South & Central Asia
China market turmoil pulls Brent oil to levels not seen since 2004
By Henning Gloystein SINGAPORE (Reuters) – Brent crude prices tumbled over 4 percent to levels not seen since April 2004 on Thursday as a sliding yuan and a second emergency halt in China’s stock trading this week left Asian markets in turmoil. A huge supply overhang and near-record output levels al
Slashing Capacity the Only Way to Go for Shipping
The shipping industry is to remain volatile and indispensable in 2016, international accountant and shipping adviser Moore Stephens says. According to Moore Stephens shipping partner Richard Greiner, the dry bulk sector will probably have to reduce the newbuilding orderbook and increase ship recycli
New Wave of Bankruptcies for China’s Dry Bulk Companies
The overall business climate in China continues to deteriorate and dry bulk shipping companies, being hit the hardest, are likely to be swept by a new wave of bankruptcies, according to the latest report from the Shanghai International Shipping Institute (SISI). In the fourth quarter of 2015, shippi
Idle Containerships Quintuple in 2015
The global idle containership fleet at the end of December 2015 hit a record high with a total capacity of 1.36 million TEU, which represents five times more compared to 0.23 million TEU at the beginning of the year, market analyst Alphaliner reports. The idle containership fleet stood at 331 vessel
A2SEA Prepping for Formosa 1 Gig
A2SEA is currently planning the installation of two foundations and two Siemens 4MW turbines on the Taiwanese project Formosa 1, scheduled to start in June 2016. The foundations and turbines will be installed by M/V Torben, formerly known as Friedrich Ernestine. A2SEA is operating the vessel under a
A2SEA Prepping for Formosa 1 Gig
A2SEA is currently planning the installation of two foundations and two Siemens 4MW turbines on the Taiwanese project Formosa 1, scheduled to start in June 2016. The foundations and turbines will be installed by M/V Torben, formerly known as Friedrich Ernestine. A2SEA is operating the vessel under a
IHS: O&G producers with heavy debt burdens to become increasingly vulnerable in 2016
Despite an ample supply of oil and gas assets on the market due to low oil prices, the overall merger and acquisition (M&A) deal count in the upstream energy sector plunged in 2015 as the weakness and volatility in oil prices made it difficult for buyers and sellers to achieve consensus on value and
Berge Bulk Expands Fleet with New Dry Bulker
Singapore-based dry bulk owner Berge Bulk has taken delivery of the second in a series of four 262,000 dwt bulkers Berge Makalu from Chinese builder Guangzhou Shipyard International (GSI). Scheduled to work for the Australian petroleum company BHP Billiton, Berge Makalu will carry 134,693 m3 of gros
Petronas: Oil production starts at Tanjong Baram field
Malaysian energy company Petronas has announced the start of oil production from Tanjong Baram field, offshore Malaysia. Production kicked off on August 18, 2015 but Petronas made the announcement on January 6, 2016. The field is operated under a Risk Service Contract (“RSC”) with EnQuest Petroleum
BDI Hits New All-Time Low
The new year is not off to a great start for the dry bulk shipping industry as the Baltic Dry Index (BDI) reaches new all-time low. BDI dropped by five points on Tuesday reaching its lowest level yet of 468 points since its previous record low of 471 points posted in December last year. Capesize ind
Cape to target Malaysian market with new joint venture
Cape plc, a provider of industrial services to the energy and natural resources sectors, has formed a Joint Venture company with Olio Resources Sdn Bhd in order to serve the Malaysian market. Cape says the new joint venture will bring together the capacity, experience and skills of both organisation
Qatar ships LNG cargo to South Korea
South Korea’s Incheon LNG terminal, operated by Kogas, is expected to receive a cargo of chilled gas around January 21, shipping data shows.