South & Central Asia
Report: Former DSME CEO Sentenced to 10 Years over Accounting Fraud
Ko Jae-ho, the former head of the ailing South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME), has been sentenced to 10 years in prison by a lower court in Seoul over accounting fraud, Yonhap News Agency reports. The Seoul Central District Court found Ko, who held the position
Cosco Dalian Hands Over Salvage Vessel, Bulker
Cosco Corporation’s subsidiary from China, Cosco (Dalian) Shipyard, has delivered a salvage lifting vessel and a Panamax bulk carrier to their buyers. De Bo 3, the 17,000 dwt salvage lifting vessel, was handed over to China Yantai Salvage, VesselsValue’s data shows. With a gross tonnage of 32,300 to
MISC begins FSO conversion work for Chevron
Maritime solutions and services provider MISC Berhad has begun the FSO Benchamas 2 conversion work for Chevron at the MMHE West Yard in Pasir Gudang, Malaysia. To remind, MISC’s wholly-owned subsidiary, MISC Offshore Floating Terminals (MOFT), signed a contract for the lease and operation of an FSO
Secondhand Aframax Joins G E Shipping’s Fleet
Mumbai-based Great Eastern Shipping (G E Shipping) has taken delivery of a secondhand Aframax crude carrier from an unnamed party. The company had inked a contract to buy the 2011-built vessel in November 2016. The only ship that fits the description is the Phoenix Beacon, sold to G E Shipping in No
MISC Kicks Off FSO Benchamas 2 Conversion Project
MISC Berhad, a subsidiary of Petronas, has marked the start of the floating, storage and offloading (FSO) Benchamas 2 conversion project with the arrival of the donor vessel at MMHE West Yard, Pasir Gudang, Malaysia. The arrival of Bunga Kelana 5 as the donor vessel for this project is a key milesto
Tata company eyes stake in Swan Energy’s Jafrabad FSRU project
Swan Energy received an expression of interest from a Tata Group company, Tata Realty and Infrastructure, for 10 percent equity in Swan LNG, the company developing the FSRU-based LNG import terminal in Jafrabad, Gujarat.
Hong Kong Marks First Sub-20 Million TEU Year Since 2002
Annual container volumes at the Port of Hong Kong have fallen below 20 million TEU for the first time in thirteen years when the port saw 19.1 million TEU in 2002. The port handled 19.58 million TEU in 2016 despite a strong finish in December which saw 1.8 million TEU, a 14.3 percent increase compar
One Dead, Six Missing After Two Cargo Ships Sink off Philippines
One crewman died and six have been reported as missing following the sinking of two cargo vessels off the Philippines on Tuesday, January 17, the Philippine Coast Guard (PCG) reports. The first vessel, M/V Virgina 1, was en route to Roxas, Palawan from Delpan Pier, Binondo, Manila with eleven crew o
Höegh LNG Firms FSRU Orders in South Korea
Norway-based owner and operator of floating liquefied natural gas (LNG) import terminals Höegh LNG Holdings has signed contracts with two South Korean shipbuilders for the construction of two floating storage and regasification units (FSRUs), with an option for additional three FSRUs. The first ship
TCC Group Takes Delivery of Tanker Newbuilding Duo
Hong Kong-based shipowner Tai Chong Cheang Steamship Group (TCC Group) has taken delivery of two Aframax tanker newbuildings from the Namura Shipyard in Japan. The two 114,700 DWT tankers, the KWK Excelsus and the CSK Vanguard, were delivered to the owner in the second half of 2016. Both vessels are
OOCL Owners Waiting For the Offer They Can’t Refuse
The share price of Orient Overseas (International) Limited (OOIL), parent company of the container carrier Orient Overseas Container Line (OOCL), continues to trade at a significant discount to book value despite a recent price surge that came amidst speculation that OOIL’s container shipping busine
Mormugao Port Dredging Plans on Display
A public hearing on the Mormugao Port Trust (MPT) dredging plans is set to take place on February 21 at the MPT officers’ club in Sada, Vasco. Two more hearings on the proposed MPT terminal capacity enhancement at berths 5A, 6A, and work on re-development of berths 8, 9, and barge berths at the port