South & Central Asia
Moody’s Changes Outlook on Global Shipping Sector to Negative
Moody’s Investors Service (Moody’s) has switched its outlook on the global shipping sector to negative as it expects supply growth to outpace demand growth in 2016 by more than 2%, suppressing freight rates, particularly in the dry bulk and containership segments. The outlook for the tanker segment
Navig8 Product Tankers Inks Sale-Leaseback Deal for Two Newbuilds
Navig8 Product Tankers, a joint venture between the Navig8 Group and DVB Bank, has entered into sale and leaseback agreements with CMB Financial Leasing for two 74,000 dwt LR1 product tankers being built at Korean shipbuilder SPP Shipbuilding. The two vessels from SPP have contractual delivery dates
Shell Looking Into Hydrogen Energy Supply
The Anglo–Dutch oil and gas company Royal Dutch Shell has joined a pilot project related to hydrogen energy supply chain development, the company confirmed to World Maritime News amid media reports that it was teaming up with Japanese Kawasaki Heavy Industries on the project. “Shell is participating
Six Rescued after Cargo Ship Sinks in Taiwan Strait
After it developed a heavy list, the general cargo vessel Shen Zhou 33 sank in the Taiwan Strait, according to a report from China Maritime Safety Administration. According to initial reports, the vessel, which capsized in the afternoon of March 14, started listing due to a shift of the cargo it was
DP World’s Profit Up 30.7 Pct in 2015
Dubai-based port operator DP World closed the 2015 financial year with a reported revenue growth of 16.3% and adjusted EBITDA increase of 21.4%, delivering a profit of USD 883 million, up 30.7% year-on-year. As explained by DP World Group’s Chairman and CEO, Sultan Ahmed Bin Sulayem, the revenue gro
Pakistan receives another Qatari LNG cargo
Excelerate Energy’s 150,900 cbm FSRU Exquisite, chartered by Engro Elengy received an LNG cargo from Qatar.
d’Amico to Launch Panamax, Kamsarmax Bulker Pools in Singapore
Italian shipping company d’Amico Group is looking into establishment of a Panamax and a Kamsarmax bulker pool in Singapore in the second half of 2016, the company’s management told the Kaiji Press (KP) while in Tokyo on March 10. The intention builds upon last year’s launching of the new Medi Supra
China Merchants Places Bid for London’s Baltic Exchange
State-owned corporation China Merchants Group became the latest applicant to buy London’s Baltic Exchange, according to sources cited by Reuters saying that the company made an informal bid for the business. The group’s subsidiary, China Merchants Securities, made the informal offer for the business
Building with Nature Program Recognized for Innovative Engineering Solutions
The program in Northern Java to stop coastal erosion through Building with Nature has won the annual award for innovative engineering solutions (Vernufteling) in the Netherlands. On behalf of the project, Rob Nieuwkamer from Witteveen+Bos, received the award on Wednesday 16 March 2016 in the presenc
Japan: buyers urge flexible LNG contract terms, indexation
Japan’s utilities, buyers of liquefied natural gas are seeking diversified LNG price indexation to alleviate the risk energy deregulation’s effect brings to downstream demand and pricing.
Agritrade Secures Storage Deal for Its New VLCC
Sea Horizon Line, a subsidiary of Hong Kong-based Agritrade Resources Limited, has signed a floating storage tanker service agreement with a petroleum trading company Glencore Singapore, for its recently-acquired VLCC vessel. Signed for a two-year period, the contract is scheduled to commence on 20
BIWTA Needs 100 Dredgers, Minister Says
Bangladesh Inland Water Transport Authority (BIWTA) needs at least 100 dredgers to help maintain the country’s rivers navigability, according to the Shipping Minister Shajahan Khan. “The BIWTA has only 21 dredgers. A process is underway to procure 20 more dredgers,” Khan said during a seminar organi