South & Central Asia
Japan’s Big Three End First Half FY 2016 in Losses
On the back of the deteriorating conditions in the shipping market, Japan’s Big Three shipping companies, Kawasaki Kisen Kaisha (K Line), Nippon Yusen Kabushiki Kaisha (NYK Line) and Mitsui O.S.K. Lines (MOL), reported losses for the first half of fiscal year 2016 ended September 30. Of the three ma
Sembcorp Marine, Engie in LNG-to-power MOU
Singapore-based Sembcorp Marine and Engie of France signed a memorandum of understanding to cooperate in the development and deployment of the Gravifloat technology for LNG-to-Power near-shore terminals.
Exmar still in Caribbean FLNG talks
Belgium’s Exmar, the Nicolas Savery-led shipowner said it is still trying to find where to deploy its Carribean FLNG unit currently being finalized at the Wison Offshore & Marine’s yard in Nantong, China. The 0.5 mtpa FLNG unit, with a 16,100-cbm storage capacity, was scheduled for delivery to Pacif
Drewry: Boxship Leviathans Changing Lanes
As carriers’ stock of ready-to-cascade Asia-Europe containerships is almost empty, the second phase of the cascade could be even more difficult for carriers to manage, according to shipping consultancy Drewry. New Ultra Large Container Vessels (ULCVs) will force the cascade into a potentially more d
Report: South Korea to Provide Its Shipping Firms with USD 5.7 Bn Funding
South Korea’s government intends to provide funding of KRW 6.5 trillion (USD 5.7 billion) to help the country’s shipping companies renew their fleets, Reuters reported. The first step is the establishment of a state-backed ship financing company with an initial sum of KRW 1 trillion (USD 871.7 milli
BIMCO: Dry Bulk Market Still in Terrible Condition
Despite better demand side conditions on the “road to recovery” for the dry bulk shipping industry, the supply side is worse off, according to international shipping association BIMCO. As ship owners’ interest in demolition has cooled, the supply side is worse off today than earlier estimates projec
BW LPG Closer to Buying All Aurora LPG Shares
Singapore’s gas carrier owner BW LPG has decided to launch a voluntary unconditional tender offer for all the remaining shares in Oslo-listed Aurora LPG. The company is now offering either 0.3175 new common shares of BW LPG and NOK 7.40 in cash, or NOK 16 in cash for each of the remaining share in A
Assembling the EIK Amphibious Excavator in Turkey
EIK Engineering has successfully delivered an EIK CAT323D2L amphibious excavator to a customer in Turkey. The excavator, delivered and assembled last month, will be used by the government to carry out maintenance of the river beds, swamps, lakes, ponds and reservoirs. EIK salesperson and service tea
Axis Offshore delays another flotel delivery
Axis Offshore, a provider of accommodation rigs or flotels servicing the offshore oil & gas industry, has postponed the delivery of its second flotel, the Axis Vega, being built by Cosco’s yard in China. The company informed on Monday it has agreed an amendment to the shipbuilding contract with Cosc
Samsung Heavy Swings to Profit
One of South Korea’s biggest shipbuilders, Samsung Heavy Industries (SHI), has seen its net income surge to KRW 128.6 billion (USD 112 million) in the third quarter of 2016, from a net loss of KRW 212.4 billion (USD 185 million) reported in the second quarter of the year. The company’s operating pro
EnQuest: Kraken FPSO leaves shipyard in Singapore for deepwater anchorage
Oil and gas company EnQuest has reported that the Floating, Production, Storage and Offloading (FPSO) vessel for the Kraken development has left Keppel Offshore & Marine’s shipyard in Singapore heading to deepwater anchorage. According to an update from EnQuest on Monday, the vessel, named Armada Kr
IRENA: Offshore Wind Could Reach 100GW Capacity by 2030
Offshore wind power has the potential to grow from 13 gigawatts (GW) in 2015, to 100GW in 2030, driven by technology advancements and further cost declines, according to new analysis from the International Renewable Energy Agency (IRENA). ‘Innovation Outlook: Offshore Wind’, launched at the World Wi