South & Central Asia
Norton Rose Fulbright adds LNG experience to Singapore office
Global law firm Norton Rose Fulbright expanded its shipping and offshore oil and gas team in the Singapore office.
Confirmed: UMW’s Icon Offshore, Orkim buy falls through
Malaysian UMW Oil and Gas’ acquisition of compatriots Icon Offshore and Orkim has fallen through. This was first reported on Thursday by Malaysia’s The Edge Markets which cited unnamed sources, only to be confirmed later by UMW itself in a Bursa Malaysia filing. UMW Oil & Gas in January announced it
Westports to Bid for Sri Lanka’s Terminal Project
Malaysian port operator Westports Holdings Berhad has expressed interest to take part in a consortium bidding for Colombo Port’s new terminal in Sri Lanka. Westports will jointly bid for the contract to build Colombo Port’s East Container Terminal (ECT) in the consortium of six companies led by Sri
Hony Capital increases its stake in Santos
Australian LNG player Santos said that the Chinese private equity firm, Hony Capital, has bought 48 million company shares at a price of A$3.84 per share (US$2.84).
Yang Ming Expects 2nd Stage of Recapitalization by June
Taiwanese shipping company Yang Ming Marine Transport Corporation (Yang Ming) expects to complete the second stage of its recapitalization by June 2017. At that time, Yang Ming will be announcing the identities of the investors who participated in this round of issuance, as well as the details of th
Maersk Scraps 7 Boxships at Asian Yards in 1Q
Danish container shipping giant Maersk Line sent a total of seven Panamax vessels to ship recycling yards during the first quarter of this year. Four of these boxships, between 19 and 21 years old, were sent to China. They are being recycled by Jiangyin Xiagang Changjiang Ship Recycling, a represent
IADC: Valuing Variations in Dredging Contracts
The International Association of Dredging Companies (IADC) has just released their latest article named ‘Valuing Variations In Dredging Contracts’. Variations have the potential to generate substantial extra costs and pose significant delay and disruption to a dredging project. Moreover, the valuati
UMW shedding stake in 43-year-old offshore drilling rig
Malaysian offshore driller UMW Drilling will sell half of the ownership in the Naga 1 semi-submersible rig to Japan Drilling Company (JDC) transferring the ownership fully to the Japanese company. UMW Drilling’s parent firm UMW Oil & Gas said in a Bursa Malaysia filing that the companies had reached
Bassoe: Use ’em while they’re hot. Oil companies should contract more offshore rigs now instead of later
With stable oil prices, rig oversupply, and lower-than-ever dayrates, the offshore drilling market couldn’t be more attractive to oil companies. But by not keeping offshore rigs on contract, oil companies are contributing to an industry-wide breakdown which may end up coming back to haunt them. By D
Qatargas Delivers Inaugural Cargo to Yuedong LNG Terminal
Qatar-based liquefied natural gas (LNG) company Qatargas recently delivered the inaugural cargo of LNG to China National Oil Corporation’s (CNOOC) Yuedong LNG terminal. The cargo, delivered on board the Qatargas-chartered Q-Flex LNG vessel Al Kharaitiyat, was used to commission CNOOC’s newest LNG te
BW Confirms VLCC Order at SHI
BW Group is behind the order for four crude carriers at South Korean shipbuilder Samsung Heavy Industries (SHI) that was revealed yesterday, the company’s spokesperson confirmed to World Maritime News. “BW Group has contracted 4 VLCCs at Samsung Heavy Industries with various options attached, includ
Oil rebounds on U.S. stocks drawdown, but declining OPEC compliance weighs
By Naveen Thukral SINGAPORE (Reuters) – Crude oil prices bounced back on Wednesday as a decline in U.S. inventories underpinned the market, although a dip in compliance with OPEC efforts to reduce output and near record supplies capped gains. The benchmark for global oil market, Brent futures gained