South & Central Asia
Maersk Line’s Boxship on Fire after Collision off China
A fire broke out aboard the Safmarine Meru containership after it collided with a German-owned container vessel Northen Jasper some 120 nautical miles East of Ningbo. Shortly after, a crew of 22 people were evacuated from the Maersk Line-owned Safmarine Meru as it suffered severe damage, according t
Drewry: Boxship Rate Erosion Worse than Expected
The container shipping freight rates crashed harder than it was expected, according to Container Forecaster from shipping consultancy Drewry, and the losses are now expected to reach between USD 6-10 billion this year as carrier profit margins will be influenced by big swings on both prices and cost
Hyundai Heavy plans management cuts. Braces for ‘rapidly decreasing orders’
Hyundai Heavy Industries, one of South Korea’s largest offshore rig builders, is planning “intense” management reform plans, including the voluntary retirement of manager level employees in a move to enhance its competitiveness. In a statement on Monday, an HHI officer said, “Along with the 25 perce
HHI to Shut Docks, Further Cut Management Staff
Prompted by only 9 orders placed during the first quarter of the year at the South Korean shipyards, the country’s shipbuilding giant Hyundai Heavy Industries (HHI) revealed its plans to close docks which operate at the lower efficiency rate if the ordering slump persists. Furthermore, in the face o
Wärtsilä to Equip UK’s 1st Dual-Fuel RoRos
Finnish engineering company Wärtsila is to power the UK’s first dual-fuel ferries being built for Scotland-based Caledonian Maritime Assets (CMAL), the company said. Under the contract signed between the duo in December 2015, Wärtsila is also to supply extended engineering and site support services,
Shipping Corporation of India Told to Buy New Ships
Shipping Corporation of India (SCI) should purchase new fuel efficient vessels to replace the old ones, the company was told by India’s standing parliamentary committee on transport. The recommendation comes in the aftermath of Shipping Corporation of India’s recovery from its loss making phase sinc
Malaysia’s Petronas, Vietnam’s PetroVietnam sign 10-year PSC extension
Malaysian energy giant Petronas and Vietnamese Petrovietnam have announced the signing of a a ten-year extension of the Production Sharing Contract (PSC) for the PM3 Commercial Arrangement Area (CAA) with Talisman. The extension was signed with Talisman Malaysia Ltd, Talisman Malaysia (PM3) Limited
Icon Offshore supports ExxonMobil’s ops in Malaysia
Malaysia’s Icon Offshore has won a deal to provide two offshore vessels in support of ExxonMobil’s operations in Malaysia. According to a Bursa Malaysia filing on Friday, Icon will supply two straight supply vessels for offshore production platforms “and other requirements,” to ExxonMobil Exploratio
PHOTO: Van Oord’s TSHD HAM 318 in Maldives
Van Oord’s trailing suction hopper dredger HAM 318 has just arrived in Maldives, ready to undertake some massive dredging and land reclamation tasks. The scope of the HAM’s work will include dredging, reclamation and civil works in the Thinadhoo, Feydhoo and Himmafushi areas. The Maldives’ Ministry
Mitsubishi Heavy’s Profit Down by 42 Percent
Japan’s Mitsubishi Heavy Industries, Ltd. (MHI) today reported a plunge of 42.2 percent in its net profit for the fiscal year ended March 31, 2016, despite an increase in received orders and operating income. Namely, the company ended FY 2015 with a net profit of JPY 63.8 billion (USD 591.1 million)
Offshore Wind Industry Gearing Up for Vessel Directory 2016
The offshore wind industry will soon launch its latest reference guide: the Offshore WIND Vessel Directory 2016. This third edition of the directory, produced in close cooperation with the vessel builders and operators in the industry, offers an updated overview of the available vessels in the marke
CLP Power proposes offshore LNG terminal for Hong Kong
CLP Power Hong Kong on Saturday informed it is taking forward the development work to build an offshore LNG terminal in Hong Kong waters.