South & Central Asia
UMW gets more time to complete Icon, Orkim buy
Malaysian offshore oilfield services provider UMW Oil and Gas has yet to complete the acquisitions of Icon Offshore and Orkim. To remind, the company in January announced it would buy Icon Offshore, a Malaysian offshore vessel owner, from HOSB, a subsidiary of Ekuinas Capita. Separately, UMW said it
Winning Shipping to Expand Fleet with Capesize Bulker
China’s shipping firm Winning Shipping has reached an agreement to buy a 180,200 dwt Capesize vessel, the Yuritamou, according to data provided by VesselsValue. The company is buying the second-hand vessel from Japan-based Doun Kisen for a price of USD 23 million. The Capesize was constructed at Jap
Carnegie bags $18M through capital raise
Carnegie Clean Energy has concluded a scaled back $18 million capital raise to be used to fund solar and renewable energy microgrid projects.
Vitol, Gazprom M&T ink LNG supply deal
Energy and commodity trading company Vitol signed a multi-year LNG purchase agreement with Gazprom Marketing & Trading’s Singapore unit.
Moore Stephens: Shipping Pools – Potential Traps for the Unwary
Pressured by difficult markets and periods of economic uncertainty, shipping companies often turn to pool arrangements, not being aware of the financial, tax and jurisdictional implications of participating in such deals. As “shipping pools can be an attractive option,” the international accountant
South Korea to Investigate Sewol Sinking from May
An investigation into the Sewol ferry sinking is scheduled to be launched in late May, Yonhap News Agency cited authorities. An eight-member panel, which would conduct the inquiry, was set up in March 2017 in an effort to find out the details which caused the ill-fated event on April 16, 2014. Kim C
Epic Gas Agrees to Buy LPG Carrier
Singapore-based owner and operator of pressurized gas carriers Epic Gas has opted to further expand its fleet as it entered into an agreement to buy a 7,500 cbm liquefied petroleum gas (LPG) carrier. Although the company did not disclose the name of the vessel or its previous owner, Epic Gas said th
Samsung Heavy Industries Linked to LNG Pair Order
South Korean shipbuilding company Samsung Heavy Industries (SHI) has won an order for an LNG carrier duo, according to a report from the country’s news agency Yonhap. As informed, the order has been placed by the yard’s compatriot shipping company Korea Line Corp. for two 7,500 cubic meters LNG carr
Philippine Forces Rescue Cargo Ship from Pirates
The Philippine Coast Guard and Navy have thwarted a pirate attack on a freighter off Zamboanga del Norte, the Philippines, the Coast Guard confirmed to World Maritime News. The attack occurred in the morning hours of April 18. The cargo vessel, M/V Annabelle City, was sailing to Zamboanga from Iloil
New Orders Pouring Into HHI
South Korean shipbuilder Hyundai Heavy Industries (HHI) reported USD 2.04 billion-worth of newbuilding orders in the first quarter of 2017, up by 22.9 percent when compared to the corresponding figures from last year. The shipbuilding segment booked USD 763 million worth of orders, surging by 226.07
Oil prices to revolve around $60–70 in next three years, MEI says
McKinsey Energy Insights (MEI), a specialist energy data and analytics unit within McKinsey consulting firm, has released its latest Global Oil Supply and Demand Outlook, which claims that oil prices will revolve around $60–70/bbl over the next three years. The report identifies five potential suppl
VLCC, Suezmax Fleet Sees Less Ton Miles in Q1
The global very large crude carrier (VLCC) and Suezmax fleet completed 4.6% less ton miles during the first quarter of the year compared to the fourth quarter of 2016, according to VesselsValue. The fleet’s reach was over 2.5 trillion ton miles in the first three months of 2017, with a reduction in