South & Central Asia
IEA: Too early to write obituary for oil
Oil shouldn’t be written off too early, despite the expected sharp rise in gas and renewables over the next 25 years. This is according to the International Energy Agency which forecasts that over the next 25 years, the growing energy needs will be met by renewables and gas first. In its World Energ
Mitsui & Co. Takes 49 Pct Stake in BW Integrity FSRU
Japan’s Mitsui & Co. has formed joint venture with gas shipping company BW Group Limited to own the Floating Storage and Regasification Unit (FSRU) BW Integrity. Mitsui & Co. has purchased a 49% share in BW Integrity, while BW continues to own a 51% share in the vessel. In line with the deal, BW wil
Tanker Earnings to Remain Low in 2018 amid Oversupply
The recovery of the tanker market forecast to start next year and give the much-needed boost to company earnings seems to be far-off due to the lingering effect of tonnage oversupply. According to Fitch Ratings, a glut of new vessel deliveries and limited scrapping of older ships means the global ta
Mermaid Slips into Red
Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has reported net loss of $2.1 million for the three-month period ended September 30, 2017. This result compares with quarterly profit of some $7.5 million in the corresponding period in 2016. The Singa
Pan Ocean’s Q3 Profit Up by 55 Pct
South Korean dry bulk shipping company Pan Ocean reported a 55.4 percent rise in profit for the third quarter of 2017 when compared to the third quarter of 2016. The Q3 profit for this year stood at USD 36.9 million against USD 23.7 million reported in Q3, 2016. For the nine-month period, the profit
Sonardyne Upgrades Indian Tsunami Detection Network
Sonardyne International has provided a major refurbishment of a network of deep water acoustic sensors which for the past decade have provided coastal communities around India with early detection of tsunami waves. Deployed at key locations in the Bay of Bengal and Arabian Sea, the Sonardyne bottom
Conversion phase for Exxon’s Liza FPSO kicks off with tanker arrival
The Bahamas-flagged very large crude carrier (VLCC) Tina has arrived at Keppel Shipyard where it will be converted into an FPSO unit for SBM Offshore and then used to develop ExxonMobil’s Liza field offshore Guyana.
AGDC, PetroVietnam Gas ink LNG deal
Alaska Gasline Development Corporation (AGDC) and PetroVietnam Gas (PVGAS) signed a memorandum of understanding for potential LNG supply to Vietnam.
Private Companies Show Interest in Laem Chabang Port
Government of Thailand’s Deputy Transport Minister, Pichit Akrathit, has discussed with private companies the third phase of co-investment plans for Laem Chabang Port, the National News Bureau of Thailand (NNBT) informs. He met with executive officials of the private firms (Nathalin Group, Ngowhock
COSCO Gets Nod to Merge Financing Units
China’s COSCO SHIPPING Development is to merge its subsidiaries CS Finance and COSCO Finance as it received an approval for the move from its Board of Directors on November 13. Pursuant to the approval, the company said that CS Finance will absorb and merge with COSCO Finance. Upon completion, CS Fi
South Korea fears Australian LNG export restrictions
South Korean businesses have voiced concerns over possible restriction Australia could place on LNG exports in order to secure domestic gas supply.
Petra Energy to provide services for Petronas offshore Sabah
Malaysia’s Petra Resources, a subsidiary of services provider Petra Energy, has been awarded a contract for maintenance, construction, and modification (MCM) services by Petronas Carigali. Petra said on Tuesday that, under the terms of the contract, it would provide contract management, project exec