South & Central Asia
HHI’s Profit Slightly Up in Q3
South Korean shipbuilder Hyundai Heavy Industries (HHI) marked a marginal improvement in its business results for the third quarter of the year posting 2.1% higher profit year-on-year. The net profit stood at KRW 197 billion against KRW 193 billion reported in the third quarter of 2016. Operating in
NYK Line Swings to Profit
Japanese shipping company Nippon Yusen Kabushiki Kaisha (NYK Line) wrapped up the first six months of the fiscal year 2018 with a net income of JPY 6.29 billion (USD 55.5 million), compared to a net loss of JPY 231.8 billion posted in the same period last year. From April 1, 2017, to September 30, 2
Kreuz Subsea Names New CEO and COO
Singapore-based subsea service provider Kreuz Subsea has appointed AJ Jain as its new chief executive officer and Balaji Bhashyam as chief operating officer. Jain was previously managing director at Harkand Group where he was responsible for operations in North America and Africa. Prior to Harkand,
MOL’s Profits Drops as Revenue Rises
Japanese shipping company Mitsui O.S.K. Lines continued its earnings streak for the period ended September 30, as it delivered a profit for the first half of fiscal year 2017. The profit decreased by 18 percent year-on-year to JPY 13.1 billion (USD 115.6 million) at the end of the first half, compar
COSCO Shipping Selling USD 2 Bn of Shares to Fund Boxships
China’s COSCO Shipping Holdings has unveiled its intentions to raise up to CNY 12.9 billion (USD 1.9 billion) in an effort to finance the construction of new containerships. According to the company’s stock exchange filing, the net proceeds of the sale would be used to fund the building of 20 boxshi
Precious Shipping Loses Arbitration against Sanfu
Thailand-listed dry cargo ship owner Precious Shipping failed to win the arbitration proceeding against the Chinese Taizhou Sanfu Ship Engineering over fuel consumption issues on Ultramax bulkers built by the yard. “The arbitration process with Sanfu on the excessive fuel consumption issue has been
ExxonMobil pulls out of Pakistan FSRU project
U.S. major ExxonMobil called it quits on a liquefied natural gas (LNG) import project in Pakistan, following differences with project partners.
HPH Trust’s Earnings Drop despite Rise in Volumes
Although its combined container throughput increased in the third quarter of 2017, Singapore-listed container port business trust Hutchison Port Holdings Trust (HPH Trust) saw a drop in its earnings for the period. The company’s profit for the three months ended September 30 was down by 16.4 percent
Daewoo Shipbuilding to Resume Trading on Korea Exchange
South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) is to resume its stock trading on the Korea Stock Exchange Market this week following a period of suspension, Yonhap News Agency reported. Last week, the Korea Exchange held a meeting to decide whether the financially trouble
India Calls on Vehicle Makers to Ship Their Products
Indian Minister of Shipping has called upon all automobile manufactures to use coastal shipping mode for transporting their vehicles. Shri Nitin Gadkari, the country’s Minister of Shipping, Road Transport & Highways and Water Resources, River Development and Ganga Rejuvenation, informed that, beside
Drewry: Carriers Hesitate to Suspend Services
Despite ongoing freight rate erosion, container carriers are yet to announce any service suspensions for the slack season, according to shipping consultancy Drewry. The assessment that carriers will improve profitability next year, in spite of a heavy burden of new ships, was founded on expectations
Companies Team Up to Build Optical Subsea Cable Between Asia and US
A consortium comprising of NTT Communications, SoftBank, Facebook, Amazon, PLDT and PCCW Global, has signed an agreement to participate in the construction and maintenance of the JUPITER optical submarine cable between Asia and the United States. The JUPITER cable system will have a total length of