South & Central Asia
Alphaliner: FE-ECSA Rates Hit Rock Bottom
Poor market conditions have prompted freight rates in the Far East to East Coast South America (FE – ECSA) trade to fall by 90% over the past twelve months, eroded by weak demand and low capacity utilisation, Alphaliner says. Rates were slashed from over USD 1,000 per TEU, recorded in January 2015,
GTT, DSME ink cooperation deal
French LNG containment system designer GTT informed it has signed a cooperation deal with the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering for the industrialization of its NO96 Max technology. Under the deal, DSME will build a mock-up aiming at validating both the assembly and t
Drewry: To Slow Steam or Not to Slow Steam?
Bunker prices are now at a low level not seen since the early 2000s and with much lower marine fuel prices big containerships’ cost advantages are dwindling, according to Drewry Maritime Advisors. When bunker prices increased five-fold, to levels in excess of USD 600 per tonne, lines responded with
IEA: Global oil demand to ease back ‘considerably’ in 2016
Having peaked, at a five-year high of 1.6 million barrels per day (mb/d) in 2015, global oil demand growth is forecast to ease back considerably in 2016, to 1.2 mb/d, pulled down by notable slowdowns in Europe, China and the United States, the newly released IEA Oil Market Report (OMR) for February
India wants cheap LNG from Australia
India and Australia on Monday formed a sub-group to prepare a roadmap that would look into ways in providing cheap LNG for power plants in the south Asian country. “India is willing to consider long-term fixed price contracts for the supply of gas which will enable power producer to enter into a pow
MOOC Building with Nature Starts on February 29
The Massive Open Online Courses (MOOC) on ‘Building with Nature’ will start on February 29, 2016. During the course, a number of case studies will be discussed to deepen the knowledge of ecological and engineering principles. Leading Dutch engineers and environmental scientists will explain the Buil
Drewry: LNG shipping to remain under pressure
Earnings for liquefied natural gas shipping will stay under pressure this year as accelerating fleet growth and changing trade patterns will weaken supply-demand conditions, shipping consultancy Drewry said in a report. LNG vessel fleet growth is forecast to double in 2016 to 12%, compared to 6% in
Japan’s spot LNG price down In Jan
Japan’s price of spot liquefied natural gas contracted in January averaged $7.1 per mmBtu on DES basis, down 30 cents from the previous month. The average LNG price for cargoes contracted last month in Japan was also the lowest since Japan’s Ministry of Economy, Trade and Industry (METI) started pub
Contract Awarded for Construction of Anaklia Deep Sea Port
The Anaklia Development Consortium LLC has been awarded the USD 2.5 billion contract to build and develop a deep sea port in Anaklia, thus establishing a new maritime corridor between China and Europe, helping restore the historic Silk Road. Construction on the project is scheduled to launch by the
Acteon Field Life Service set in motion
Subsea services company Acteon has launched a new service offering to directly address the demands and changing conditions of the global oil and gas industry. According to a press release, Acteon Field Life Service (FLS) offers a “joined-up” approach to the capex and opex challenges presently being
Vroon Gets VOS Sugar
Vroon Offshore Services has taken delivery of a 68-metre subsea support vessel (SSV) VOS Sugar. The vessel was handed over to the company in a short ceremony held on February 02, 2016 at Fujian Southeast Shipbuilding in China. VOS Sugar is a DP2, SPS-coded, vessel and the first of two newbuilding SS
DW Monday: Offshore storage for excess barrels
Brent oil price reached lows of $27/bbl in mid-January, but has recovered over the past two weeks to above the $30/bbl mark. Nevertheless, volatility is expected to remain as the market is yet to find a new equilibrium. So far, only modest cuts in US shale production have been realised, and global o