South & Central Asia
Three Dead, Three Missing after Cargo Ship Sinks off Vietnam
General cargo ship VTB 26, carrying 4,700 tons of coal and 13 crew members on board capsized and sank on Monday, July 17 in Cua Lo anchorage, Gulf of Tonkin, amid relentless waves caused by typhoon Talas. According to the latest update from Vietnam’s Ministry of Transport, 7 people have been rescued
China Merchants Port Holdings Forecasts 50 Pct Profit Rise
Hong Kong-listed China Merchants Port Holdings expects to record an over 50 percent jump in profit for the six months ended 30 June 2017 when compared with the same period last year. The increase in net results for the first half of the year has been ascribed primarily to the expected net gain of ap
Nisshin Shipping In for Up to Seven Panamaxes
Japanese shipping company Nisshin Shipping has been linked to an order for up to seven 82,000 DWT bulkers at China’s Jiangsu Hantong Ship Heavy Industries. The fleet modernization deal, dated last week, comprises five firm orders plus two options, according to the data provided by VesselsValue. The
Tokyo Gas to study LNG supply to Southeast Asian remote islands
Japan’s biggest city gas supplier, Tokyo Gas, is looking into the option of supplying liquefied natural gas to remote islands in Southeast Asia.
Yang Ming Issuing 500 M Shares as It Claims Steady Recovery
Taiwan’s cash-strapped liner company will be issuing an additional 500 million shares of company stock in a public offering as part of its recapitalization plan. Under the plan, announced on Friday last week, the existing Yang Ming shareholders, its employees, and the general public will have an opp
Drewry: Asia-Med Prices to Remain Firm until Q4
The westbound Asia-Mediterranean trade will witness firm prices until the fourth quarter of the year when the anticipated phasing in of larger ships will pressurise spot rates, according to shipping consultancy Drewry. Headhaul traffic in the first quarter 2017 was revised upwards so that it now sho
Clarksons: VLGC Earnings 42 Pct below Trend
Very large gas carriers (VLGC) have seen their earnings dwindle 42 percent below trend, as the tanker market moved into negative territory in the first half of this year, Clarksons Research reported in a half-year review. “The larger ships are feeling the biggest correction as fleet growth, particul
LS Cable Scores Singapore Subsea Cables Deal
Korean-based cable specialist LS Cable said it has won a contract from Singapore Electric Power Company for submarine cables worth some 62 billion won (approximately $55 million). According to the company, this is the first case in which South Korean firm export ultra-high voltage submarine cables t
APL’s Records Highest CO2 Emission Cuts in 2016
Singapore-based container shipping company APL reached its highest recorded fleet carbon dioxide emissions reduction of 48% in 2016, compared to its base level in 2009. Verified by Lloyd’s Register Group according to the Clean Cargo Working Group (CCWG) verification protocol and ISO14064-3:2006 stan
KS Drilling further stalls jack-up rig delivery
Singapore’s offshore driller KS Drilling and China’s rig builder COSCO Nantong have agreed to further postpone the delivery date for a jack-up drilling rig by two more years. KS Drilling entered the contract with COSCO Nantong to build two jack-up drilling rigs based on the LeTourneau Workhorse Clas
Thoresen Thai Continues with Fleet Expansion
Thailand’s Thoresen Thai Agencies (TTA) has bought and taken delivery of a secondhand dry bulk vessel, Crystal Palace. The 58,781 dwt ship, previously known as Nord Ambition, was acquired from Japan’s Santoku Senpaku, VesselsValue’s data shows. Built at Tsuneishi Cebu shipyard in the Philippines in
Petronas takes Vantage Drilling rig for Indonesia work
Vantage Drilling has secured a contract for one of its jack-up drilling rigs, the Topaz Driller. The Topaz Driller has been awarded a six-month contract with PETRONAS Carigali Ketapang for work in Indonesia, after completion of the current contract with Ophir Energy in Thailand. “This continues the