South & Central Asia
Hanjin Shipping Officially Declared Bankrupt
The former South Korean shipping giant Hanjin Shipping was officially declared bankrupt by the Seoul Central District Court on February 17, less than six months after it first filed for court receivership. With this move, made after a two-week period for appeal expired, the company, established in 1
Solvang to Order up to Four Ethylene Carriers
Norwegian transporter of LPG and petrochemical gases Solvang Shipping has signed a Letter of Intent (LOI) for the construction of up to four ethylene carriers with South Korea’s shipbuilder Hyundai Mipo Dockyard. The deal includes firm orders for two ethylene carriers with a capacity of 21,000 cbm,
India’s Greatship delivers platform supply vessel to buyer
Greatship India Limited (GIL), a subsidiary of Great Eastern Shipping, has sold and delivered its Greatship Disha platform supply vessel to its buyers. To remind, GIL entered into an agreement at the end of January to sell the vessel to an unknown buyer. As with the buyer, the financial details were
Rickmers Maritime’s Survival Hanging on Debt Restructuring
Rickmers Maritime might be forced to wind up its business if its efforts to refinance its bank loans are unsuccessful, the trust said announcing its financial results for 2016. Namely, container shipping woes caused by depressed charter market continue to weigh on Rickmers Maritime’s financial perfo
Report: Bangladesh Shipping Corp Orders LNG Carrier Duo
The state-owned Bangladesh Shipping Corporation (BSC) has placed on order for the construction of two liquefied natural gas (LNG) carriers at a Chinese shipyard, the national news agency of Bangladesh informed. The new ships, which will have a capacity of around 40,000 cubic meters, will be deployed
GAIL seeking single LNG cargo for March delivery
India’s gas utility GAIL has reportedly issued a tender seeking a cargo of liquefied natural gas for delivery in March.
India awards eight offshore blocks under 2016 bid round
India’s Cabinet Committee on Economic Affairs has approved the award of operatorship for a total of 31 onshore and offshore oil and gas blocks. The Cabinet said on Wednesday that the blocks consist of small oil and gas fields discovered by the Oil and Natural Gas Corporation (ONGC) and Oil India Lim
OPEC could extend or deepen supply cut if oil glut persists: sources
By Rania El Gamal RIYADH (Reuters) – OPEC could extend its oil supply-reduction pact with non-members or even apply deeper cuts from July if global crude inventories fail to drop to a targeted level, OPEC sources said. The group, together with Russia and other non-OPEC oil producers, agreed late las
Bangladesh: BSC inks MoU for two 40,000-cbm LNG carriers
The Bangladesh Shipping Corporation inked a deal with the Chinese Institute of Marine and Offshore Engineering for the construction of two 40,000-cbm LNG carriers.
Ocean Yield, Ezra in new ‘Lewek Connector’ charter
Ocean Yield will charter its Lewek Connector subsea vessel to Singapore’s Ezra, under newly agreed terms. The move comes just a few days after the owner had terminated the charter for the vessel it had with Ezra’s cash-strapped subsidiary Emas AMC. For background, Emas AMC in December 2016, requeste
Drewry: LPG Shipping Rates to Fall Further in 2017
Although the liquefied petroleum gas (LPG) shipping trade is expected to continue growing on the back of strong Asian demand, the rates could fall further in 2017 due to continued oversupply, according to shipping consultancy Drewry. 2017 is expected to be no different from 2016, when LPG shipping r
DSME wins gas fuel supply tech patent dispute in China
South Korean Daewoo Shipbuilding & Marine Engineering (DSME) shipyard said it has won a patent case in China for its gas fuel supply system.