South & Central Asia
Iran Connects to China with New Shipping Route
A new shipping route has been launched between China and Iran following the sanctions lifting against Tehran. Namely, the arrival of the Iranian containership Perarin to Qinzhou Port on Wednesday marked the official kick off of the first shipping service to link Middle East and Beibu Gulf, Guangxi B
COSCO, ABS to Work on Trans-Arctic Shipping
China Ocean Shipping (Group) Company (COSCO) has signed a cooperation agreement on Trans-Arctic shipping development with the provider of classification services American Bureau of Shipping (ABS) in Shanghai, China. COSCO and ABS aim to expand COSCO’s use of the Northeast Passage, for more regular t
APLNG ships cargo to South Korea
The ConocoPhilips-operated Australia Pacific LNG project has on Monday shipped a cargo of liquefied natural gas from the Curtis Island facility to South Korea. The 155,300 cbm LNG Jurojin, which is co-owned by MOL and Kansai Electric Power, is expected to dock at Kogas’ Pyeongtaek LNG terminal aroun
Highlights of the Month: January 2016
Sea Worker Runs Aground off Denmark, Crew Evacuated Offshore installation vessel Sea Worker ran aground south of Denmark’s Hvide Sande on the night between 26 and 27 January while under tow to Esbjerg, A2SEA said in a statement. Umoe Ventus Sinks After Catching Fire off Langeland The Wave Craft Surf
Plexus nets first order through Malaysian JV
Plexus Holdings, an oil and gas engineering services business, has secured a purchase order with Talisman Malaysia Limited, which is a part of Repsol Group, the integrated global energy group, to supply its wellhead system for an exploration well offshore Malaysia. This order with Talisman, worth £0
CSDC In for Stronger 2015 Profit
Shanghai-based shipping company China Shipping Development Co (CSDC) expects a positive profit for 2015 in light of a strong tanker shipping market, the company said. CSDC said that 2015 net earnings are expected to be between CNY 320 million (USD 48.6 million) and CNY 400 million (USD 60.7 million)
Samsung Heavy Industries Swings to Full Year Loss
South Korean shipbuilder Samsung Heavy Industries (SHI) posted a KRW 1.2 trillion (USD 998 million) net profit loss for the financial year ending December 31st, plunging from last year’s KRW 147 bn profit. The company’s operating profit loss dropped to KRW 1.5 trillion against KRW 183 billion profit
Shell Hires China VLCC’s Supertanker
Shanghai-listed China Merchants Energy Shipping (CMES) said that its subsidiary China VLCC signed a charter deal with the Netherlands-based Royal Dutch Shell. The charter deal relates to a supertanker (VLCC) that has been hired for a period of three years. As disclosed by CMES, the value of the deal
India Invites Bank Bids to Handle Cochin IPO
The Indian government has called for the expression of interest from merchant bankers to manage the initial public offering of Cochin Shipyard’s shares, the government said. Under the sale, the Indian government will relinquish its 10 percent stake in the shipyard in order to raise funds for infrast
India’s GAIL purchases two spot LNG cargoes
GAIL of India has reportedly bought two spot liquefied natural gas cargoes from UK-based LNG player BG Group and Qatar. According to a report by Reuters, BG will supply a cargo of LNG for delivery in February, while Qatar’s cargo is for March. The February cargo was sold for around US$5/MMBtu, while
Maybulk Warns of Major Loss amid Dire Market Conditions
Malaysian Bulk Carriers Berhad (Maybulk) has issued a profit warning claiming it expects to record a substantial loss for the fourth quarter of 2015 and the financial year ended 31 December 2015. The losses are mainly attributable to the dry bulk market which continues to be weak and it is uncertain
Indian push for tidal lagoons
Gupta family interests have committed to an eight-figure investment over time in the development of tidal lagoon power plants in the UK and India. The move is part of a wider strategy by Gupta company, SIMEC, to create multi-billion pound renewable energy capacity worldwide and apply innovative tech