South & Central Asia
Alphaliner: Carrier Impairment Losses Could Reach USD 35 Bn
After it said that it expects an extraordinary loss of JPY 100 billion (USD 972 million) on its containership assets, Japan’s shipping major Nippon Yusen Kabushiki Kaisha (NYK Line) is set to recognise the largest ever impairment loss in container shipping history, according to Alphaliner. The loss
Japan’ spot LNG contracted in September down 24 pct YoY
The average price of spot-LNG for delivery to Japan that was contracted in September was at US$5.6 per mmBtu.
Third Newbuilding Tanker Joins Navig8 Chemical
Navig8 Chemical Tankers, a joint venture between the Navig8 Group and Oaktree Capital Management, has taken delivery of a 25,000 dwt stainless steel chemical tanker Navig8 Spark from Japanese shipbuilder Kitanihon Shipbuilding Co. Ltd. The tanker is the third of six vessels contracted at Kitanihon t
IRClass Opens Office in Alang
International classification society Indian Register of Shipping (IRClass) has opened an office in Alang, India. The new office will serve to support IRClass’ ship recycling initiative in Alang, following its recent initiative of certifying ship recycling yards according to EU standards as an ‘Indep
Clarksons: Shipping Industry Could Keep Its Big Break Going
Given the current conditions, the shipping industry needs supply-side re-positioning to help the markets back to improved health, and increased recycling in recent years has been a clear part of this, according to Clarksons Research. Since the start of 2009, a total of 206.6 million gross tons of sh
IEA: OPEC oil supply at all-time high. Growth in demand drops to four-year low
International Energy Agency (IEA) has informed that OPEC oil supply was at an all-time high during September while growth in oil demand dropped to a four-year low in the third quarter of 2016. According to IEA’s newly released Oil Market Report for October, global oil supply rose by 0.6 million barr
NYK Adds New Intra-Asia Car Transport Service
Japan’s shipping company Nippon Yusen Kabushiki Kaisha (NYK Line) has launched a new, twice-monthly car transport service, “Ruffles Ao Dai RORO Express (REX)”, linking Hai Phong in Northern Vietnam with Ho Chi Minh, Vietnam, and Laem Chabang, Thailand. On October 8, 2016, the NYK-operated car carrie
Russia’s Rosneft boss Sechin says no to OPEC oil cap
By Olesya Astakhova ISTANBUL (Reuters) – Igor Sechin, Russia’s most influential oil executive and the head of state-controlled energy giant Rosneft, said his company will not cap oil production as part of a possible agreement with OPEC. His comments underline how difficult it is for Russia to get it
Trafigura Sells Five Tanker Newbuilds
Commodity trading company Trafigura Group has entered into sale and leaseback agreements for five medium-range, eco-type newbuild tankers with China’s Bank of Communications Financial Leasing. Ordered by Trafigura in 2013 from Guangzhou shipyard in China, the tankers can each carry close to 50,000 m
Bina Puri, CCCC Dredging Ink Kuantan Agreement
Bina Puri Holdings Bhd and China Communications Construction Dredging Group Co., Ltd. (CCCC Dredging) signed an agreement yesterday to form a consortium which will build the Kuantan Waterfront Resort City (KWRC). The KWRC project, worth RM15 billion (around $3.6 billion), will be developed entirely
Wind to Meet 5% of Global Power Demand by Year-End
The total installed wind capacity is expected to reach 500 GW by the end of 2016 and cover 5% of global power supply, according to the World Wind Energy Association (WWEA). The worldwide wind capacity reached 456,486 MW by the end of June 2016, out of which 21,714 MW were added in the first six mont
Wind to Meet 5% of Global Power Demand by Year-End
The total installed wind capacity is expected to reach 500 GW by the end of 2016 and cover 5% of global power supply, according to the World Wind Energy Association (WWEA). The worldwide wind capacity reached 456,486 MW by the end of June 2016, out of which 21,714 MW were added in the first six mont