South & Central Asia
Hanjin Heavy Pursues Debt Restructuring
South Korean shipbuilder Hanjin Heavy Industries and Construction (HHIC) is seeking to restructure its debt with its creditors. HHIC said that it was experiencing liquidity shortage and has requested a voluntary agreement with its creditor Korea Development Bank (KDB) to approve a debt rescheduling
156 Saved after Ferry Collides with Barge off Malaysia
Some 156 passengers and crew were rescued after a Malaysian-flagged ferry Zuhairi collided with a lightless barge and partially sank near Semporna port, Malaysia, in the evening hours of January 6, according to the Malaysian Maritime Enforcement Agency. As the ferry was slowly sinking, the authoriti
Vallianz buys two new vessels
Singapore-based Vallianz Holdings on January 6, 2016, entered into two agreements to purchase two new built vessels for a total amount of $21.8 million. The agreement was signed through Vallianz’s wholly owned subsidiary, Vallianz Engineering, but Vallianz did not reveal the name of the owner of two
Drewry: Container Shipping Losses to Cap USD 5bn in 2016
Freight rates for container shipping are expected to experience a further fall in 2016 as the supply-demand imbalance continues widening resulting in more losses for boxship owners, according to shipping consultancy Drewry. Many stakeholders point to the fact that bunker prices of for example USD 14
Malaysian LNG earnings drop in Jan-Nov
Malaysia’s exports of liquefied natural gas in the period from January to November 2015 plunged 25.1 percent due to contraction in the average unit value, according to the country’s External Trade Development Corporation.
Hanjin Aqua Finally Refloated
Salvors have successfully refloated the Panamanian-flagged containership Hanjin Aqua that ran aground off Sangiang Island, Indonesia on December 4, according to Hanjin Shipping. The vessel was refloated on January 6, 2016, over a month after its grounding. It is planned that Hanjin Aqua will sail to
CMES Inks Charter Deal for Supertanker Duo, Sells 6 Aging Bulkers
China Merchants Energy Shipping (CMES) has signed charter agreements with the subsidiaries of British Petroleum (BP) and Taiwan’s CPC Corporation for one supertanker each. The companies will hire Very Large Crude Carriers (VLCC) for a period of up to three years. The contracts are valued at RMB 495
Adani: Mundra to Become India’s Largest Container Port
Adani Ports & SEZ Ltd (APSEZL), part of the Adani Group, has announced a plan to expand its existing terminal Adani International Container Terminal Private Limited (AICTPL) at its flagship Mundra port. The expansion of AICTPL will position Mundra as the major transshipment hub in the country provid
Adani, MSC Invest in Further Expansion of Mundra Port
Adani Ports & SEZ Ltd, part of the Adani Group, has revealed plans to expand its Adani International Container Terminal Private Limited (AICTPL) at its flagship Mundra port as it strives to create a transhipment hub for the Middle East, South Asia and India. AICTPL is a 50:50 JV with Terminal Invest
Vallianz Buys Two Newbuilt AHTS Vessels
Singapore-based offshore services provider Vallianz Holdings Limited has signed an agreement to acquire two newbuilt vessels for a total consideration of USD 21.8 million. The anchor handling tug supply (AHTS) vessels, to be bought from an undisclosed seller, will be financed by internal resources o
Pakistan’s imports reach one million tons of LNG
Excelerate Energy’s 150,900 cbm FSRU Exquisite, chartered by Engro Elengy, serving as an LNG import terminal in Pakistan’s Port Qasim has by the end of December received around one million tons of liquefied natural gas.
Sewind Orders 1GW of Converters from GE
GE Power Conversion has signed a contract to equip offshore wind turbines manufactured by Shanghai Electric Wind Power Equipment (Sewind) with 4MW Fully Fed LV3 wind converters. Totalling 1GW, the deal is set to be one of the biggest offshore wind projects in China, GE said. The converters will be m