South & Central Asia
Report: DSME’s Bailout Moves Forward as Court Rejects Investors’ Appeal
South Korean shipbuilding major Daewoo Shipbuilding and Marine Engineering (DSME) is finally on track to get its USD 6 billion of fresh funds now that the Busan court has dismissed the appeal from a group of individual investors to the bailout plan, Korean newspaper the Pulse reports. As stipulated
COSCO Shipyard scores FSRU module contract
COSCO Shipping International said its unit, COSCO (Qidong) Shipyard has bagged a contract to build a floating storage and regasification unit (FSRU) module.
HMM Cuts Operating Loss
South Korean shipping company Hyundai Merchant Marine (HMM) posted an operating loss of KRW 131.2 billion (USD 117 million) in the first quarter this year, narrowed from the previous year’s KRW 163 billion, according to the company’s stock exchange filling. Furthermore, the shipping company’s sales
COSCO Qidong Wins FSRU Deal
China’s COSCO (Qidong) Shipyard has entered into a contract with an unnamed European buyer to build a Floating Storage Regasification Module (FSRU module). The company’s parent, COSCO Shipping International (Singapore), said that its Qidong shipyard and the European buyer have agreed to keep the con
TMC wins second FSRU deal for Höegh LNG
TMC Compressors (TMC) has been awarded a contract by Samsung Heavy Industries (SHI) to deliver a marine compressed air system to a floating storage and regasification unit (FSRU) the South Korean yard is building for Höegh LNG.
Mermaid Books Lower Q1 Profit
Mermaid Maritime, a provider of subsea and drilling services to the offshore oil and gas industry, has reported profit of $700K for the three-month period ended March 31, 2017. This result compares with quarterly profit of some $1.2 million in the corresponding period in 2016. The Singapore-listed c
Saudi Arabia, Russia agree oil output cuts until March 2018
By Chen Aizhu BEIJING (Reuters) – Saudi Arabia and Russia, the world’s two top oil producers, agreed on Monday to extend oil output cuts for a further nine months until March 2018 to rein in a global crude glut, pushing up prices. The timing of the announcement ahead of OPEC’s next official meeting
Boskalis Announces Head Office Layoffs
Boskalis has completed the previously announced study into the costs of its head office organization, which will target total cost savings of EUR 30-35 million – resulting in the loss of around 230 jobs. This restructuring is part of the Corporate Business Plan 2017-2019 which Boskalis presented at
Bakker Sliedrecht Equipment for CWB’s New Dredger
GIW Industries, a manufacturer of heavy-duty dredge pumps, has ordered two powerful submersible motors from Bakker Sliedrecht. The motors are destined for a new hopper dredger, which is being built at Wenchong Shipyard in China for the Chang Jiang Waterway Bureau (CWB). According to Bakker Sliedrech
Rickmers Noteholder Contests Boxship Fleet Sale to Navios
The sale of fourteen boxships from Rickmers Maritime to shipping company Navios Partners Containers could be halted by an individual noteholder, according to the Singapore-based business trust. Rickmers Maritime said it was served at the close of business on May 12 with a summons from Kwok Kian Tow
China Sparks World Container Traffic Boom
Preliminary data from Drewry’s Container Trades Statistics (CTS) indicates that world container traffic surged by 10% year-on-year in the first quarter of 2017, fuelled mainly by spikes in imports and exports from China. The CTS numbers point to intra-regional trade as the primary driver of growth w
Drewry: Asia – Oceania Trade Growth Slowing Down
The trade growth from Asia to Australasia is starting to slow down in 2017 with exports from North Asia taking the worst hit, according to the shipping consultancy Drewry. First quarter 2017 year-on-year growth for all of Asia to Australasia container shipments was 2%; the weakest in five quarters,