South & Central Asia
OPEC fails to agree policy but Saudis pledge no shocks
OPEC failed to agree a clear oil-output strategy on Thursday as Iran insisted on steeply raising its own production, though Tehran’s arch-rival Saudi Arabia promised not to flood the market and sought to mend fences within the organisation.
Engie appoints new regional CEO
French company Engie, previously known as GDF SUEZ, has appointed a new CEO for its Middle East, South & Central Asia and Turkey (MESCAT) business unit. Coming into effect in September 2016, Sébastien Arbola will take over over from Guy Richelle, who assumed these responsibilities on an interim basi
Six More Ships Head to Bangladeshi Shipbreaking Yards
A total of six vessels will soon land on the beaches of the substandard South Asian shipbreaking yards in Bangladesh as a number of owners sold their ships to scrap on June 1, according to data provided by VesselsValue. Built at shipyards in South Korea, Germany and Japan, the vessels, ranging from
Bondholders Okay HMM’s Debt-for-Equity Plan. Next Step The Alliance
Bondholders of cash-strapped Hyundai Merchant Marine (HMM) have approved the company’s debt-for-equity swap deal, the company confirmed in a stock exchange filing. The company held meetings with its five bondholders over the past two days who hold KRW 804.3 billion in publicly traded bonds. Under it
CSBC Corporation Bags Feeder Duo
Taiwanese shipbuilder CSBC Corporation has won a contract to build two 1,800 TEU container vessels for Prevalence Holding Limited. Under the contract signed on May 31st, the company also has an option for construction of an additional feeder vessel of the same size. The two container ships are due f
Otto Marine marked as takeover target by unnamed buyer
An unnamed firm is looking to buy Singapore’s Otto Marine, an offshore marine group specialising in the subsea and deepsea segment. Otto Marine revealed on Thursday it has received a letter from RHB Securities Singapore, a financial advisor to a potential buyer, in connection with a potential transa
Otto Marine to Be Acquired?
Singapore-based offshore marine company Otto Marine Limited said today that an undisclosed party is looking to buy the company. Namely, the company has received a letter from RHB Securities Singapore acting as a financial adviser of an unnamed buyer and informing that that buyer is interested in the
China’s first LNG import terminal hits milestone
China’s first LNG regasification terminal, Guangdong Dapeng LNG said it has recently received its 720th LNG cargo onboard the Q-Flex Onaiza. The Dapeng terminal, which is majority-owned by CNOOC, marked its tenth anniversary of operation on May 26. CNOOC holds a 33% stake in Guangdong Dapeng LNG whi
Dae Sun to Build Three Tankers for KSS Line
South Korean shipping company KSS Line has placed an order for three small eco-friendly oil/chemical tankers at its compatriot shipyard Dae Sun Shipbuilding and Engineering Co. Under the agreement, signed between the parties on May 31, the SUS chemical tankers will have a capacity of 3,500 dwt, acco
CIMC Enric Holdings Drops Sinopacific Acquisition Plans
Hong Kong-listed investment holding company CIMC Enric Holdings Limited has terminated its plans to acquire Sinopacific Offshore and Engineering, majority owned by Sinopacific Shipbuilding Group. CMIC Enric signed a memorandum of understanding on 15 August, 2015 with Sinopacific and SOEG to acquire
Carnegie wraps up CETO 5 wave energy project
Carnegie Wave Energy has received the final grant payment from the Australian Renewable Energy Agency (ARENA) for the CETO 5 Perth Wave Energy Project.
Maritime NZ: IMO Softens Transition to New SOLAS Rules
In light of the upcoming SOLAS container weight verification requirement and concerns over the transition to the new rules, the International Maritime Organization (IMO) has agreed to a practical and pragmatic approach for the three months after July 1, according to maritime safety authority Maritim