Asia News

The troubled South Korean shipbuilder Hanjin Heavy Industries & Construction Co said that it has reached an agreement with Philippine banks on debt-rescheduling for its Philippine affiliate HHIC-Phil, Southeast Asia’s largest shipyard by area size.Philippine creditors agreed to acquire shares of Hanjin Heavy, HHIC-Phil Inc., which operates the yard in Subic Bay, in return for solving surely obligations. This means the scheme includes a debt-for-equity swap with Philippine lenders, it added.Hanjin said the deal would be submitted to a Philippine court by the end of this month.

Global seaborne liquefied petroleum gas (LPG) volume is expected to grow by over 6% in 2019 and surpass 100 million tonnes for the first time.Singapore based provider of pressurised LPG vessels, Epic Gas said that it is well positioned to benefit from the improving fundamentals of the LPG shipping market.For the fourth quarter of 2018, freight levels for most sizes in the pressurised sector were similar to the stronger levels seen in the third quarter. Rates for the 3,500cbm, 5…

The major chunk of global energy supply growth is expected to come from renewables and natural gas over the next two decades, but steep investment in oil exploration and production will be needed to meet crude demand in 2040.The global energy demand is set to rise by around a third by 2040, driven by improvement in living standards, particularly in India, China and across Asia.- These are the key highlights of BP Energy Outlook 2019.It shows how rising prosperity drives an increase…

Philippines-based port operator International Container Terminal Services, Inc. (ICTSI) has inaugurated the newly-expanded Batumi International Container Terminal (BICT) in Georgia.The expansion encompasses both the waterside and landside areas of the multipurpose terminal, intended to optimize the processing of existing cargo flows and install additional capacity to accommodate new business.Marking the importance of the occasion, the inauguration was attended by Giorgi Kobulia…

Designer Tomas Tillberg’s quest for freedom breaks down barriers and expands to China, where his team builds China’s first expedition cruise ships putting Antarctica - and the most remote, mysterious parts of the world - within reach.All for freedom. Freedom for all. Tomas Tillberg could be Harley Davidson’s new poster boy. As he views the open road from behind his handle bars, he’s filled with an amazing feeling of personal freedom.With formal training from Royal Academy of Arts in Stockholm, Tillberg’s artistry expresses his aspiration for independence.

Liquefied natural gas (LNG) is expected to have increased by 9%, from 288 million tonnes per annum (mtpa) in 2017 to 313 mtpa in 2018, said GasLog.The Monaco-based owner, operator and manager of LNG carriers said in a stock exchange announcement that China’s LNG imports increased by approximately 16 mtpa, or 41%, to 54 mtpa in 2018, driven mainly by continued coal-to-gas switching in the industrial, commercial and residential sectors.South Korea, Pakistan, Thailand and Mexico also experienced strong growth in LNG imports during 2018.

Saudi Crown Prince, Deputy Premier and Defence Minister Prince Mohammed bin Salman bin Abdulaziz Al Saud inaugurated the King Abdullah Port in Rabigh.The Saudi Arabia’s State News Agency (SPA) reported that Saudi Arabia moved one step closer to its goal of becoming a global logistics hub with launch of the King Abdullah Port.The port, part of King Abdullah Economic City, will make the Kingdom “a linking point of three continents, Asia, Europe and Africa,” the crown prince said at the launch.Minister of Transport Nabil Al Amoudi said the port…

International Maritime Organization (IMO) maritime security and counter-terrorism treaties are key international instruments supporting countries to counter terrorism.The UN body said that to boost implementation of these treaties in South and South-East Asia, IMO and the United Nations Office on Drugs and Crime (UNODC) conducted a cross-regional workshop in Bali, Indonesia (5-8-February).The workshop was addressing the need to ratify the relevant international counter-terrorism…

Marine lubricants market, which was above $4 billion in 2016, is expected to surpass consumption of 3.5 million tons, to exceed $5.9 billion by 2024.Asia Pacific marine lubricants market will record an annual growth rate of 4% over the 2016-2023, according to a new research report by Global Market Insights.Surging development in marine infrastructure across this region will augment the product demand. China, Japan, and South Korea are the prominent revenue contributors of the APAC region.

Australia signed a production contract with French shipbuilder Naval Group for a fleet of 12 new submarines, worth $35.5 billion, ending a two-year wrangle that cast doubt over one of the world's most lucrative defense deals.Australia selected the French builder as its preferred bidder for the fleet of submarines in 2016 ahead of other offers from Japan and Germany.However, final contracts were delayed amid domestic media reports of cost blowouts and production delays.Australia and Naval Group signed a Strategic Partnering Agreement…

Global floating liquefied natural gas (FLNG) market is growing at a CAGR of +93% during forecast period 2019-2026 as the demand for natural gas has been rising as it is a preferred fuel in power generation in various industries.According to a report from Research N Reports, the demand comes from mainly for the regions such as North America, Europe, China, Japan, Southeast Asia and India.Natural gas is cleaner, safer, and more cost-effective than other fuels. It has the potential to significantly reduce greenhouse gas (GHG) emissions…

The energy demand would continue to grow driven by emerging economies and the projected growth in global population, which will touch nine billion by 2040.LNG demand is expected to increase at an average four per cent annually to reach more than 600 million tonnes in 2035 versus 290 million tonnes in 2017, said Qatargas CEO, Khalid bin Khalifa Al Thani.Khalid said, “Natural gas remains the fastest growing fossil fuel globally, benefiting from its flexibility, competitive economics, and low emissions profile.

