South & Central Asia
Seven Carriers Joining Forces in New Alliance?
As the topic on the formation of the new global carrier alliance heats up, new details have emerged on the members of the upcoming vessel-sharing partnership. Specifically, almost all eight carriers left out of the already announced partnership agreements are expected to join forces, with the except
HHI Hands In Self-Rescue Plan to Creditors
South Korean Hyundai Heavy Industries (HHI) has joined its compatriot companies today by submitting a self-rescue plan to creditors, Yonhap news agency reports. The restructuring plan reportedly includes further job cuts and asset sales worth up to USD 1 billion. Previously, reports emerged that the
Indian NGOs Voice Concerns Over Alang Beaching
Beaching of end-of-life vessels in Alang has stirred serious concerns from Indian NGOs following a visit to the city’s shipbreaking yards by government representatives from France, Germany and Belgium, as well as the European Commission, in late April. Indian NGOs are concerned about the negative en
Cosco Pacific Buys Stake in Euromax Terminal in Rotterdam
Hong Kong-listed Cosco Pacific Limited has entered into a share sale and purchase agreement with Hutchinson Port Holdings to acquire a 35% equity interest in Euromax container terminal in Rotterdam. The consideration for the acquisition comprises of €41.43 million for 35% of the share capital of Eur
PHOTO: Male Land Reclamation in Full Swing
The Maldives’ Ministry of Housing and Infrastructure has just released a photo update from the Male Industrial Village land reclamation scheme. This development project involves works on the extension the area breakwater and reclamation of 4.5 hectares of new land in Male south west harbor. The $10
IEA: Iranian oil supply back at 2011 levels
Global oil supplies rose 250 000 barrels per day (250 kb/d) in April from the preceding month to 96.2 mb/d as higher OPEC output more than offset deepening declines in non-OPEC countries, IEA said in its Oil Market Report for May. But year-on-year, world output grew by just 50 kb/d in April versus t
DSME Unveils Its Own LNG Containment Technology
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) has developed its own LNG containment system called DSME Cargo Containment System 16 (DSC16), the company said. The new system characterized by the use of wooden materials aims at minimizing gas losses caused by evaporation dur
DSME develops own LNG containment system
Daewoo Shipbuilding & Marine Engineering (DSME) of South Korea on Wednesday said it has developed its own LNG containment system, named DSC16 (DSME Cargo Containment System 16).
BPS eyes second half of 2016 for bioWAVE commissioning
BioPower Systems (BPS), an Australian wave energy developer, is preparing its bioWAVE wave energy device for commissioning expected to take place during the second half of 2016.
Drewry: Chemical Tanker Rates to Stay Solid
Due to a rising production capacity in key exporting countries, chemical tanker shipping freight rates are expected to remain firm over the medium term, according to shipping consultancy Drewry. Since 2015, the US has started to export more and import less volume of liquid chemical products. US meth
Vard Clinches USD 300 Mn Module Carrier Vessels Order
Norwegian shipbuilder and ship designer Vard Holdings Limited (VARD) has secured a USD 300 million contract for the design and construction of 15 Module Carrier Vessels for Dubai-based offshore support vessel company Topaz Energy and Marine (Topaz). Designed to carry high deck loads of up to 1800 to
Kunlun Energy selling upstream assets, targets buying LNG terminal
Kunlun Energy, a Hong Kong unit of China National Petroleum Corp, is looking to sell its upstream assets and buy an LNG terminal from its parent company.