South & Central Asia
SHI Completes World’s Largest Boxship-20,150 TEU MOL Triumph
South Korean shipbuilding major Samsung Heavy Industries (SHI) held a naming ceremony today at its Geoje shipyard for the largest containership built so far, thus breaking global shipbuilding records. The newbuilding is the first of four 20,150 TEU containerships, ordered from Japan’s shipping giant
Mitsubishi Heavy to Restructure Its Shipbuilding Business?
Japan’s Mitsubishi Heavy Industries (MHI) is considering to restructure its shipbuilding activities and enter local partnerships due to a low demand for new ships, Bloomberg reports. The decision about the restructuring is likely to be announced in July, Bloomberg cited Eiji Matsubara, MHI’s spokesp
SM Group Chosen as Preferred Bidder to Take Over STX Corp
A consortium spearheaded by South Korea’s Samra Midas Group (SM Group) has been selected as the preferred bidder for compatriot STX Corporation which was put on sale by its creditors. As disclosed in a listing to Korea Exchange, the company is to revert in three months on whether the two parties agr
Jan De Nul Group Orders Three TSHDs
Jan De Nul Group has ordered three 3,500m³ trailing suction hopper dredgers from Keppel Singmarine. The design of these vessels is based on the 3,400m³ TSHD Alvar Nuñez Cabeça de Vaca and Sebastiano Caboto, built in 2011, and successfully operating since. The vessels combine a shallow draught with h
Oil jumps off lows, IEA sees H1 deficit after OPEC cuts
By Edmund Blair LONDON (Reuters) – Oil prices climbed more than $1 on Wednesday, lifted by a surprise drawdown in U.S. inventories and data from the International Energy Agency (IEA) suggesting OPEC cuts should create a crude deficit in the first half of 2017. “For those looking for a rebalancing of
Creditors Consider Another Rescue Package for DSME
Creditors of the cash strapped Korean shipbuilder Daewoo Shipbuilding & Marine Engineering are looking to secure another rescue package for the company of up to KRW 3 trillion (USD 2.6 billion), Yonhap News Agency cited industry sources. Led by the state-run Korea Development Bank (KDB), the credito
Operators Launch MCT Submarine Cable
Telcotech, Malaysia Telekom and Symphony Communication have launched the Malaysia-Cambodia-Thailand (MCT) submarine cable system and landing station in Cambodia. MCT cable system spans approximately 1,300 kilometers and adopts 100 Gbps technology and will support a capacity of at least 30 Tbps. The
Alphaliner: Asia-Europe Trade to See Further Rate Turmoil
The Asia-Europe trade route is bound to experience further rate turmoil during 2017 as carriers from three new alliances are set to phase additional vessel capacity into the trade starting from April, according to Alphaliner. The three new alliances, including 2M-HMM/HS, OCEAN and THE Alliance, will
MPA Singapore Suspends Licences of Five Bunker Tankers
Maritime and Port Authority of Singapore (MPA) has temporarily suspended the harbour craft licences of five bunker tankers due to irregularities with the vessels’ piping fixtures, an MPA spokesperson said. Investigations are currently being carried out, however, during the suspension these bunker ta
Petrofac hires UMW’s jack-up rig
Malaysian drilling contractor UMW Offshore Drilling has won a contract from oilfield services provider Petrofac for the provision of jack-up drilling rig services in Malaysia. UMW Offshore Drilling, a subsidiary of UMW Malaysian Ventures which is, in turn, a subsidiary of UMW Oil & Gas Corporation (
Cosco Zhoushan Delivers Shuttle Tanker Anna Knutsen
COSCO (Zhoushan) Shipyard Co., Ltd, a subsidiary of COSCO Shipyard Group Co., has delivered a 152,300 dwt shuttle tanker Anna Knutsen to an undisclosed European shipowner. The 273-meter-long ship, which has a market value of USD 85.2 million, has joined the fleet of Norway-based Knutsen NYK Offshore
Caledonian Sky Refloated after Grounding on Indonesian Reef
Expedition vessel MS Caledonian Sky has been refloated after it ran aground on a reef off Indonesia on March 4, the ship’s owner, the UK-based cruise company Noble Caledonia, informed. The company said that the 1991-built passenger ship was operating off Kri Island in a remote area of Indonesia when