South & Central Asia
Drewry: New Alliance Networks-Winners and Losers
The Ocean Alliance has the most services at its disposal with a total of 40 loops spread across seven East-West trades, a comparison of new carrier alliances from shipping consultancy Drewry shows. The Ocean Alliance is followed by THE Alliance with 32 services and 2M with 25. As the market braces f
OOIL Sees Red Ink amid Difficult Markets
Due to challenging market conditions, Hong Kong’s Orient Overseas International Limited (OOIL), owner of container transport businesses OOCL, suffered a full-year loss of USD 219.2 million in 2016, compared to a profit of USD 283.9 million seen a year earlier. The company’s operating loss stood at U
HSH Nordbank Rejects Rickmers’ Debt Restructuring Plan
German HSH Nordbank has dismissed the debt restructuring proposal of Singapore-based containership owner and operator Rickmers Maritime, the shipping firm’s trustee-manager Rickmers Trust Management (RTM) said in an update. The proposal is related to the restructuring of SGD 100 million (around USD
Shreyas Shipping Taking Over Balaji Shipping
Mumbai based shipping company Shreyas Shipping and Logistics Limited (Shreyas), part of Transworld Group, has decided to acquire 99.99% stake in Dubai-based Balaji Shipping Lines from Transworld Holding Limited. The move was approved at a board meeting held on March 9 and the acquisition will be car
Diana Containerships Nabs Charter Deal from OOCL
Greek shipping firm Diana Containerships is planning to reactivate its 6,541 TEU container vessel MV Pucon as it secured a time charter deal for the vessel. The company said that the Post-Panamax containership would be chartered out to Hong Kong-based shipping company Orient Overseas Container Line
Spliethoff Orders Six Multipurpose Ships in China
Amsterdam-based shipping company Spliethoff has ordered six multipurpose vessels from Chinese shipbuilder Zhejiang Ouhua Shipbuilding. Each of the six newbuildings will have a length of 165 meters and a tonnage of 18,000 dwt. The vessels, which belong to the company’s new R-Class, are designed in ac
Vitol, Hascol, form LNG joint venture in Pakistan
Pakistan’s distributor of petroleum products, Hascol Petroleum has set up a separate company to explore the business opportunities in the LNG sector.
ICTSI’s Net Income Triples in 2016
Manila-based container terminal operator International Container Terminal Services, Inc. (ICTSI) has seen its net income attributable to equity holders surge to USD 180 million in 2016 from USD 58.5 million earned in 2015, representing a jump of 207 percent. The company’s revenue from port operation
Ezra hit with $194.5 million claim over vessel charter
Emas Offshore, a subsidiary of Ezra Holdings, has received a notice of charter termination for the pipelay construction vessel Lewek Champion by Hai Jiang 1401, the vessel-owning unit of ICBC Financial Leasing Co. Ltd. Both Emas Offshore and parent company Ezra said on Sunday that they received the
Control Risks: Global Maritime Kidnaps Jump by 44 Pct in 2016
Maritime kidnaps across the globe surged by 44 percent in 2016, in part driven by an uptick of activity in the Gulf of Guinea and in the Sulu and Celebes Seas, according to Control Risks’ global maritime analysis. Additionally, maritime hijacks were down by 83% globally in 2016, driven by a decline
Pacific Basin Ends 18-Month Buying Drought
Hong Kong-based dry bulk owner Pacific Basin Shipping has decided to expand its fleet as it reached an agreement to buy the 32,000 dwt Handy bulker Ocean Harmony, according to data provided by VesselsValue. Ending an 18-month buying drought, the company is reportedly paying USD 9.6 million for the 1
Hoang Long resumes drilling offshore Vietnam
Oil and gas company Hoang Long has resumed the 2017 Te Giac Trang (TGT) drilling program, offshore Vietnam. Te Giac Trang field is located in Block 16-1, in the shallow water Cuu Long Basin, offshore southern Vietnam. It is operated by the Hoang Long joint operating company in which partners Soco In