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Sunil Nair News

08 Oct 2018

CNOOC to Expand Jiangsu Binhai LNG Project

China's CNOOC plans to expand its LNG project in eastern Jiangsu province to meet rising demand from more regions, state-media China News reported citing a project manager from CNOOC.CNOOC will lift the storage tank facility of each of the four tanks linked to the Jiangsu Binhai LNG receiving terminal to 220,000 cubic meters, up from 160,000 cubic meters, China News said.Total investment in the project rose to 17 billion yuan ($2.46 billion), up from 14.4 billion yuan, China News said.The terminal and its storage tanks will be able to serve a broader region including the provinces of Jiangsu, Anhui, Henan and Shandong, where the government is switching winter heating fuel to gas from coal.The first phase of the project, with a supply capacity of 3 million tonnes, will be completed in Septe

07 Aug 2018

DP World Acquires Unifeeder for $762.6 Mln

(Photo: Unifeeder)

DP World, one of the world's largest port operators, said on Tuesday it had acquired 100 percent of Unifeeder Group, a Danish logistics company, for 660 million euros ($762.6 million).The acquisition from Nordic Capital Fund VIII and certain minority shareholders will boost DP World's presence in the global supply chain and broaden its product offering to its customers, shipping lines and cargo owners, DP World said.Based in Aarhus, Denmark, Unifeeder operates a container feeder and a shortsea network in Europe, serving both deep-sea container hubs and the intra-Europe container freight market

01 Aug 2018

Fugro H1 Profit Boosts Shares

(File photo courtesy Fugro)

Dutch deep-sea prospector Fugro on Wednesday surprised the market with a first-half profit, driven by strong growth in offshore wind projects, sending its shares sharply higher.The company, hit by a downturn in the oil sector in recent years, reported first-half earnings before interest and tax (EBIT), excluding exceptional items, of 4.0 million euros ($4.7 million) compared with a year-earlier loss of 25.3 million euros.Analysts in a poll conducted for the company had on average expected an EBIT loss ex-items of 1.9 million euros.Fugro shares traded in Amsterdam were up nearly 7 percent at 13

25 Aug 2017

Asia VLCC Rates Fall to Four-year Low

© Jose Gill / Adobe Stock

Freight rates for very large crude carriers (VLCCs) on Asian routes show little sign of reviving although Hurricane Harvey, which threatens to ravage the U.S. Gulf coast oil refining industry over the weekend, could provide a fillip, brokers said. That came as average weighted VLCC freight rates on all routes sank to their lowest in four years this week to around $9,000 per day. Rates are even lower on some routes after CPC fixed a VLCC late Thursday for a trip from the Middle East to Taiwan at 36.75 on the Worldscale measure and S-Oil fixed a VLCC to South Korea at W36.

18 Feb 2016

Asia Dry Bulk-Capesize Rates to Stay Flat

Freight rates for capesize bulk carriers on key Asian routes are likely to remain flat as vessel supply outpaces cargo demand, while higher bunker prices could support freight rates, ship brokers said on Thursday. "The market is going nowhere - there is no prospect of an improvement because there are so many ships available (for charter)," a Singapore-based capesize ship broker said on Thursday. That overcapacity has led owners to idle around 45-50 capesize vessels rather than operate them at a loss, according to figures from ship broking houses Barry Rogliano Salles and Fearnley. "There's at least that number in the Pacific. Ships are also anchored off South Africa," the Singapore broker said. Norwegian ship broker Fearnley expected more vessels to be idled.

21 Jul 2014

AKR Corporindo to Spend 2.3 trln rph on Industrial, Port Project

PT AKR Corporindo, a distributor of basic chemicals and petroleum products, plans to spend 2.3 trillion rupiah ($198.84 million) on investment in the second half of this year, to finance its Java Integrated Industrial and Port Estate project, said Director Suresh Vembu. The firm is working in co-operation with state port firm PT Pelindo on the project situated on a 1,700-hectare site in Gresik, East Java, and has secured loan commitments from local banks for the project, Vembu said. (Investor Daily) Note: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Jakarta Newsroom; Editing by Sunil Nair) ($1 = 11567 rupiah)

27 May 2014

Asia: Fuel Oil Demand Down; Amidst Crude Gains

Demand for marine fuel in Singapore, the world's largest bunkering hub, is beginning to take a hit as high flat prices kept buyers on the sidelines, traders said. Reuters data showed. "This week's demand is not as good as previous weeks. Flat price wise, anything below $600 a tonne should be able to attract buyers back," said a Singapore-based trader. Bunker prices have hovered above the $600-a-tonne mark since last Wednesday, after being mired below the level for more than a month since mid-March. The weakening end-user demand has also squeezed the intermonth spread, which refers to the price spreads between June and July swaps, of benchmark 380-cst, traders said. The 380-cst intermonth spread stood at $2.50 a tonne to Singapore spot quotes, down 50 cents from Monday, Reuters data showed.

16 Apr 2014

Tsuneishi to build shipyard in Indonesia -

Philippine shipbuilder Tsuneishi Heavy Industries Inc plans to expand into Indonesia this year, said CEO Hitoshi Kono, adding that the firm plans to build a shipyard here. (Investor Daily) Note: Reuters has not verified this story and does not vouch for its accuracy. (Compiled by Jakarta Newsroom; Editing by Sunil Nair)