South & Central Asia
Highlights of the Week
Dredging Today brings you an overview of the most popular stories from the past week (February 20-26, 2017). Royal IHC Hands Over Hopper Dredger DASA I Royal IHC has completed delivery of the trailing suction hopper dredger DASA I to Dragados Argentinos DASA S.A. of Buenos Aires, Argentina. New
COSCO Corporation’s Full-Year Loss Widens
COSCO Corporation (Singapore) Limited, a shipbuilding, marine engineering and dry bulk shipping group, saw a net loss of SGD 976.1 million (USD 695.5 million) in 2016, against a net loss of SGD 914.8 million (USD 651.8 million) recorded in 2015, mainly due to losses in shipyard in shipping operation
China COSCO to Buy Its Unit’s Shipyards
China COSCO Shipping Corporation plans to acquire shipyards owned by its subsidiary COSCO Corporation (Singapore) Limited. Under the plan, China COSCO will take over equity interests in COSCO Shipyard Group, COSCO (Nantong) Shipyard and COSCO (Dalian) Shipyard. The acquisition is part of China COSCO
OPEC: There is still room for improvement in output cuts
The Joint OPEC-Non-OPEC Ministerial Monitoring Committee (JMMC) reported on Friday that OPEC and non-OPEC countries are on the right track towards full conformity with their adjustments in production but there is still room for improvement. The Joint OPEC-Non-OPEC Technical Committee (JTC) held its
MOL Reshuffles Organization Again
Starting from April 1, 2017, Japanese shipping company Mitsui O.S.K. Lines (MOL) plans to restructure its organization again with an aim of boosting the firm’s efficiency. In April 2016, the firm restructured its ailing dry bulk business by creating a new business unit – the dry bulk business unit.
Jinhui Sells Four Supramax Bulkers
China’s Jinhui Shipping and Transportation Limited has agreed to sell four Supramax bulk carriers to four entities controlled by compatriot Minyi (Tianjin) Ship Leasing for an aggregate price of USD 48 million. The four Hong Kong-registered Supramaxes were built from 2009 to 2011, with deadweights r
MOL shifts LNG responsibilities within business restructuring
Japan’s Mitsui O.S.K. Lines (MOL) said the company intends to restructure its organization with effect from April 1, 2017.
SapuraKencana plans to change its name
SapuraKencana Petroleum Berhad, a Malaysian oilfield services company, is planning to change its name to Sapura Energy Berhad. According to the company’s Bursa Malaysia filing on Thursday, the use of the proposed name of Sapura Energy Berhad was approved and reserved by the Companies Commission of M
Hanoi Court Sentences Two Vinashin Execs to Death
The People’s Court in Hanoi has sentenced Tran Van Liem, former director general of Vinashin Ocean Shipping, and Giang Kim Dat, the state-run shipping company’s former sales manager, to death after finding the two men guilty of embezzling a total of more than VND 260 billion (USD 11.3 million), acco
Ezion in cash saving mode. Puts off rig deliveries ‘indefinitely’
Singapore’s Ezion is slashing 2017 capex and delaying delivery of four service rigs to stop the cash outflow amid the tough offshore oil and gas environment. The company said on Thursday it would reduce its originally planned capital expenditure by approximately $270 million with the indefinite post
Report: HHI Workers Stage 1st All-Out Strike Since 1994
Unionized workers of South Korean shipbuilding company Hyundai Heavy Industries (HHI) organized a strike on February 23 over unsuccessful wage negotiations and the firm’s restructuring plans, Yonhap News Agency reports. The walkout was reportedly the first all-out strike since 1994. Although 15,000
SM Line’s 1st Service to Include 5 Hanjin Boxships
Five vessels previously owned by South Korea’s bankrupt carrier Hanjin Shipping are to be deployed in the first service of SM Line, a new shipping firm formed by Samra Midas (SM) Group. On February 14, SM Line acquired the five 6,655 TEU boxships for USD 60 million, VesselsValue’s data shows. The sh