South & Central Asia
2017 Budget to Hit Pakistan, Bangladesh Scrapping Sectors
Ship-recycling sectors in Pakistan and Bangladesh have witnessed a decrease in LDT price after the respective countries released their 2017 budget announcements. According to GMS, a cash buyer of ships for recycling, the Pakistani budget first brought falls of about USD 10/LDT, “as rumors of an even
Polaris Shipping Adds New Capesize to Its Fleet
South Korean shipowner Polaris Shipping has opted to expand its fleet as it reached an agreement to purchase a 209,000 dwt Capesize vessel TRF Charleston. Under the deal signed on June 5 with US-based TRF Ship Management, Polaris Shipping will purchase the company’s bulk carrier newbuilding for USD
SHI Inks LOI with SeaOne Caribbean to Build 12 AT/B Vessels
South Korean shipbuilder Samsung Heavy Industries (SHI) has signed a letter of intent (LOI) with SeaOne Caribbean, part of the US-based technology company SeaOne Holdings, for the construction of twelve articulated tug/barge (AT/B) marine vessels. The deal was inked at a ceremony held on May 19. Fea
ST Marine’s Former Employee Sentenced
The former Group Financial Controller and Senior Vice President (Finance) of Singapore-based ST Marine was sentenced to a fine of SGD 300,000, (around USD 217,000) in default 30 weeks’ imprisonment. In relation to the criminal prosecution of former employees of ST Marine, Ong Teck Liam, who held the
OTE Corp revamps to OTCQB Venture Market
Ocean Thermal Energy Corporation (OTE Corp) has received an approval to upgrade its common stock from the Pink Open Market to the OTCQB Venture Market.
HMM’s Asia-US Volumes Surge by 67%
South Korean shipping company Hyundai Merchant Marine (HMM) has seen a 67% year-on-year rise in its Asia-US volume in April 2017. The company’s volumes jumped from 10,733 TEU/WK to 17,932 TEU/WK in April after HMM formed a strategic cooperation with 2M. HMM’s Asia-US west coast (USWC) volumes were u
Gibson: New OPEC Cuts to Extend VLCC Woes
The very large crude carrier (VLCC) market could experience a downturn, which is likely to accelerate in the short term, on the back of OPEC’s extension of production cuts. OPEC and a number of non-OPEC producers earlier informed of their decision to extend production cuts to March 2018. Cutbacks la
Coast Guard Rescues 27 Crew Members from Dredger Ibis
The Indian Coast Guard and Coastal Security Police of Karnataka have rescued 27 workers of the dredger Ibis, which suffered damage after hitting the reef in the Arabian Sea, about a kilometer from the Ullal beach. The Indian Coast Guard headquarters at Panambur in New Mangalore received information
Westports’ Volumes Drop due to Alliance Reshuffle
Malaysian port operator Westports Holdings Berhad has recorded a lower container volume than previously expected for the five-month period ended May 31, 2017. After achieving a 1% growth in container volume to 2.4 million TEUs in the first quarter of 2017, the operator informed that it plans “to mai
Drewry: Asia to Southern Africa Market in Decline?
Although the southbound trade is expected to experience growth in 2017, container volumes from Asia to Southern Africa fell by 13% in the first quarter, Drewry’s Container Trade Statistics (CTS) show. Drewry said that the latest numbers “are surprising,” as the trade was expected to start recovering
Orkney Marine Energy Firms Establish Singapore Partnership
Orkney marine energy consultancies, Orcades Marine Management Consultants Ltd (OMMC), and Aquatera have formed Singapore based partnership with local company OceanPixel to provide marine operations planning, management and verification services.
NS United Orders Second Valemax in Japan
Japan’s shipowner NS United Kaiun Kaisha has placed an order for another 400,000 dwt Capesize very large ore carrier (VLOC) at its compatriot shipbuilder Japan Marine United. Under the construction deal, signed on June 2, the new Valemax is scheduled to be delivered in 2020. Although the parties did