South & Central Asia
Reports: Hanjin Shipping Liquidation Set for Feb 17
The rehabilitation process for the former South Korean shipping giant Hanjin Shipping is set to end on February 17, Yonhap News Agency cited the Seoul Central District Court. The decision was made on Thursday by the South Korean court, some half a year after the cash-strapped carrier was put under c
BIMCO: January Tanker Deliveries at a Record High
Crude oil tanker deliveries reached a record high in January as 5.5 million dwt of the capacity entered the fleet so far this year, representing an increase of 220% from January 2016, BIMCO said citing preliminary data from VesselsValue. The month already accounts for 22% of the previous year’s tota
Picture of the day: FSRU BW Integrity at SHI
The use of floating regasification units (FSRUs) as LNG import terminals has been steadily increasing over the last couple of years. Costs to deploy an FSRU to receive worldwide LNG supplies are much smaller than those for an onshore terminal, which is one the reasons why countries are choosing thes
Drewry: Chemical Vessel Oversupply to Continue Squeezing Rates
The expected expansion of the chemical shipping fleet in 2017, driven by the large number of orders placed in previous years, will continue “squeezing rates on major routes over the next two years,” shipping consultancy Drewry said. Time charter rates weakened in 2016, especially for larger tankers,
Plexus wins contract extension from Shell
Oil and gas services firm Plexus Holdings has been awarded a two-year contract extension with Shell in Brunei. Plexus said on Thursday that the contract extension is for the provision of wellhead and mudline equipment and that it covers the supply of both high pressure / high temperature (HPHT) and
India’s Major Ports to Go Green
India has started the process of setting-up renewable energy projects at its twelve major ports by investing INR 7.04 billion (USD 104.5 million) as part of the country’s Green Port Initiative. In an effort to switch to renewable sources of energy to power the country’s major ports, the Ministry of
DAT Offloads Two New LR2 Tankers
South Korea-based shipping company Dong-A Tanker (DAT) has sold two long range 2 (LR2) tanker newbuildings currently being built by compatriot shipbuilder Hyundai Samho Heavy Industries, according to data provided by VesselsValue. Both tankers were bought by Greek shipping companies. The first ship
Gina Krog storage vessel lags behind development
A floating storage unit meant for the Statoil-operated North Sea field Gina Krog has reportedly experienced delays, lagging behind the overall project development. The Gina Krog field is located 30 kilometers northwest of the Sleipner field and around 250 kilometers southwest of Stavanger, Norway. T
Metrostar Management Sells VLCC Newbuildings
Greek shipowner Metrostar Management has reached an agreement with its compatriot Olympic Shipping and Management for the sale of two 308,000 dwt very large crude carriers (VLCCs), according to data provided by VesselsValue. Under the deal reached between the parties, Olympic Shipping will pay a tot
MSC, HMM Conclude Purchase of Hanjin’s TTI Stake
Swiss-based Mediterranean Shipping Company (MSC) and South Korean Hyundai Merchant Marine (HMM) have finalized the acquisition of Hanjin Shipping’s interests in Total Terminals International (TTI), which operates two facilities in Long Beach and Seattle. The acquisition, undertaken by MSC’s subsidia
India slashes LNG import tax
India, the world’s fourth-largest buyer of liquefied natural gas (LNG), has announced plans to halve its basic customs duty on imports of the chilled fuel. In presenting to Parliament the budget for fiscal year that starts April 1, Finance Minister Arun Jaitley on Wednesday said he proposes to reduc
More Shipowners Opt for South Asian Beaching Yards
The shipping industry’s management of end-of-life vessels has shown no improvements in 2016 as the number of ships sold for shipbreaking on the beaches of South Asia increased during the year, according to data released by NGO Shipbreaking Platform. Namely, out of 862 ships which were dismantled wor