South & Central Asia
IUMI: Marine Insurance Market Faces Uncertain Future
Global marine underwriting premiums in 2015 amounted to USD 29.9 billion, down by 10.5% compared to the 2014 figure, and the trend of uncertainty is expected to continue, the International Union of Marine Insurance (IUMI) has warned. Technical insurance results for the 2014 underwriting year deterio
FMC Technologies installs monitoring system for Petronas well off Malaysia
FMC Technologies has installed and tested its Annulus Monitoring System (AMS) in an offshore well in Malaysia owned by Petronas. According to the company, FMC Technologies’ Annulus Monitoring System is a wireless communication system that provides independent condition-monitoring within a subsea wel
Confirmed: Medco to buy ConocoPhillips’ Natuna Sea block
Following last week’s report that Indonesian energy firm was on the verge of buying ConocoPhillips’ stake in the South Natuna Sea Block B offshore Indonesia, the deal has now been officially confirmed. Medco will acquire ConocoPhillips Indonesia Inc. Ltd. and ConocoPhillips Singapore Operations Pte.
Boskalis: Positive Advice on Fleet Rationalization Plan
Royal Boskalis Westminster N.V. announces that its Works Council has unanimously rendered a positive advice on the fleet rationalization plan announced early July. Part of the positive advice in an agreement to continue to crew two of the five Fairmount vessels for the time being with Dutch employee
Oil climbs as Venezuela sees output deal
Oil prices rose on Monday from multi-week lows after Venezuela said OPEC and non-OPEC producers were close to a deal to stabilise the market and as clashes in Libya disrupted attempts to boost crude exports.
Dyna-Mac files police report against ex-employee over missing cash
Dyna-Mac, a Singapore-based provider of systems for floating production units, has filed a police report against its former employee. The company on Sunday said the police report had been lodged against one of its employees suspected for criminal conduct. According to Dyna-Mac, the ex-employee – not
McKinsey: Oil market recovering slower than expected
The oil market is recovering but at a slow pace, and it could take six months for oversupply to disappear and another six to twelve months to burn excess inventories, McKinsey Energy Insight said in its recent report. McKinsey also feels OPEC’s capacity to increase production further could keep the
BW LPG Ups Stake in Aurora
Singapore’s gas carrier owner BW LPG has acquired an additional 10.12% stake in Oslo-listed Aurora LPG, pushing its total ownership in the company to 29.83%. Namely, the company BW LPG purchased over 3 million shares in Aurora on September 2016, and now owns a total of 8.85 million shares. The acqui
Drewry: Specialised Reefers Punching above Their Weight
Tonnage provision and forecast cargo share for the specialised reefer ships will continue to reduce in coming years, but these ships will keep carrying a disproportionate share of the reefer cargo, according to shipping consultancy Drewry. Specialised reefers last year provided just 5% of the world’
LR Covers Offshore Support Vessels and Walk-to-Work Technology with New Class Notations
Lloyd’s Register (LR) has introduced a range of new class notations which cover offshore support vessels (OSVs) intended to operate in renewable energy sectors such as the offshore wind market. LR has also launched the special feature notation, ‘W2W’ (Walk-to-Work), which is applicable to personnel
LR Covers Offshore Support Vessels and Walk-to-Work Technology with New Class Notations
Lloyd’s Register (LR) has introduced a range of new class notations which cover offshore support vessels (OSVs) intended to operate in renewable energy sectors such as the offshore wind market. LR has also launched the special feature notation, ‘W2W’ (Walk-to-Work), which is applicable to personnel
New AHTS joins Vroon fleet
Dutch shipping company Vroon took delivery of its new anchor-handling tug supply (AHTS) vessel the VOS Champion at the end of August in Fujian, China. The vessel left Fujian Southeast Shipyard (FSES) last week at the start of its journey to Thailand. VOS Champion is a 65m AHTS vessel and one of six