Asia
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CMA CGM takes control of NOL, shuffles the board
CMA CGM has taken majority control of Singapore’s Neptune Orient Lines (NOL, parent of boxline APL. NOL’s majority shareholders –…
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Bumi Laut: Ready to order MPPs, but not on home soil
Athens: Senior management from one of Indonesia’s oldest shipping lines has been at Posidonia all week looking to order a…
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Tsakos Energy Navigation in for Sungdong LR1s
Posidonia is finishing with more Greek ship orders. Sungdong Shipbuilding & Marine Engineering, exhibiting at the Greek show, has contracted…
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Atlantic Navigation orders seven newbuilds to support Middle East charter deal
Singapore-listed Atlantic Navigation has place orders with a Chinese shipyard for seven newbuild offshore vessels to support five-year charters it…
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Otto Marine bags Indonesian product tanker order
Singapore’s Otto Marine, currently the subject of a takeover bid from controlling shareholder Yaw Chee Siew, has secured a shipbuilding…
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TMT unveils hybrid propulsion system that reduces need for ballast water
Today Makes Tomorrow (TMT) has unveiled its chairman Nobu Su’s latest invention: a hybrid propulsion system that aims to mitigate…
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SR Shipping linked to another buy
One of south Asia’s most active secondhand owners this year, has dived into the market again. This week, SR Shipping…
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‘Slow and reluctant to change’: Departing NOL boss admits mistakes
High costs, the wrong business model, too small ships – these were all listed by the chief executive of Singapore’s…
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Rates cut to record low as Seoul braces for another 80,000 yard redundancies
Daewoo Shipbuilding and Marine Engineering, Samsung Heavy Industries and Hyundai Heavy Industries are reported to be getting ready to cut…
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Angelicoussis pens orders for DSME VLCCs and LNG carriers
Posidonia wouldn’t be Posidonia without a Greek putting pen to paper for a headline grabbing newbuild contract. John Angelicoussis, who…
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Otto Marine plans to delist from the Singapore Exchange
Otto Marine plans to voluntarily delist from the Singapore Exchange after receiving a takeover offer from a company owned by…
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Minister invites Korean investment in Greece
Dimitrios Mardas, Greece’s deputy minister of foreign affairs, used today’s Korean-Hellenic Maritime Cooperation Forum to invite Korean investment in his…
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Korea aims to be world’s third-largest shipping industry despite billion-dollar losses
South Korea’s shipping industry brought in revenues of $34.5bn during 2015, some $7.8bn behind the 2012 figure due to the…
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Investigators raid DSME over suspected accounting fraud
Prosecutors raided Daewoo Shipbuilding & Marine Engineering (DSME) again as they sought to ramp up investigations into alleged accounting fraud…
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Seoul earmarks $9.5bn to save its maritime industries
Seoul waded in to save its beleaguered shipbuilding and shipping sectors in a dramatic and controversial move that could spark…
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Maersk responds to Alang jibes, takes aim at EC
Maersk Group has responded to criticism by NGOs over its changed ship recycling stance to take a swipe at the…
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STX yard avoids liquidation
A South Korean court approved a filing by STX Offshore & Shipbuilding yesterday to be put under a court-led restructuring…
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Former Hanjin chairman faces prosecutors’ insider trading charges
Choi Eun-young, the former head of Hanjin Shipping, appeared before prosecutors in Seoul today, accused of insider trading. Choi, and…
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No more supercycles: Hyundai Heavy Industries
The glory days of the supercycle that saw ship orders spiral from 2004 to 2008 will never return, the world’s…
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HMM will issue $2.1bn of new shares
Embattled Korean line Hyundai Merchant Marine (HMM) plans to raise more than KRW2.5trn ($2.1bn) from a new share issuance in…
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