South & Central Asia
LNG New Technologies, MGI Thermo form containment JV
LNG New Technologies tied with MGI Thermo to establish LNT Marine in June this year following the cooperation on LNT A-Box liquefied natural gas containment system.
HMM Sets Box Volume Record at Busan Port
South Korean shipping company HMM informed that its cargo processing at Busan Port has hit a new record. The company handled 167,018 TEUs of cargo through the port in July, representing a year-over-year increase of 93 percent. Previously, HMM set a record of handling over 150 thousand TEUs in Busan
Petronas profit surges on higher prices
Malaysia’s national oil company Petronas saw an increase in profit during the second quarter 2017 helped by higher prices across all products and cost cuts. Petronas’ profit after tax for the quarter was RM 7 billion compared to RM 1.7 billion in 2Q of 2016, a significant improvement mainly due to l
Teekay Firms Shuttle Tanker Order at SHI
South Korean shipbuilder Samsung Heavy Industries (SHI) has sealed the order for two Suezmax-size DP2 shuttle tankers with Teekay Offshore Partners (TOO). The shipbuilder said today in an exchange filing that it has signed a sales and supply contract with Teekay for the tanker pair. The contract, wo
Korea Assigns Up to USD 4.5 Bn for Shipping Corporation
Induced by the deteriorating headwinds in the shipping industry, South Korea is about to establish a corporation that would support the country’s shipping industry. Named the Korea Maritime Promotion Corporation, the organization is slated for launch in June next year, once the legal framework for i
Petronas’ profit soars on higher prices
Malaysian energy giant Petronas reported a significant jump in profit for the first six months of 2017 boosted by higher average realized prices.
New Deliveries to Keep LR Freight Rates Down
Freight rates for the Long Range (LR) tankers are expected to remain low for the rest of this and the next year, according to a tanker market update from McQuilling Services. “Based on the developments witnessed over the first seven months of this year, we have adjusted our expectations for 2017/201
Schlumberger wraps up seismic shoot off Malaysia for Roc Oil
Schlumberger’s WesternGeco has completed a hybrid seismic acquisition survey offshore Malaysia using its newly deployed multipurpose vessel (MPV). According to Schlumberger’s statement on Thursday, this was a first acquisition of towed-streamer and ocean-bottom nodal seismic data with a single vesse
New Qatar and Singapore Contracts for DEME
DEME’s subsidiary MEDCO (Middle East Dredging Company) has been awarded a contract for the Old Doha Port Redevelopment project in Qatar. In Singapore, DIAP (Dredging International Asia Pacific Pte Ltd) also secured a contract for the Ayer Merbau Reclamation Phase 2 project, DEME said in its latest r
Exceedence, Wood Group to unveil wave techno-financial tool
Wood Group and Exceedence plan to present a new software platform for combined financial and engineering modelling of wave energy systems next week.
CNOOC turns to profit on higher realized prices
China’s oil and gas producer and LNG stakeholder, CNOOC reported a rise in profit for the first six months of 2017.
Higher oil & gas revenues take Chinese producer back to black
China’s oil and gas producer CNOOC Limited has returned to profit in the first half of the year pushed up by 36% increase in oil and gas sales revenues, higher oil prices and further cost-cutting efforts. The company’s net production of oil and gas during the period amounted to 237.9 million barrels