South & Central Asia
Mongla-Ghoshiakhali Channel Dredging Gets Support
The Bangladeshi Parliamentary Standing Committee on Shipping Ministry has recommended continuing dredging of the Mongla-Ghoshiakhali channel under the supervision of Water Development Board, the Financial Express reports. The recommendation was made at the 26th meeting of the committee at the Jatiya
CMA CGM Backs Down from Mega-Ship Deployment to Asia-US Trade
French container shipping company CMA CGM has decided to delay its deployment of 18,000 TEU mega-ships on the trade between Asia and the US West Coast, which was planned for the end of May. The decision is triggered by the weak market conditions in the trans-Pacific trade hit by dwindling demand, wh
Hyundai Heavy to Axe Up to 3,000 Jobs
Restructuring efforts at South Korea-based shipbuilding giant Hyundai Heavy Industries (HHI) are to bring about a new wave of job cuts as the company battles to cut costs and boost its earnings. The shipbuilder’s self-help measures are to include slashing of 10 percent of its workforce, up to 3,000
Hanjin Shipping Opts for Debt Restructuring
South Korean shipping company Hanjin Shipping has revealed its plans to turn to creditor-led debt restructuring in an effort to improve its financial situation, the company said in a stock exchange filing. Having been faced with an outstanding debt of USD 406 million due in the first half of this ye
Over 160 Countries to Sign Paris Climate Change Agreement
A day-long celebration will today mark the opening for signature of the Paris Climate Change Agreement at the United Nations headquarters in New York, with more than 160 countries having expressed their intention to sign the agreement. Events will start at 8.30 am EST with an opening ceremony in the
Aegean Shipping Orders Four Aframaxes
Greece’s Aegean Shipping Management has placed an order for four Aframax tankers at Chinese shipbuilder COSCO (Zhoushan), according to Asiasis. The 113,000 dwt oil tankers are said to be slated for delivery in 2018. Details on the price of the ships were not disclosed, however the deal reportedly in
IMO Meeting Ends without Deal on Fair Share Contribution
Members of the International Maritime Organization (IMO) failed yesterday to reach a deal on fair share contribution to the goal of keeping the increase in temperature below 1.5/2°C. Consequently, the shipping sector “was left in disarray”, says NGO Transport & Environment. During the Marine Environ
Santos: Hit and miss in Indonesia
Australian oil company Santos has reported mixed results from its drilling program in Indonesia. Presenting its first quarter 2016 results on Friday, Santos said that a two-well near-field exploration program had been conducted in the Madura Strait, offshore East Java. The wells were targeting the P
G6 Alliance Adds New Service to Asia – North America Trade
In response to the upgrade of the Panama Canal and seasonal changes in market demand, members of the G6 Alliance are making product and service updates for the Asia – North America trade effective this summer. Regarding the Asia – North America East Coast services, the alliance, consisting of APL, H
Aqualis Offshore and CSDC Strike Up Engineering Partnership
Aqualis Offshore and China Ship Design & Research Center (CSDC) have signed an agreement to cooperate on offshore engineering projects both in China and internationally which could potentially include wind farm installation vessels. Under the agreement, Aqualis Offshore and CSDC will cooperate in th
Carnegie’s waves reach COAST
Carnegie Wave Energy is undertaking a wave tank testing programme of its CETO 6 technology design at the University of Plymouth’s Coastal, Ocean and Sediment (COAST) facility.
Transocean scoops new deals for one semi-sub rig and two drillships
One of the world’s largest offshore drilling contractors, Transocean, has received new contract awards for one of its semi-sub rigs and two drillships. According to Transocean’s latest fleet status report, the midwater floater Actinia was awarded a three-year contract offshore India at a dayrate of