South & Central Asia
RasGas delivers 500th cargo to CPC of Taiwan
RasGas of Qatar on Tuesday said that on March 5 it has delivered a milestone 500th cargo to CPC Corporation, Taiwan under the long-term contract.
Vale, Fortescue Join to Stay Competitive in China
Brazilian mining giant Vale and its Australia-based counterpart Fortescue Metals Group, operating in the Pilbara region, have teamed up to enhance competitiveness in their operations, as they fight for a market piece of the Chinese steel industry. The two companies signed a Memorandum of Understandi
Clarksons: Bulker Owners Scrapping Away in Q1
The first 3 months of 2016 are shaping up to be the busiest quarter on record for bulk carrier demolition as owners fight to restore balance in supply-demand capacity, data from Clarksons Research shows. In the first 9 weeks of the year, 120 bulk carriers of 10.1m dwt have been reported sold, a pace
COSL considers legal action against Statoil over rig termination
China Oilfield Services Limited (COSL), a parent company of COSL Drilling Europe, is thinking about taking legal action against Statoil after the oil company terminated a rig contract it had with COSL Drilling. To remind, the Norwegian oil company Statoil cancelled a contract with COSL Drilling for
DSME Suffers USD 4.3 Bn Loss in 2015
South Korean shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) posted a KRW 5.13 trillion (USD 4.3 billion) worth loss for the full year of 2015. DSME’s sales fell by 23% when compared to the previous year standing at KRW 12.97 trillion and the company’s operating loss amounted to
Two Indian Seafarers Killed in Fire
Two Indian sailors have died in a fire that broke out on board the Al Sadaa tanker in Yemen, according to India’s Minister of External Affairs, Sushma Swaraj. As informed, three more seafarers, also all of Indian nationality have been injured in the incident. “The three sailors injured in Yemen are
Oil rallies to three-month high; analysts warn of glut
By Libby George LONDON (Reuters) – Brent crude hit a three-month high on Monday, extending gains that have lifted crude benchmarks by more than a third from this year’s lows on an improving global outlook and stronger sentiment for a market recovery. Front-month Brent crude futures LCOc1 traded as h
The Philippines to Impound North Korean Vessel
The cargo vessel MV Jin Teng from North Korea, the first one to be inspected by the Philippines following the adoption of harsher sanctions against the Democratic People’s Republic of Korea (DPRK), has been seized, Reuters reports. The 1997-built cargo vessel, which was inspected in the Subic Bay la
ClassNK names new president
Japan’s classification society ClassNK on Monday that the current executive vice president Koichi Fujiwara has been appointed as chairman and president.
International offshore rig count drops by 99 units YoY
Oilfield services provider Baker Hughes announced on Monday that the international offshore rig count in February 2016 was down both sequentially, and year over year. The international rig count includes rigs from Latin America, Europe, Africa, Middle East and Asia Pacific. According to Baker Hughes
Oshima to Build Four More Bulkers for Fednav
Canadian shipowner and operator Fednav has ordered four more dry bulk carriers from a Japanese shipbuilder Oshima Shipbuilding, according to Clarksons Platou Shipbroking. Under the contract, the shipyard will construct four 34,500 dwt bulkers which will be fitted to operate on the Great Lakes of Nor
Drewry: Merger with Hanjin Would Boost HMM’s Chances of Survival
Financially-troubled South Korean carrier Hyundai Merchant Marine (HMM) which is exploring various options to stay afloat will likely survive, Drewry believes, adding that a merger with compatriot Hanjin Shipping is a very real possibility that would help that happen. HMM is on course to report five