South & Central Asia
KDB to Bail Out Hyundai Merchant Marine
Troubled South Korean shipping company Hyundai Merchant Marine (HMM) is to become a subsidiary of state-owned Korea Development Bank (KDB) so as to avoid the company from going bust. According to an official from HMM’s creditors, cited by the Business Korea, financial authorities and creditors will
Report: Tug Owner to Pay USD 1 Mln Ransom for Kidnapped Crew
The owner of the hijacked tugboat Brahma 12 has agreed to pay a ransom in the amount of IDR 14.3 billion (USD 1 million) for the ten kidnapped crewmembers, according to the Indonesia’s newspaper Jakarta Globe. PT Patria Maritime Lines’ reportedly agreed to the terms of the crew’s release previously
Milaha Explorer liftboat delivered to Milaha
Qatari shipping company Milaha has taken delivery of ‘Milaha Explorer’, a new liftboat which will be deployed offshore in support of field maintenance operations.
New Guidelines for Better Valuing Natural Solutions for Coastal Protection
With more than $300 billion paid out by insurers for coastal storm damage in just the past 10 years, losses from natural disasters are reaching all-time highs, according to The Nature Conservancy. As coastal communities seek to maximize the cost-effectiveness of their infrastructure solutions, The W
China Keen on Sending More Ships to Arctic Route
China is encouraging its ships to turn to the Arctic as a way of cutting transit times for transporting goods between the Atlantic and Pacific Oceans, government-run newspapers China Daily reported. The Northwest Passage, a sea route connecting the northern Atlantic and Pacific Oceans through the Ar
Update: The New Carrier Alliance Is Here
Container shipping majors CMA CGM, COSCO Container Lines, Evergreen Line and Orient Overseas Container Line have today signed a Memorandum of Understanding to form a new alliance, the Ocean Alliance. The alliance is to enable carriers to merge their comprehensive service networks covering the Asia-E
Mermaid CFO Leaves
Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, notified that Nha-Vinh Julien Nguyen has resigned his position as the company’s chief financial officer. Reportedly, Nguyen leaves in order to pursue another career opportunity in a different industry.
Offshore Wind Becoming a Big-Ticket Item
Investors who traditionally focus solely on big-ticket mergers and acquisitions are showing interest in offshore wind projects as returns on investments in more conventional infrastructure assets are pushed lower and lower, according to Macquarie. Pension funds, sovereign wealth funds and insurers t
BW LPG Seals Financing for Newbuilding Quartet
Oslo-listed BW LPG Limited has signed a debt facility agreement worth USD 221 million for the financing of four of its Very Large Gas Carrier (VLGC) newbuildings. The financing has been raised from ING Bank, KFW IPEX-Bank GmbH, Oversea-Chinese Banking Corporation Limited (OCBC) and Standard Chartere
VIDEO: AIDAprima’s Twin Sister Taking Shape in Japan
AIDAperla is the name of the second cruise ship being built for German-based cruise line AIDA Cruises in Japan. The video shows the ship under construction at Mitsubishi Heavy Industries shipyard in Nagasaki, with majority of the ship’s hull already recognizable. The newbuild will feature a length o
Hanjin Shipping Adds Express Asia-US Shipping Service
South Korean shipping company Hanjin Shipping will launch a new express shipping service on the Asia-US shipping route, the company said on April 18. The CAX (China America Express Service), which will link Shanghai in China to the US Port of Long Beach, is scheduled to become operational on May 24,
Ningbo Zhoushan Preliminary Report Completed
The preliminary design for approach channel project in Meishan Port Area of Ningbo Zhoushan Port has been approved by Development and Reform Commission of Zhejiang Province, which is a new progress Ningbo Zhoushan Port Group has made in continuous increase of the berthing capability for “large ships