshore India. Swiber Holdings, an offshore construction services provider to the oil and gas industry, informed on Wednesday that a consortium betwe
Japan’s spot LNG price drops further in May
The price of spot liquefied natural gas imported into Japan continues its drop hitting new record lows in the month of May.
DSME’s Offices Raided
Offices of the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME) were raided Tuesday by the country’s prosecutors within an accounting probe. Some 150 officials have reportedly seized computer hard drives, accounting books and documents from DSME’s headquarters in Seoul an
Chairman moves to delist Otto Marine from Singapore exchange
Singapore-listed offshore vessel provider Otto Marine has finally revealed the identity of the company aiming to take over its business. A week after it was first reported that Otto has been deemed a takeover target by a company advised by RHB Securities Singapore, Otto Marine on Wednesday revealed
South Korea Sets Up USD 9.5 Bn Fund for Shipping and Shipbuilding
South Korea is launching a KRW 11 trillion (USD 9.5 billion) worth fund for state-run banks intended for the country’s ailing shipbuilding and shipping industries, the government announced on Wednesday. The banks being targeted by the fund are Korea Development Bank (KDB) and the Export-Import Bank
HHI Reveals Details of Its USD 3 Bn Self-Rescue Plan
After it received approval to carry out its self-rescue plan from creditors, the South Korean shipbuilder Hyundai Heavy Industries (HHI) said that it intends to implement a KRW 3.5 trillion (USD 3.02 billion) worth management improvement plan by 2018. In an effort to rebuild trust in the market, imp
IEA: Next five years to reshape global gas trade
The next five years will bring a reshaping of the global gas trade, the International Energy Agency (IEA) said Wednesday in its 2016 Medium-Term Gas Market Report. New liquefied natural gas (LNG) supplies are coming online just as demand growth in some major markets weakens, resulting in major shift