South & Central Asia
THE Alliance Unveils Services Network
The members of THE Alliance have revealed plans to deploy a fleet of more than 240 ships covering 31 services in the Asia/Europe, North Atlantic and Trans-Pacific trade lanes including the Middle East and the Arabian Gulf/Red Sea starting from April 2017. The network of services would connect more t
IHS Markit: Pirates Shift from Hijacking to Kidnapping
Global piracy has shifted away from hijacking and towards kidnapping as the number of kidnappings now stands at 44 for the period from January to 30 September 2016, according to IHS Markit. Within the same time-frame 37 percent of crew involved in a piracy situation have been kidnapped. The number r
GE Partners with Jason Electronics in China, ASEAN Region
GE’s Marine Solutions has appointed Jason Electronics as its value-added reseller for SeaStream dynamic positioning (DP) systems in the ASEAN region and China. Through this appointment, Jason Electronics will have reselling rights of GE products in the aforementioned regions. With expansive regional
Drewry: Japanese Merger Could Spark Second Wave of M&As
Driven by the need to stop the cost competitive advantage of the bigger lines growing, a second, smaller wave of mergers and acquisitions involving medium-sized container carriers is a high probability, according to shipping consultancy Drewry. While the current wave of M&As among container lines do
IADC: Webinar on Ecosystem Services
The International Association of Dredging Companies (IADC) has just announced that their new webinar on Ecosystem Services will take place on Wednesday, November 16, at 14.00 hrs (CET, Central European Time). This webinar, with Dr. Annelies Boerema as the main speaker, will focus on the concept of e
APL Enhances Intra-Asia Coverage
Singapore-based container shipping company APL has revealed that it will expand its Intra-Asia coverage with the launch of the Japan Taiwan 6 (JT6) Service and the upgraded Japan Thailand 2 (JT2) Service, starting from December 2016. The new JT6 Service will link Japan, Taiwan and South China to the
UMW secures drilling contract for jack-up rig in Malaysia
Malaysian drilling contractor UMW Offshore Drilling has secured a drilling contract for one of its jack-up rigs. Namely, the company’s Naga 2 jack-up drilling unit will work for Australian oil company Octanex, drilling development wells at the Ophir field, off Malaysia. The announcement on the contr
MOL to Set Up Two Asia-Australia Services under New VSA
Japanese shipping company Mitsui O.S.K. Lines (MOL) plans to launch two new services between Asia and Australia under a vessel sharing agreement (VSA) with three European carriers, starting from May 2017. To be jointly operated by MOL and Denmark-based Maersk Line, the new Asia-Australia Express wil
International offshore rig count down by 70 units YOY
Oilfield services provider Baker Hughes informed on Monday that the international offshore rig count in October 2016 was down by 70 units when compared to the same period in 2015. Namely, according to the report, the international offshore rig count for October 2016 was 200, down 21 from the 221 cou
Samsung Heavy Selling Shares to Raise Fresh Funds
South Korean shipbuilder Samsung Heavy Industries (SHI) is looking to raise up to KRW 1.14 trillion (USD 997 million), according to the company’s stock exchange filing. Namely, the shipbuilder said that it would issue over 159,1 million shares at a price of KRW 7.1 per share, starting on November 7.
Oil prices bounce after OPEC reaffirms plan to cut output
By Henning Gloystein SINGAPORE (Reuters) – Oil prices rose by over 1 percent on Monday, pushed up by a statement from the producers’ club OPEC that it was committed to a deal made in September to cut output in order to prop up the market. Brent crude <LCOc1> was at $46.12 per barrel at 0746 [&hellip
UAE minister says global oil supply glut is almost gone
ABU DHABI (Reuters) – The United Arab Emirates (UAE) energy minister Suhail bin Mohammed al-Mazrouei said on Monday the global oil supply glut was almost gone. Addressing the ADIPEC oil conference in Abu Dhabi, he said: “The glut is almost gone … I think we are at the bottom of this cycle…” He added