South & Central Asia
Sharp Decline in Idling Boxships
As of 3 April 2017, the idle container shipping fleet stood at 0.97 million TEU, according to Alphaliner’s data, totaling in 4.8 percent of the total fleet. The major plunge from close to 1.6 million TEU at the start of the year is evident across the boxship fleet sizes. Most significantly, the 3,00
Fatal accident during supply ops for Nido Petroleum
ASX-listed oil and gas company Nido Petroleum has informed there has been a fatal accident in Labuan, Malaysia during supply operations related to the company’s Galoc field in the Palawan Basin offshore Philippines. Nido’s subsidiary Galoc Production Company (GPC) reported on Monday that the acciden
MHI Lowers Full Year Earnings Forecast
Tokyo-based Mitsubishi Heavy Industries (MHI) has revised the estimates of its consolidated financial results, saying that it now expects an operating income of JPY 150 billion (USD 1.3 billion) for the fiscal year 2016. The expected operating income is 37.5 percent lower than the earlier estimated
HHI Scores More Orders in April
South Korean shipbuilder Hyundai Heavy Industries (HHI) has won 18 ship orders worth USD 900 million in April alone, pushing its order intake to USD 2.3 billion secured so far this year. Since the orders include options exercisable by owners to order additional vessels, the total orders in April “wi
Evosun Completes Maldives Land Reclamation Scheme
Evosun Sdn Bhd Malaysia has just announced that the Meemu atoll Muli reclamation project in the Republic of Maldives is now successfully completed. Under the $6.4 million scheme, funded by Government of Maldives, Evosun created 40 hectares of new land by using more than 1 million cubic meters of san
Eco Wave Power sets eyes on Australia
Australian Minister of Energy and Environment, Josh Frydenberg, has visited the Israeli wave energy company Eco Wave Power (EWP) as it looks to explore wave energy opportunities in Australia.
Petronas denies offshore gas project stake sale
Malaysian energy giant Petronas said that recent media reports saying the company is looking to sell a US$1 billion stake in the SK316 offshore gas block have been misleading.
FSRU GDF SUEZ Cape Ann Hired for India’s LNG Project
India’s gas company H-Energy has signed an agreement with French multinational electric utility company Engie to charter its floating storage re-gasification unit (FSRU) GDF SUEZ Cape Ann. Under the deal, H-Energy said it will charter the 145,000 cbm FSRU for a minimum period of 5 years starting fro
Petronas denies sale talks for gas block offshore Sarawak
Following media reports that Petronas is selling part of its stake in the SK316 offshore gas block in Malaysia’s Sarawak state, the Malaysian state-owned giant has denied the sale talks and deemed the reports as “misleading and misinformed.” Reuters recently reported that the company was considering
Tanker Arrested in Singapore Waters
Chemical/product tanker Golden Dynasty has been detained in Singapore waters, Supreme Court of Singapore’s data shows. The 14,500 dwt ship, owned by China’s Shanghai Dingheng Shipping, was arrested in the morning hours of April 23, 2017. The reason of the ship’s detention was not disclosed. Focal In
Drewry cuts freight rate outlook for LNG shipping
Given the mounting pressure on freight rates and continuing fleet growth over the next two years, excess LNG tanker supply will reduce only gradually with the recovery in rates pushed back to the latter part of next year, according to the shipping consultancy, Drewry. The consultancy maintains a bea
New Coal Carrier Joins NYK Group
Japan’s shipping company NYK Group has taken delivery of a new coal carrier, the 56,825 gross ton Isuzu Maru, from its compatriot shipbuilder Oshima Shipbuilding. The 249-mete-long and 43-meter-wide ship, which was handed over on April 14, will be operated by NYK Group’s Singapore-based subsidiary N