South & Central Asia
DSME Selling USD 702 Mn Worth of New Shares
In an effort to improve its financial situation, the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering unveiled its plans to sell KRW 793 billion (USD 702.2 million) worth of new shares. According to a stock exchange filing, DSME’s shares will be sold to the company’s main creditor,
Atkins to Design Binhai South Phase 3 Offshore Substation
Atkins has been appointed by PowerChina Huadong Engineering Co. Ltd (HDEC) to design the offshore substation platform at State Power Investment Corporation’s (SPIC) 300MW Binhai South Phase 3 offshore wind farm in the Yellow Sea
Indian Scrapping Sector in Another Gloomy Week
Indian sub-continent shiprecycling destinations have seen another negative week of pricing following the release of the 2017 budget announcements, according to GMS, a cash buyer of ships for recycling. The Bangladesh Shipbreakers Association (BSBA) submitted an official appeal to the finance ministe
Gener8 Orion Finds New Owner
US-based crude oil shipping company Gener8 Maritime informed it has delivered Gener8 Orion, a Suezmax tanker, to its new owners in Singapore. In May, Gener8 inked a sub-sale agreement to sell the 160,000 dwt ship to Elegant Ship Management for USD 13.3 million, VesselsValue’s data shows. The tanker,
Piraeus Port Strengthens Position on New Silk Road
Greek Piraeus Port Authority has entered into a Memorandum of Understanding (MOU) with Shanghai International Port Group to develop synergies that will improve trade and create new business opportunities. The parties said that the deal, signed on June 12, further highlights Piraeus’s strategic posit
Indonesia: Donggi-Senoro ships 18 LNG cargoes by June
Donggi-Senoro LNG plant in Indonesia has dispatched 18 cargoes of the chilled fuel by June 2 this year.
Wood Mackenzie: Big Oil to Spend Heavily on Renewables
Renewables could account for over one-fifth of total capital allocation for the most active oil & gas majors post-2030, according to a report by research and consultancy group Wood Mackenzie.
Panama-Flagged Ship Detained in Singapore
Handy bulk carrier Propel Progress has been arrested in Singapore waters, according to data released by the Supreme Court of Singapore. The Panama-flagged ship was detained on June 10, 2017, and brought to Eastern Working Anchorage. The reason of the vessel’s detention was not disclosed. Focal Inves
Xin Yuan Ocean Orders Tanker from Compatriot Shipyard
China-based shipowner Xin Yuan Ocean has opted to order a small dirty tanker, with an option for another vessel of the same kind, from a compatriot shipbuilder Fujian Mawei Shipbuilding. According to data provided by VesselsValue, the company placed the order for the new ship on June 7. The vessel i
OPEC sees oil market rebalancing at slower pace, says output rises
OPEC on Tuesday said a long-awaited rebalancing of the oil market was under way at a “slower pace” and reported that its own output in May jumped due to gains in nations exempt from a pact to reduce supply.
Puducherry Beach Restoration Project VIDEO
The coastlines of Puducherry and the neighboring Tamil Nadu have suffered from severe coastal erosion due to natural and anthropogenic activities. Short term measures like seawalls and groin field were attempted by the Puducherry government but the erosion problem shifted further north, with increas
Tanzania Ports Authority, CHEC Ink Dar es Salaam Port Deal
The Tanzania Ports Authority (TPA) and China Harbor Engineering Company Ltd (CHEC) have signed a $154 million contract for the Dar es Salaam port expansion program. Under this capital development scheme, which will be implemented in the next three years, berths No 1-7 will be strengthened and deepen