South & Central Asia
Petronas: PFLNG Satu reaches Kanowit gas field
Malaysian energy giant Petronas on Wednesday said its first floating LNG producing unit, the PFLNG 1 reached its destination, the Kanowit gas field, offshore Sarawak.
New Chinese Tanker Giant Company Is Born
Chinese shipping major China COSCO Shipping Co. has established a new tanker shipping company named COSCO Shipping Energy Transportation Co.Ltd. The new company was officially launched on June 6th in Shanghai, marking the integration of COSCO’s shipping businesses and also opening a new page for ene
Global gas prices to remain under pressure
Over the past two years, weakening fundamentals and much lower oil prices have resulted not only in lower gas prices but also in strong convergence across regional benchmarks, the International Energy Agency (IEA) said. In the first five months of this year, the average differential between Asian LN
PHOTO: Petronas’ first FLNG reaches its destination offshore Sarawak
Petronas’ first floating liquefied natural gas (FLNG) unit named PFLNG SATU has reached its destination at the Kanowit gas field, 180 kilometers offshore Sarawak. The Malaysian oil giant informed through social media channels on Wednesday that, after a 2,120 nautical mile journey, the PFLNG1 unit ar
IEA: market rebalancing will take longer for gas than for oil
The process of market rebalancing is likely to take longer for gas than for oil, according to the International Energy Agency (IEA). While the IEA expects global oil markets to start rebalancing in 2017, it does not foresee oversupply in traded gas markets improving meaningfully before the end of th
Jiangsu Hantong Ship Heavy Delivers Its 1st Chemical Tanker
China’s shipbuilder Jiangsu Hantong Ship Heavy Industry Co.,Ltd. (HT) held a naming and delivery ceremony for its first 38,000 dwt chemical stainless steel tanker on June 6. The tanker, which was named SC Aquarius, was built for Hong Kong-based shipping company Goldwin Shipping. In late May the vess
DSME’s Self-Bailout Plan Gets Green Light from Creditors
Creditors of the financially troubled Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME), led by Korea Development Bank, have reportedly cleared the shipbuilder’s USD 4.47 billion-worth self-rescue scheme, Yonhap reports citing industry sources. As disclosed, the plan would see D
Trident Subsea Cable in PoP Deal with Global Switch
Global Switch has informed that Trident Subsea Cable (Trident) is to locate Points of Presence (PoPs) within Global Switch’s data centres in Sydney and Singapore when it builds its cable network in the Asian region. Trident’s cable network, anticipated to be ‘ready for service’ in mid-2018, will con
Court Gives Nod to STX Shipbuilding’s Receivership
South Korean shipbuilding company STX Offshore & Shipbuilding Co. has received approval to go into court receivership, the Korea Times reports citing a local court ruling from today. The cash-strapped shipbuilder filed for court receivership with the Seoul Central District Court, on Friday, May 27th
CSC Slams Maersk for Dodging Shipbreaking Laws
After the Danish shipping giant Maersk Group said it would scrap more vessels in the coming years, the company’s plan to avoid European environmental law on ship recycling by flagging ships to non-EU flags was described as “undermining its credibility as a responsible ship operator” by the environme
MEDS Wraps Up Stage One of British Gas India IRM Gig
UAE-based Marine Engineering Diving Services (MEDS) has completed its first IRM campaign for British Gas India operated platforms in Panna and Mukta fields. A four-year inspection, repair and maintenance contract was awarded to the company earlier this year. The scope of work includes the provision
Report: Iran Ordering USD 2.4 Bn Worth of Ships in Korea
Iran has been linked to shipbuilding orders worth up to USD 2.4 billion at South Korean yards, providing them with the much-needed boost as they scramble for new orders. Specifically, Islamic Republic of Iran Shipping Lines (IRISL) and oil producer Iranian Offshore Oil Co. (IOOC) are said to have re