South & Central Asia
Work on VIA’s New Runway Kicks Off, Land Reclamation Nears End
President of the Republic of Maldives, Abdulla Yameen Abdul Gayoom, inaugurated the official development of a new runway at Velana International Airport (VIA) in Hulhule yesterday. The project is awarded to Beijing Urban Construction Group (BUCG) from China. During the ceremony, the president was ac
HMM, Local Carriers Ink Deal to Form Alliance
South Korean container carrier Hyundai Merchant Marine (HMM) has finalized an agreement to form a consortium with its compatriots Heung-A Shipping and Sinokor Merchant Marine, according to Yonhap News Agency. On January 3 the parties entered into a Memorandum of Understanding (MOU) to join forces in
Emas Chiyoda Subsea files for Chapter 11
Emas Chiyoda Subsea, a subsea industry player, has filed a petition for bankruptcy protection at a U.S. court. The company, established in early 2016 through a merger between Ezra’s Emas AMC and Chiyoda, said on Tuesday it had, together with several subsidiaries, filed voluntary petitions for reorga
Emas Chiyoda Subsea in Bankruptcy Filing
Emas Chiyoda Subsea (ECS) has filed voluntary petitions for reorganisation under chapter 11 of the U.S. Bankruptcy Code to facilitate the company’s financial and operational restructuring. In connection with the filing, ECS has received a commitment on an up to US$90 million financing facility from
Petrobangla requests $1.4 bln state subsidy to cover LNG import costs
Bangladesh’s Petrobnangla is turned to the government for a US$1.4 billion subsidy to fund the LNG imports in 2018.
Pan Ocean Set to Order Five Open Hatch Carriers
South Korean shipping company Pan Ocean has decided to order five open hatch wood chip carriers as the company secured a long-term shipping deal with Brazil-based pulp and paper firm Fibria. In a stock exchange filing, Pan Ocean said that it would spend up to KRW 165.4 billion (USD 146.6 million) fo
ZIM Unveils Two More Services
Israeli shipping company Zim Integrated Shipping Services (ZIM) plans to add two services to Asia-Pacific North West (PNW) and Med/Black Sea routes, starting from April 2017. The first service, ZIM Med Pacific (ZMP), will serve both the Asia-PNW and the Asia-East Med/Black Sea trades. The company in
Oil firms on record OPEC output cut compliance
By Naveen Thukral SINGAPORE (Reuters) – Crude oil edged higher on Tuesday, underpinned by high compliance with OPEC’s production cuts even as the market remains anchored by rising U.S. production. The Organization of the Petroleum Exporting Countries (OPEC) has so far surprised the market by showing
PHOTO: Construction of Adani’s Second IHC Beagle Dredger
Royal IHC has just released a photo of the trailing suction hopper dredger SHANTI SAGAR 17, being built at the company’s Krimpen aan den IJssel shipyard. The vessel is first of two IHC Beagle 8,000m³ TSHDs ordered by Adani Group of India. Earlier this month, at the same shipyard, IHC held a keel lay
LM Wind Power Sees Near Ninefold Increase in Annual Net Profit
Danish blade designer and manufacturer LM Wind Power reported EUR 51.7 million net profit for the Fiscal Year 2016, a 776 per cent increase compared to EUR 5.9 million net profit recorded in FY 2015 driven by higher sales and better operating performance.
LM Wind Power Sees Near Ninefold Increase in Annual Net Profit
Danish blade designer and manufacturer LM Wind Power reported EUR 51.7 million net profit for the Fiscal Year 2016, a 776 per cent increase compared to EUR 5.9 million net profit recorded in FY 2015 driven by higher sales and better operating performance.
Vessel secured for Ophir field development. Conversion into FPSO starts soon
Oil and gas company Octanex Limited has informed that a donor vessel has been secured for conversion into an FPSO for use on the Ophir field, offshore Malaysia. The conversion works on the oil tanker, Puteri Bangsa, will start shortly, the company said on Tuesday. MTC Engineering (MTCE), a Malaysian