South & Central Asia
Kerjaya Prospek Awarded Penang Dredging Contract
China Communications Construction Co (M) Sdn Bhd recently awarded a $45.2 million contract to Kerjaya Prospek Group for dredging works in Penang. According to Kerjaya Prospek stock exchange filing from yesterday, the contract is part of the Package One of a project known as “Reclamation For Seri Tan
UN Takes Four North Korean Ships from Its Blacklist
The UN Security Council has decided to remove four ships from its blacklist of North Korean vessels following a request from China. The Council said on Monday that the vessels in question are not economic resources controlled or operated by North Korean shipping company Ocean Maritime Management and
HMM Disposing of Port Terminal Stake to Avoid Bankruptcy
South Korea’s troubled shipping company Hyundai Merchant Marine (HMM) has decided to sell its stake in the Busan-based Hyundai Pusan New-Port Terminal Co. in an attempt to return to liquidity, according to a stock exchange filing. The shipping giant, which owns 50 percent plus one share in the port
Precious Shipping Offloads Old-Timer
Thailand-listed Precious Shipping Public Company Limited has sold one Handysize bulk carrier named M.V. Fonthida Naree through its subsidiary Precious Cities Limited within the company’s fleet renovation plans. The 1995-built 29,503 DWT bulk carrier was sold to an unnamed company from Singapore for
MAST: Maritime Industry Faced with Myriad of Security Threats
Conflicts and tensions in the Middle East, Far East and North and sub-Saharan Africa pose a real threat to the maritime environment and some of the world’s most important shipping lanes, maritime security company MAST warns. “Concern over the decision to reduce the High Risk Area (HRA) in the wester
MSI: Tanker Earnings to Bounce Back in Q2
VLCC, Suezmax, Aframax and product tanker rates are expected to rebound in the second quarter of 2016 supported by oil market fundamentals’ recovery, according to Tanker Freight Forecaster from Maritime Strategies International. Though last month saw a fall in VLCC spot earnings, rates are set to ri
Carnegie teams up with EMC for renewable microgrids
Carnegie Wave Energy has formed an alliance with Energy Made Clean (EMC) which will focus on the delivery of a combination of renewable technologies in the form of microgrids to islands, off-grid and grid-connected communities.
Finnish, Chinese designers cooperate on offshore vessels
Finland’s Wärtsilä has informed that its Ship Design unit has entered into a cooperation agreement with Shanghai Merchant Ship Design & Research Institute (SDARI), China-based ship design house. SDARI is a part of the China State Shipbuilding Corporation group (CSSC). According to Wärtsilä, the agre
Total signs co-op agreement with CNPC in China
Patrick Pouyanné, Chairman and CEO of French oil company Total, has signed a strategic cooperation agreement with Wang Yilin, Chairman of China National Petroleum Company (CNPC). The agreement to extend the two companies’ existing collaboration was signed while Pouyanné was attending the China Devel
POSH takes Makamin to court
Singapore’s offshore ship owner PACC Offshore Services, aka POSH, has sued a Saudi client seeking a $6.6 million sum. POSH on Monday said the company started legal action against Makamin Offshore Saudi, to recover approximately SAR24.4 million (approximately US$6.6 million) the Saudi operator owes.
KDB, Partners Earmark USD 1.2 Bn to Fund Boxships
The Korea Development Bank (KDB) together with four other financial institutions have signed a Memorandum of Understanding worth USD 1.2 billion to support compatriot container shipping companies in their newbuilding programs. The other four include the Export-Import Bank of Korea, Trade Insurance C
Allianz: Shipping Losses Down in 2015
Shipping losses continued their long-term downward trend with 85 total losses reported worldwide in 2015, according to Allianz Global Corporate & Specialty SE’s (AGCS) fourth annual Safety and Shipping Review 2016. Although the number of losses remained stable year-on-year, declining by just 3% comp