Asia
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Former Korea Development Bank chairman linked to DSME fraud scandal
The multi-billion dollar accounting fraud scandal that has rocked Daewoo Shipbuilding & Marine Engineering stepped up a gear today with…
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Firefighter injured in blaze at Sembcorp Marine yard
A fire broke out in the engine room of a heavy lift vessel yesterday afternoon at Sembcorp Marine’s Tuas Boulevard Yard,…
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STX Heavy enters court receivership
One of South Korea’s largest engine manufacturers has become the latest STX affiliate to seek court protection. At 14.00 local…
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SBI Offshore terminates joint venture with Gräss
SBI Offshore has cancelled its plans to form a joint venture (JV) in solar power with Gräss Group. In August…
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Petrofac not implicated in Unaoil corruption scandal, investigators confirm
An independent investigation has confirmed that no bribes were ever paid by Petrofac to Unaoil, the Monaco-based oil trader raided…
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Swiber unable to make coupon payment
Swiber Holdings said today, via its provisional liquidator, it cannot pay the upcoming coupon payment for the S$150m 6.5% certificates…
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BW orders VLCC pair at DSME
Singapore’s BW Group has placed orders to build a pair of VLCCs at Korea’s Daewoo Shipbuilding & Marine Engineering (DSME),…
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AC Oil banned from selling bunkers in Singapore
Another bunker supplier, AC Oil, has had its licence revoked by the Maritime and Port Authority of Singapore (MPA). “MPA’s…
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James Fisher buys Singaporean diving specialist
British marine engineering outfit James Fisher has bought Singaporean firms Lexmar Engineering and Lexmar Sat Systems. The initial consideration is…
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Coastal Contracts buys into Indonesian LNG market
Malaysian offshore service provider Coastal Contracts has entered into a binding memorandum of understanding to acquire 215 ordinary shares in…
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Indonesian chief engineer suffers 80% burns following engine room fire
The chief engineer of an Indonesian general cargo vessel is in a critical condition in hospital following a fire in…
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Benita sinks off Mauritius
Five Oceans Salvage report that the bulk carrier, which was under tow en route from Mauritius to India, sunk yesterday…
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Swiber makes stunning liquidation U-turn, goes into judicial management
Singapore offshore operator Swiber Holdings has completed a dramatic week of twists and turns by announcing it will not be…
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Global Shipper Forum plans to stop shipping surcharges within five years
Members of the Global Shipper Forum (GSF) aim to stop container shipping surcharges within five years and plan to take action…
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Otto Marine commences arbitration against shipbuilder
Otto Offshore, part of Singapore’s Otto Marine, has filed an arbitration claim at the Singapore International Arbitration Centre (SIAC) against an…
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Swiber liquidation rattles Pacific Radiance, Vallianz shareholder unfazed
Singapore’s Pacific Radiance has revealed a $10.1m exposure to Swiber Holdings, which went into liquidation this week. Pacific Radiance told…
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NYK, MOL and K Line all revise downwards full year forecasts
Japan’s so called Big Three shipping lines have all revised downwards their full year forecasts today reflecting the continued dire…
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Ezra Holdings not concerned by Swiber liquidation despite investor jitters
Investors in Singapore remained wary of offshore stocks today following Thursday’s shock news that Swiber Holdings had become the first…
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Spot rates for crude tankers nearing two-year lows
The rout in VLCC and suezmax markets continued again today, with spot rates in both segments nearing the lowest levels…
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Asia Offshore Drilling secures extension from Saudi Aramco for jackup pair
Thailand’s Mermaid Maritime has announced that its associate Asia Offshore Drilling (AOD) had secured a three-year contract extension from Saudi…
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