The Greek port of Piraeus signed a memorandum of understanding (MoU) with Italy’s port authorities from the cities of Venice and Chioggia.The agreement seeks to develop port services and promote increased trade flow between Europe, the Mediterranean and the Far East.The MoU was signed during a meeting between the chairman and CEO of Piraeus port Fu Chengqiu and the president of the Northern Adriatic Sea Port Authority (Venice and Chioggia) Pino Musolino.The MoU envisages cooperation in improving the exchange of best practices and knowhow in port management…

The situation of piracy and armed robbery against ships in Asia in January 2019 has improved compared to the same period in 2018, according to ReCAAP ISC's new monthly report.A total of three incidents of armed robbery against ships were reported in Asia in January 2019, compared to 11 incidents in January 2018.All three incidents reported in January 2019 occurred on board ships anchored – at Ciwandan anchorage in Indonesia and at Jingtang and Caofeidian anchorages in China.There was no report of abduction of crew in the Sulu-Celebes Seas and waters off Eastern Sabah…

British manufacturer of marine windows Solar Solve Marine has won a contract to supply 20 SOLASOLV anti-glare, heat rejecting roller screens screens to the bridge windows of the cruise ship Celebrity Millennium. Celebrity Millennium is owned and operated by Celebrity Cruises - a brand under Royal Caribbean Cruises Ltd (RCCL) and the second largest cruise line operator in the world. It is 294 meters long and has a 2,138 passenger occupancy with almost 1,000 crew.The ship travels…

The Global International Orginization for Standardization (ISO) Shipping Container Market is growing at a CAGR of 8.6% during 2017-2026, said a report.According to Stratistics MRC, growth of seaborne trade, growing demand for commodities and rising industrial expansion in China are the key driving factors for the market growth.However, factors such as the effect on the environment and fluctuating raw material prices are hindering the market growth, the market research report said.ISO container is any type of shipping container which is designed…

U.S. oil giant Anadarko Petroleum said it has signed a deal with one of China’s biggest importers to supply 1.5 million tonnes of liquefied natural gas (LNG) a year from Mozambique for a period of 13 years.The contract, signed by Anadarko and China’s GNOOC Gas and Power Singapore Trading & Marketing, gives China’s biggest liquefied natural gas importer access to world-class gas resources from Mozambique LNG, Mitch Ingram, executive vice president of Anadarko’s International, Deepwater and Exploration division…

US sanctions on Venezuela are likely to change the pattern of crude tanker trade, with long-haul trade replacing the short-haul trade, said Drewry. While the prospective change in trade pattern will favour VLCCs, it will work against Aframaxes.The US government has imposed sanctions against Venezuela’s state-owned energy company Petroleos de Venezuela (PDVSA) in order to choke Venezuelan oil revenues and oust Nicolas Maduro, the Venezuelan president.According to Drewry, the sanctions…

Middle East's maritime and logistics company Milaha (Qatar Navigation) will start a direct container shipping service connecting the Black Sea and the Mediterranean in its first foray into Europe.According to a press release from the Qatar-based maritime transport and logistics conglomerate the new feeder service marks Milaha’s first European service linking the Mediterranean and Black Sea. The BSX demonstrates Milaha’s commitment to deliver reliable and agile services to its customers and partners globally.The BSX rotation is Piraeus (Greece)…

The biggest market change in the fourth calendar quarter of 2018, was the decline in crude oil prices, with Brent falling from a monthly average of nearly $82/barrel in October, finishing the year below $51 per barrel. As a result, global  liquefied petroleum gas (LPG)prices followed the downward trend.Dorian LPG, the Stamford-based owner and operator of 22 very-large gas carriers, said that without the additional LPG cargoes out of Marcus Hook from Mariner East 2, which started operations in January 2019, U.S.

Global offshore wind energy market was valued at $2,727 thousand in 2019, and is expected to reach $11,334 thousand by 2025, registering a CAGR of +20% from 2019 to 2025, said a study.The global offshore wind energy market has been set blazing with a number of schemes that have recently began power production, according to Researchnreports. For instance, following the installation of its first 7-MW turbines, Scotland's biggest offshore wind farm has sent power for the first time…

The International Maritime Organization (IMO) has launched a new logo for its Women in Maritime programme, as part of its mission to support the United Nations Sustainable Development Goal 5: Achieve gender equality and empower all women and girls.Programme lead Helen Buni said: "The IMO Women in Maritime programme supports the participation of women in both shore-based and sea-going posts, under the slogan Training-Visibility-Recognition’, through a wide range of gender-specific activities.

Goltens’ Worldwide Green Technologies Division Asia announced contracts with NYK Bulk & Projects Carrier Ltd. (NBP) and BW LPG for support in retrofitting a total of 37 vessels with ballast water treatment systems (BWT).The NBP order is for 25 bulk carriers. NBP is a subsidiary of NYK. Goltens scope on the project includes 3D laser scanning and modeling of BWT systems, delivery of detailed design packages, and installation supervision in the shipyard.BW LPG awarded orders for the same scope of work for the retrofitting of 12 of its LPG carriers.