South & Central Asia
South Korea’s Daewoo Shipbuilding to get fresh $2.6 billion bailout
By Joyce Lee SEOUL (Reuters) – South Korean state banks are preparing a fresh $2.6 billion (2 billion pounds) bailout for floundering Daewoo Shipbuilding and Marine Engineering Co Ltd, which has built up huge losses from offshore projects and risks missing debt repayments. Without the infusion of fu
World’s first LNG bunkering vessel to arrive in Zeebrugge by April 2
The world’s first purpose-built LNG bunkering vessel, Engie Zeebrugge, built for Engie, Fluxys, Mitsubishi Corporation, and NYK’s Gas4Sea partnership is set to arrive in Zeebrugge by April 2.
Report: South Korean Shipbuilders to Resume Building Container Cranes?
South Korean shipbuilders could see a return to the container crane market, Yonhap News Agency cited industry sources as saying. The announced move comes as the Busan Port Authority (BPA) is considering plans to order a number of gantry cranes from compatriot shipyards. The cranes are reportedly int
Cosco Shipping Earns Less amid Shipping Market Imbalance
Cosco Shipping International (Hong Kong) has seen its profit for the year ended December 31, 2016 plunge by 29 percent to HKD 236.5 million (USD 30.4 million) from HKD 362 million (USD 46.6 million) reported a year earlier. Although the company’s operating profit dropped to HKD 544.2 million for the
China’s LNG imports continue to rise
China, world’s largest energy consumer and the third-biggest LNG importer, boosted its imports of the chilled fuel in February by 28.5 percent year-on-year. China’s LNG imports increased to 2.37 million mt in February when compared to 1.85 million mt in the same month in 2016, according to the Gener
Jawaharlal Nehru Port Dredging Plans on the Table
Press Information Bureau (PIB) of Government of India has just announced that the Cabinet Committee on Economic Affairs on Wednesday approved fresh estimates for deepening and widening of the Mumbai harbor channel and the Jawaharlal Nehru Port channel – Phase II. The PIB’s release said that the enti
India’s Deepening Project to Make Room for Larger Boxships
In an effort to attract containerships of up to 12,500 TEUs at the Jawaharlal Nehru Port Trust (JNPT), India unveiled the details of the second phase of the deepening and widening project at the Mumbai Harbour Channel and JN Port Channel. Under the USD 309.8 million project, the existing channel wou
Spotted: Final MC-Class Newbuild Handed Over to BigRoll
The Netherlands-based BigRoll Shipping has taken delivery of BigRoll Beaufort, the last of four Module Class carriers, from China-based Cosco Dalian Shipyard. BigRoll Beaufort will enter a short-term project with Yamgaz, the consortium of Technip, JGC Corporation and Chiyoda for module transportatio
Creditors Unveil USD 2.6 Bn of Fresh Funds for DSME
The creditors of financially troubled South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME) have unveiled a new restructuring plan for the company, which includes KRW 2.9 trillion (USD 2.6 billion) of fresh funds. Namely, Korea Development Bank (KDB) and Export-Import Bank of Kore
BigRoll’s newly delivered module carrier to serve Yamal LNG
BigRoll Shipping’s last module carrier in the series of four, built by the Chinese Cosco Dalian Shipyard is set to serve the Novatek-operated Yamal LNG project.
UK Offshore Wind Group on Asia Tour
The UK Department for International Trade (DIT) has organised a mission to China and Taiwan to promote British expertise in the offshore wind industry and assist in the development of the sector in these two countries.
American Club: China Fines Foreign Flagged Ship for Violating Sulfur Cap Regulation
Maritime Safety Administrations (MSAs) in Chinese Hebei Province and Tianjin Municipality have fined a foreign vessel for use of fuel with sulfur content over 0.5%, American Steamship Owners Mutual Protection and Indemnity Association (American Club) informed. While conducting the supervision and in