South & Central Asia
Oil hits 18-month highs as markets eye output cuts
Oil prices hit 18-month highs on Tuesday, the first trading day of 2017, buoyed by hopes that a deal between OPEC and other big oil exporters to cut production, which kicked in on Sunday, will drain a global supply glut.
Korea Development Bank Increases DSME Stake
The state-run Korea Development Bank (KDB) has increased its stake in the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering Co. (DSME), according to a stock exchange filing. Namely, KDB, one of DSME’s main creditors, increased its ownership in the shipbuilder from 49.74 percent to 79
BIMCO: Shipping Industry Faces Choppy Waters
The shipping industry has its work cut out going forward in 2017 as the period will see another year of die-hard competition, which now includes tankers, according to international shipping association BIMCO. In 2016, the container shipping industry bit the bullet in terms of demolition and consolid
ONGC splashes $1B on Deen Dayal West field acquisition
India’s ONGC will buy Gujarat State Petroleum Corporation’s stake and operatorship in NELP-1II Block KG-OSN-2001/3 in Krishna Godavari Basin offshore India. ONGC on Monday said its Board had approved acquisition of the entire 80% Participating Interest (PI) of GSPC along with operatorship rights for
Mermaid Extends MPSV Resolution Charter
Mermaid’s Indonesian business unit PT Seascape Surveys Indonesia (Seascape) has entered into an additional one year charter-in contract for the DP2 multi-purpose support vessel (MPSV) Resolution. Mermaid had continually chartered-in this vessel since December 2013 from Singapore-based Miclyn Express
GMS: Ship Recycling Markets End 2016 on Stable Note
The international ship recycling markets have witnessed another roller coaster week and year, however, the industry concluded 2016 on an overall stable to positive note, according to a report from GMS, a cash buyer of ships for recycling. During the first quarter of 2016 the prices slid down from th
G E Shipping Buys Two Suezmax Tankers
Mumbai-based Great Eastern Shipping (G E Shipping) has inked contracts to buy two 157,000 dwt Suezmax crude carriers from Panama-based Bretta Tanker Holdings. The ships in question are the 2010-built Eugenie and the 2011-built Devon and they were sold for USD 36.4 million and USD 38.6 million, respe
MSI: Container Shipping Industry Sailing in Uncharted Waters
The latest phase of mass consolidation continues to see the container shipping industry sailing in uncharted waters and has emphasized the extent to which liner companies are having to restructure their business models in order to survive, according to Maritime Strategies International (MSI). MSI sa
VIDEO: Mekong Delta Climate Resilience Initiative
The Integrated Coastal Management Programme (ICPM) has just released this very interesting video named ‘Mekong Delta Climate Resilience Initiative’. The Mekong Delta is home to 17 million people and is Vietnam’s most important agricultural region. Producing 55 per cent of the country’s rice, the Mek
Korea Line’s Shareholders Reject Purchase of Hanjin Assets
The shareholders of the South Korean shipping company Korea Line Corp., part of SM Group, have refused to approve the purchase of Hanjin Shipping’s Asia-US route network, according to Yonhap News Agency. Namely, the proposal to buy the route network and the bankrupt Korean carrier’s client informati
HMM Joins Forces with Heung-A and Sinokor
South Korean container carrier Hyundai Merchant Marine (HMM) has reached an agreement with its compatriots Heung-A Shipping and Sinokor Merchant Marine to form an HMM + K2 consortium. Under the Memorandum of Understanding (MOU), signed on January 3, HMM will officially join forces with the two Korea
Peru ships last 2016 cargo to Japan
Peru’s only liquefaction and export facility at Pampa Melchorita recently dispatched a cargo of LNG to Japan.