South & Central Asia
BNCT Hits 5 Mn TEU Milestone
Busan New Container Terminal (BNCT) in South Korea crossed the five million TEU mark on April 27, in less than five years after its first vessel call in February 2012. BCNT saw an increase in volumes by 20 percent in the first quarter of 2016, compared to the same period in 2015, the port figures [&
Hanjin Heavy Gets USD 105 Mn of Financial Aid
South Korean shipbuilder Hanjin Heavy Industries and Construction (HHIC) will receive an additional amount of KRW 120 billion (USD 104.8 million) of financial aid from its creditor, Yonhap news agency said. The creditors, led by Korea Development Bank (KDB), have previously approved an emergency fin
Westports Handles More Container Volumes
Malaysian port operator Westports Holdings Berhad has seen an increase in its container operations as the company handled 2.4 million TEUs during the first quarter of 2016. The company said that the transhipment container volumes increased to 1.8 million TEUs, while the group handled 0.6 million TEU
Shipyard presses Hercules to take delivery of newbuild jack-up
Offshore driller Hercules Offshore, which in November last year emerged from Chapter 11 bankruptcy, has been given a deadline by Sembcorp Marine’s Jurong Shipyard in Singapore to take delivery and pay for the jack-up rig the shipyard is building for Hercules. The newbuild jack-up rig Hercules Highla
Drewry: Shipowners Forced to Either Cut Rates or Fleet
The current container market downturn is forcing some independent shipowners to either reduce charter rates to help save ailing carriers or opt for idling, selling or scrapping their vessels, according to shipping consultancy Drewry. Much of the focus on the recent slump in the container shipping ma
Keppel buys LeTurneau. Expands jack-up designs offering
Singapore’s offshore rig builder Keppel Offshore & Marine has completed the acquisition of Cameron International Corporation’s offshore product division, which comprises the LeTourneau jack-up rig designs, rig kit business, as well as its aftersales and aftermarket services. The acquired company wil
HKIA Land Reclamation Scheme Gets Green Light
A massive land reclamation scheme around the Chek Lap Kok Hong Kong International Airport (HKIA), aimed to enable the addition of the third runway, has received the green light. The works, being carried out on behalf of the Hong Kong Airport Authority (HKAA), include formation of 650 ha of land by g
Samsung Heavy Urged to Come Up with Self-Rescue Measures
In an effort to speed up the South Korea government’s restructuring plan targeting the financially troubled shipbuilding segment, the country’s shipbuilder Samsung Heavy Industries has been urged to devise a number of self-rescue measures, Yonhap news agency reports. The state-run Korea Development
Minister: revised Qatar LNG deal slashes price to below $5 per MMBtu
Costs of liquefied natural gas imports from Qatar have dropped below $5 per MMBtu due to the revised long-term deal Petronet LNG signed with RasGas, according to India’s minister for petroleum and natural gas, Dharmendra Pradhan. India’s largest LNG importer, Petronet and RasGas of Qatar signed the
Hanjin Shipping Could Receive a Nod for Rehabilitation
Financially-troubled South Korean shipping company Hanjin Shipping is likely to receive approval for its corporate rehabilitation program from its lenders, according to the Korea Herald. Seven lenders, led by state-run Korea Development Bank, are expected to grant approval for the company’s restruct
Contship Eyes Opportunities in Asia
Italy’s La Spezia Container Terminal, owned by Contship Italia Group, is to visit Ningbo and Qindao in China and Seoul in South Korea to introduce the alternative route and options for Asia-Italy and South Europe cargo. The visit follows a tour of key supply chain hubs by the operator in Greater Chi
Mounting Concern over Lack of Orders in South Korea
South Korea’s top three shipbuilders, Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries, won zero newbuilding orders in April, opening up a possibility of significant restructuring measures, Yonhap News Agency reports. South Korean shipyards won only fiv