South & Central Asia
Oil to average just over $40 in 2016, biggest cut to forecasts in a year: poll
Oil prices will average just over $40 this year, the biggest cut to monthly forecasts in a year, as an influx of Iranian barrels hits an already-saturated world market, a Reuters poll showed on Friday.
Svitzer Bringing Its Tugs to Guangzhou Port
Copenhagen-based towage and salvage company Svitzer has signed a memorandum of understanding (MOU) with the Chinese Guangzhou Port Group to form a joint venture providing towage and related marine services for the port. The joint venture would provide towage and related marine services within the Gu
Singapore Court Fines Chinpo Shipping Company
A Singapore court has fined Chinpo Shipping Company (Private) Ltd earlier today for its role in attempts to ship arms to North Korea. The Singapore District Court fined Chinpo Shipping with SD 180,000 (USD 126, 431) having determined in December 2015 that the company was guilty of transferring finan
Drewry: Half of Over 12-Year-Old Capesizes Need to Go
If dry bulk ship-owners collectively removed half of all capesize ships over 12 years old, equating to around 20 million dwt of capacity, it would enable earnings to return to profitability by 2018, according to the latest estimates from Drewry. The shipping consultancy believes that dry bulk shippi
Japan’s Big Three Downgrade Forecasts as They Post Losses
Japanese three shipping giants have all downgraded their expectations for the full-year consolidated results as they report losses in the third quarter of the fiscal year ending March 31, 2016. Nippon Yusen Kabushiki Kaisha (NYK Line) posted an extraordinary loss resulting from an impairment of fixe
Höegh Names Newest Post Panamax PCTC
Norwegian provider of RoRo transportation services Höegh Autoliners has named its New Horizon class vessel Höegh Tracer at Xiamen Shipbuilding Industries in China. Höegh Tracer is the third in a series of six Post Panamax vessels under the New Horizon design that Höegh Autoliners will take delivery
GTT Not Informed of FTC Investigation
French marine engineering company Gaztransport et Technigaz SA (GTT) has not been notified of an inquiry into its commercial practices reportedly launched by the Korean Fair Trade Commission, the company said in a comment to market rumors. Korean media said that GTT was being investigated by the Com
Lundin spins drill-bit at Maligan offshore well (Malaysia)
Swedish oil company Lundin Petroleum has started drilling the Maligan exploration well in Block SB307/SB308, offshore East Malaysia. The Maligan prospect is in shallow water and lies to the north of a major producing field in offshore East Malaysia. The well will target hydrocarbons in Miocene aged
OCB Buys Kuiper International
OCB Oilfield Services, a Gulf Capital portfolio company, has completed the acquisition of Kuiper International, as part of a four-year expansion plan to increase its business value by 300 percent. Kuiper International, established in 2010 and headquartered in Singapore, is a player in the offshore c
EIVA in Indonesia Representative Deal with Geotronix
The Danish software and hardware engineering specialist EIVA has welcomed PT Geotronix Pratama Indonesia to its network of representatives as of January 2016. Geotronix, a survey technology provider, will offer its customers in Indonesia both EIVA hardware and software solutions. This cooperation sh
2016-2020 Outlook: Aframaxes to Outperform Larger Crude Tankers
Limited supply growth in the Aframax sector of only 3.5% through the end of 2020 in addition to paradigm shifts in demand such as US exports and expanded Panama Canal opening will enable this sector to outperform the larger crude tankers, according to the latest report from McQuilling Services. “Afr
Pirates Attack Croatian Tanker in India’s Kandla Port
A Croatian-flagged tanker MT Pomer was attacked by pirates in India’s Kandla anchorage in the morning hours of January 28, the owner Uljanik Plovidba, a Croatian ship management company, told World Maritime News. The company said that the attack occurred “between 03:00 and 03:20 hrs local time.” “Al