South & Central Asia
TS Taipei in Danger of Sinking as It Breaks in Two
The grounded containership TS Taipei has sustained a major rupture in its hull and is now at risk of capsizing off Shimen, Taiwan, according to Taiwanese Environmental Protection Department. The 2006-built boxship, which ran into trouble on March 10 when it lost propulsion, could not be salvaged due
Impairments Sink SapuraKencana
Malaysian oil and gas services provider, SapuraKencana Petroleum, has plunged into loss in the fourth quarter ended January 31 on high impairments related to oil market downturn which also pulled the company down in red for the full year, despite a slight full-year revenue growth. Net loss for the q
Tokyo Gas completes Hitachi LNG terminal
Japan’s Tokyo Gas said on Friday it has completed construction of its Hitachi LNG terminal in Hitachi Port area marking the start of operations.
GSPC to buy four LNG cargoes from Gazprom M&T
Gazprom Marketing & Trading has reportedly been selected as the provider of four liquefied natural gas cargoes to India’s Gujarat State Petroleum Corporation (GSPC).
KrisEnergy extends its credit facility by one year
KrisEnergy, an independent upstream oil and gas company, has announced that effective March 24, 2016, the company has extended its existing revolving credit facility by one year. The facility amount is approximately $111 million and will reduce to approximately $55 million on July 31, 2016. The faci
South Korean consortium to build LNG plant in Kuwait
Hyundai E&C, Hyundai Engineering and Korea Gas Corporation (Kogas) consortium has recently won a KRW3.6 trillion (US$2.93 billion) to build a liquefied natural gas plant in Kuwait.
HMM Toils to Cut Charter Rates to Avoid Going Bust
Struggling South Korean shipping company Hyundai Merchant Marine (HMM) will have to ensure lower charter rates with ship owners so as to avoid bankruptcy. The company has been in talks with ship owners since February on lowering the freight rates. According to HMM’s spokesperson, cited by the Korea
Pioneer Marine Drops Five More Newbuildings
Oslo-listed shipowner and dry bulk transporter Pioneer Marine has cancelled newbuilding contracts for five Green Dolphin 38,400 dwt Handysize bulkers following a mutual agreement with Chinese Yangzhou Guoyu Shipyard. The company opted for the move due to an “unprecedented downturn in drybulk freight
CMES on Ordering Spree with 10 VLOCs Placed at Chinese Yards
Shanghai-listed shipping company China Merchants Energy Shipping (CMES) has placed an order for ten VLOCs at three compatriot yards. Eight 400,000 dwt VLOCs will be built by Shanghai Waigaoqiao Shipbuilding (SWS) and Qingdao Beihai Shipbuilding Heavy Industry, four each for a total of USD 680m, wher
Moore Stephens: Shipping Confidence Down in the Dumps
Overall confidence levels in the shipping industry fell to a record low in the three months to February 2016, according to the latest Shipping Confidence Survey from shipping adviser Moore Stephens. The average confidence level expressed by respondents in the markets in which they operate was 5.0 on
CMES’ 2015 Profit Skyrockets
Driven by strong tanker shipping market tailwinds, the Chinese state-owned shipping operator China Merchants Energy Shipping (CMES) posted an almost fivefold surge in its 2015 net profit. Namely, compared to a net profit of RMB 200.26 million (USD 30.7 million) seen in 2014, CMES reported a 476 perc
Royal IHC Unveils LNG-Powered TSHD Design
During the recent EADA (India) conference, which promotes the exchange and development of dredging technology, Royal IHC presented its design for a liquefied natural gas (LNG) powered trailing suction hopper dredger (TSHD). Following the introduction of Emission Control Areas by the International Ma