South & Central Asia
Coscocs Integrates Container Shipping Arms, Eyes IRISL as Alliance Partner
China’s shipping giants COSCO Container Lines (COSCON) and CSCL signed a series of leasing contracts of container ships and containers on March 1st, marking the official integration of the two companies in the sector. Under the new deals, from March 1st, COSCON will officially enter the integration
HMM Pondering Tanker Sale
South Korean shipping company Hyundai Merchant Marine (HMM) is reportedly considering sale of its oil tanker fleet as it grapples with financial difficulties. The sale would be carried out within the bulk carrier division, as disclosed by the Business Korea, and it would include offloading over doze
Bulker Magic Orient Arrested in Singapore
The 1994-built bulk carrier Magic Orient has been arrested in Singapore, most likely due to unresolved payments, according to Supreme Court of Singapore’s records. Owned by South Korean company Boyang Shipping, the Korea-flagged vessel was detained in the evening hours of February 29, following inst
Korea, Iran Forge Maritime Ties
South Korea has inked an agreement with Iran on cooperation in the maritime field and fisheries. Under the deal, the two countries have agreed to facilitate passage to each others’ ships through their respective territorial waters, Korea’s Ministry of Oceans and Fisheries said. According to IRNA, th
Moody’s downgrades Inpex of Japan
Credit rating agency Moody’s said Wednesday it has downgraded Inpex Corp’s credit rating. Moody’s downgraded Japan’s Inpex rating to A2 from A1, and said the outlook on the rating was negative. The downgrade principally reflects Moody’s expectation that the company’s profitability will “deteriorate
Wisdom Marine to Buy LPG Carrier for USD 20 Mln
Taipei-based shipping company Wisdom Marine Lines has decided to expand its fleet with a 6,400 dwt LPG carrier, according to the company’s latest update. The company’s Board of Directors approved the acquisition of the vessel, which will join Wisdom Marine from Japanese shipbuilder Murakami Hide. Th
Fincantieri, HRDD to Jointly Repair Cruise Ships in China
Italian shipbuilder Fincantieri and Shanghai-based shipyard Huarun Dadong Dockyard (HRDD) have signed a cooperation agreement in the field of ship repair and conversions aimed at serving the cruise ships based in China. The deal, which includes the development of technical skills, project management
Lundin detects ‘significant gas shows’ in Maligan well
Lundin Petroleum has completed the Maligan exploration well in Block SB307/SB308, offshore East Malaysia. The company started drilling the Maligan exploration well in January. The Maligan prospect is in shallow water and lies to the north of a major producing field in offshore East Malaysia. Accordi
HHI Lines Up 10,000th HiMSEN
Hyundai Heavy Industries (HHI), South Korean shipbuilder and marine engine manufacturer, produced the 10,000th Hi-Touch Marine and Stationary Engine (HiMSEN) installed on a 14,000 TEU containership ordered from Costamare, Greece. HiMSENs are medium speed 4-stroke engines independently developed in 2
UN Tightens Sanctions against North Korea, All Cargo to Be Inspected
The United Nations Security Council today unanimously adopted the US-led resolution that imposes new sanctions and tightens some of its existing measures against the Democratic People’s Republic of Korea (DPRK). The strengthened measures come in response to the country’s ongoing nuclear and ballisti
Genting Hong Kong Buys Nordic Yards’ Three Shipyards
Genting Hong Kong, a global leisure, entertainment and hospitality company, has acquired Nordic Yards’ three shipyards in Wismar, Warnemunde and Stralsund, Germany for the consideration of EUR 230.6 million (USD 250 million). The company said that the purchase of the three shipyards, along with Lloy
GSF: Mega Ships and Alliances Still a Challenge for Shippers
Shippers continue to experience poor quality services and disruption to their supply chains since the consolidation of the world’s 20 top lines into 4 ‘super alliances’, the Global Shippers’ Forum (GSF) says, calling for urgent resolving of the issue. In particular, the shippers are faced with bunch