DSME's Bailout Plan Cleared by Pension Fund
South Korea’s National Pension Service (NPS) agreed to a restructuring of bonds issued by Daewoo Shipbuilding & Marine Engineering (DSME). Reuters reported that this move is expected to help the world’s largest shipbuilder tide over a financial crisis. NPS stated that accepting the debt restructuring will be more advantageous to improve the fund's returns. The finance crunch hit DSME will likely get more time to make payments on bonds that are due this month.
BP Oil Well Spills Out of Control in Alaska
The oil giant British Petroleum (BP) oil and gas well on Alaska’s Northern Slope that blew out on Friday continues to spill crude oil and gas uncontrollably. There have been no injuries or reports of damage to wildlife, but crews trying to secure the well have failed amid frigid winds gusting to 38 miles an hour. Well pressure was monitored throughout the night and excess pressure was bled off to keep it within a safe rang. There was no estimate about volumes of natural gas and oil released.
Taiwan's Home-Grown Submarine to Cost Less
Taiwan's shipbuilder CSBC Corp's chairman Cheng Wen-lon said that a home-grown submarine will cost less than NT$100 billion (US$3.29 billion) to build. According to a report in Taipei Times, chairman of the local shipbuilder commissioned to plan and design the vessel also said that much depends on the Navy’s demands: Planned crew sizes, mission length and strategic and tactical requirements would all determine the eventual size of the submarine.
Clearance for IOC's Kochi LPG Terminal
The National Green Tribunal (NGT) has given a ‘go ahead’ to Indian Oil Corporation (IOC)’s stalled LPG import terminal project at Puthuvypeen near Kochi in South India. A statement from IOC said that NGT reaffirmed its previous order dated August 2, 2016, thereby removing the hurdles in resuming its prime infrastructure project in the State. The project work has been stalled since February 15 due to protests, alleging that IOC is violating NGT order.
China Hands Over Third Patrol Ship to Pakistan
China has handed a 600-ton patrol ship over to Pakistan’s maritime safety authority in Guangzhou, Guangdong province, PTI reported. The new ship, just the third of its kind, was built by China Shipbuilding Trading Company Ltd. (CSTC) and China State Shipbuilding Corporation (CSSC) Xijiang Shipbuilding Co., Ltd. Among other things, the ship will be used to safeguard Pakistan’s maritime interests, People’s Daily reported.
Abu Dhabi Ports, Jaheziya Provide Maritime Courses
Abu Dhabi Ports, the master developer, operator and manager of the Emirate's commercial and community ports, as well as Khalifa Industrial Zone, signed a Memorandum of Understanding (MOU) with Jaheziya, the brand name for Tawazun’s Safety, Security and Disaster Management City. The Emirates News Agency WAM reported that Captain Mohamed Juma Al Shamisi, CEO of Abu Dhabi Ports, and Jamal Mohamed Al Shamsi, Jaheziya Managing Director signed the MOU at Abu Dhabi Ports Headquarters.
Honour for Select Coral Sea Veterans
Surviving Australian veterans of the Battle of the Coral Sea will be flown to New York next month to commemorate the battle’s 75th anniversary. Staff Officer Heritage Research at the Sea Power Centre Lieutenant Commander Desmond Woods said Australian veterans of the battle were being sponsored by the American Australia Association. “The president of the Association, John Berry, is holding a dinner on board the Essex-class aircraft carrier USS Intrepid for Australian and US veterans,” he said.