South & Central Asia
Busan Port Targeting 20m TEU in 2016
Busan Port Authority (BPA) is on track to handle 20 million TEU of container cargo in 2016, which represents a 2.8% increase from 2015, the port said. In 2015, the port recorded 19.45 million TEU of which 9.336 million TEU was local cargo and 10.114 million TEU was transshipment cargo – these number
Industry Bodies Launch Measures for Owners Selling Ships for Scrap
Shipping companies are being strongly encouraged to use new ‘Transitional Measures for Shipowners Selling Ships for Recycling’ launched by an inter-industry working group led by the International Chamber of Shipping (ICS). According to ICS, the purpose of the new Transitional Measures is to help shi
Chevron agrees LNG supply deal with ENN
Chevron revealed on Monday it has signed a non-binding heads of agreement with ENN LNG Trading for the delivery of up to 0.5 mtpa of liquefied natural gas from the Gorgon project.
Poll: Will the oil price hit $20 a barrel?
As we all know by now, in the past 18 months oil prices fell significantly, due to increased production in the U.S., and OPEC’s decision not to act as the swing producer, from $114 a barrel in June 2014, to below $30 on Monday, a knee-jerk reaction to the lifting of the sanctions against Iran. [&hel
Primorsk Files for Bankruptcy Protection
Cyprus-registered tanker owner Primorsk International Shipping Ltd. has filed for bankruptcy with the U.S. Bankruptcy Court in New York, writes the Wall Street Journal. The company filed for Chapter 11 having been unable to pay up its debt to Norwegian lenders, especially following its ill-timed exp
IEA: Non-OPEC output falls year-on-year for first time since 2012
Exceptionally mild temperatures in the early part of the winter in Japan, Europe and the United States – alongside weak economic sentiment in China, Brazil, Russia and other commodity-dependent economies – saw global oil demand growth flip from a near five-year high in the third quarter of last year
CNOOC plans to cut spending, reduce production
China National Offshore Oil Corporation (CNOOC) informed on Monday it will be reducing its capital expenditure for 2016 that will be no more than RMB 60 billion ($9.1B). Of that amount, the capital expenditures for exploration, development and production will account for around 19%, 64% and 13% resp
Chevron, ENN Pen Gorgon LNG Deal
Chevron’s Australian subsidiaries have signed a non-binding Heads of Agreement (HoA) with ENN LNG Trading Company for the delivery of liquefied natural gas (LNG) to China from the Chevron-operated Gorgon natural gas project in Australia. When the deal is finalized, ENN is expected to receive up to 0
Mercator Put under Judicial Management
Singapore-listed shipping company Mercator Lines (Singapore) Limited has been placed under judicial management following a court order issued on Monday, January 18th. As disclosed in a stock exchange filing, Yit Chee Wah has been appointed as judicial manager whose job will be to evaluate all of the
Guangzhou Hangtong Bags Two
China’s shipbuilder Guangzhou Hangtong Shipbuilding and Shipping Co is starting the new year with an order for two 78,000 dwt oil tankers. The shipyard did not disclose the owner of the ships nor the perspective delivery dates. The only detail disclosed apart from the fact that the order has been pl
Oil, gas salaries fall as price slump forces cost cuts
Oil and gas workers saw their salaries fall 1.4 percent over the past year after a sharp decline in oil prices forced their employers to trim costs, but their average global salaries remain high at more than $80,000 (£56,057) a year.
China deploys 3.4 MW tidal energy generator off Zhoushan
A 3.4 MW tidal power generator developed by China has been installed off Zhoushan island, eastern part of the country. The modular generator is 70 m long and 30 m wide. With the height of 20 m, it weighs around 2,500 tonnes. According to the Chinese government, the device is expected to start produc