South & Central Asia
NYK Line, Kepco agree joint ownership of LNG newbuild
Nippon Yusen Kabushiki Kaisha and Kansai Electric Power have set up a joint venture company that will own an LNG tanker currently under construction at the Kawasaki Heavy Industries’ Sakaide shipyard.
Report: HMM to Join 2M Alliance by Year End?
South Korean container carrier Hyundai Merchant Marine (HMM) is expected to ink a deal to join Maersk Line and Mediterranean Shipping Compay (MSC) this December in the world’s largest shipping alliance, 2M, local media cited the country’s top financial regulator. According to Yim Jong-yong, chairman
Fitch Predicts More M&A Activity, Defaults in Shipping Sector in 2017
Muted demand growth will exacerbate overcapacity for the shipping sector in 2017, putting pressure on freight rates and driving further consolidation and defaults, according to Fitch Ratings. Fitch expects performance in all segments to be under pressure and has therefore maintained its negative sec
Drewry: Putting the Squeeze on Terminal Operators Could Backfire on Carriers
Container shipping lines are in danger of putting future port investment at risk in their demands for terminal handling cost reductions, according to the recently launched Ports and Terminals Insight report published by global shipping consultancy Drewry. Terminal operators face a “perfect storm” of
Oil prices surge, smash trading volume records as OPEC and Russia agree output cut
Oil prices shot up 13 percent, smashing trading volume records, after OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned they could remain modest by historical comparison as other producers fill the gap.
Offshore Decom Spending Set for Growth, IHS Markit Says
The decommissioning of aging offshore oil and gas platforms, subsea wells and related assets is increasing dramatically, with more than 600 projects expected to be disposed of during the next five years alone. This will cause spending to rise significantly, according to a new study by IHS Markit an
IHS Markit: 600 offshore projects slated for disposal over five years
The decommissioning of aging offshore oil and gas platforms, subsea wells and related assets is increasing dramatically, with more than 600 projects expected to be disposed of during the next five years alone. This will cause spending to rise significantly, according to a new study by IHS Markit an
OPEC agrees first output cut since 2008, details unclear
By Ahmad Ghaddar, Alex Lawler and Rania El Gamal VIENNA (Reuters) – OPEC has agreed its first limit on oil output since 2008, an OPEC source told Reuters after Saudi Arabia said it was prepared to accept “a big hit” on production and agree to arch-rival Iran freezing output at pre-sanctions levels.
Reuters: OPEC reaches deal to cut oil production
OPEC has reportedly reached an agreement on oil production cut during its meeting in Vienna on Wednesday. While there is no official confirmation as of yet, Reuters has informed, citing unnamed source that OPEC members have agreed to implement the output cuts they’d agreed on in Algiers in September
Report: Tangguh invites bids for 2017-2019 LNG cargoes
Tangguh LNG project in Indonesia has reportedly invited bids for its uncommitted LNG cargoes for delivery in 2017-2019.
UK manpower firm teams up with Chinese oil giant
The Orion Group, a UK-based recruitment services provider, has signed a joint venture (JV) agreement with China National Offshore Oil Corporation (CNOOC), China’s state-owned crude oil and natural gas producer. Orion chairman Alan Savage and General Manager of CNOOC Energy Technology & Service-Safet
Cosco delivers third module carrier vessel to BigRoll
China’s Cosco Dalian Shipyard has delivered the third module carrier (MC) vessel, the BigRoll Baffin, to Dutch heavy marine transportation provider BigRoll Shipping. Cosco said on Wednesday that all documents between the parties regarding the delivery of the MC vessel were recently signed and that t