South & Central Asia
OFE: Crude Tanker Market Faces Further Headwinds
Recent developments in the crude tanker market, such as the delay in the IMO Ballast Water Management Convention and the OPEC meeting on Monday, are expected to add downwards pressure to the ailing sector. The OPEC meeting at St Petersburg on Monday, Saudi Arabia declared that they would cap crude o
Singapore Court Orders Winding Up of Lewek Champion
The High Court of Singapore has issued a winding up order against Lewek Champion, Emas Offshore’s subsidiary. In addition, Andrew Grimmett and Lim Loo Khoon, both of Deloitte & Touche LLP, have been appointed as joint and several liquidators of Lewek Champion. In March this year, Hai Jiang 1401, the
Court makes wind up order against Emas Offshore unit
A court in Singapore has made a winding up order against Emas Offshore’s subsidiary Lewek Champion over debts related to vessel charter. Namely, Hai Jiang 1401, the owner of the pipelay construction vessel Lewek Champion and a unit of China’s ICBC Financial Leasing, last March terminated a charter a
New contracts revive two Transocean rigs
Offshore drilling contractor Transocean has secured more work for its drilling rigs, which meant returning from idle state for a couple of them, and decided to sell two. In its quarterly fleet status report on Tuesday, Transocean confirmed that the ultra-deepwater semi-submersible GSF Development Dr
K Line Gets Nod to Shed Heavy Lift Subsidiary
Japan’s shipping firm Kawasaki Kisen Kaisha (K Line) has received board approval to dispose of its subsidiary company, the owner and operator of heavy lift vessels, SAL Heavy Lift GmbH (SAL). The subsidiary would be transferred to SALTO Holding GmbH & Co. KG. (SALTO), according to data provided by K
Petronas bins Pacific NorthWest LNG project in Canada
Malaysian energy giant Petronas and its partners will not proceed with the development of the $27 billion Pacific NorthWest LNG project on Lelu Island in the district of Port Edward in Canada’s British Columbia province.
Black & Veatch wins Jafrabad FSRU contract
Black & Veatch headquartered in Overland Park, Kansas, has been selected to deliver critical elements of India’s first FSRU-based liquefied natural gas (LNG) import terminal.
Samsung Heavy to Wind Up Ops at Another Dock
South Korean shipbuilder Samsung Heavy Industries is looking to shut down another one of its floating docks on the back of a drop in new orders, Yonhap News Agency cited undisclosed industry sources. The shipbuilder, which operates eight docks, including four floating docks, reportedly closed one of
Drewry: FSRUs More Profitable than LNG Carriers
Despite falling freight rates for floating storage regasification units (FSRUs), investment returns at current asset prices and charter rates are higher compared with standard LNG vessels, according to Drewry’s LNG Forecaster report. The global FSRU fleet has grown at a CAGR of 21% over the last fiv
Davao City Mayor Terminates Mega Harbor Project
Davao City Mayor, Inday Sara Duterte-Carpio, has decided to terminate the Mega Harbor project, a joint venture agreement signed by her father, the President of the Philippines, Rodrigo Duterte, with the Mega Harbor Port and Development Corporation. In her statement, Duterte-Carpio said that they hav
Protean collects $2.5M for storage and wave
Protean Energy has closed the underwritten rights issue, raising Au$3.14 million ($2.49 million) before costs to support the delivery of storage and wave energy projects.
SeaIntel: ULCVs to Almost Double Capacity Share on Asia-North Europe by 2018
Additional phasing in of ultra-large container vessels (ULCV)– with a nominal capacity in excess of 18,000 TEU-on the Asia to North Europe trade lane could double their capacity share on the trade by next year, market intelligence provider in the container shipping industry SeaIntel says. There are