Wednesday, 2nd December 2015
2nd December 2015

Brightoil Petroleum appears to have turned around, returning to a HKD599.3m ($77.3m) profit for FY14.

Despite a resurgence in the global trade volume and continuously rising fleet growth, insurance premiums have continued to stagnate, according to figures from the International Union of Marine Insurance (IUMI).

Container lines United Arab Shipping Company (UASC) and Hamburg Süd have signed a global cooperation agreement spanning the EU, Asia and the Americas.

China Cosco Holdings has ordered six 81,600 dwt bulk carriers and four 208,000 dwt bulk carriers at Chinese yards.

China Exim Bank is focusing its efforts in financing shipowners for orders of high-tech and LNG vessels, eco-ships and offshore units.

Considering we are almost into the fourth quarter, large crude tanker earnings remain at shockingly low levels. And with the International Energy Agency (IEA) and US Energy Information Administration downgrading their forecasts for oil consumption the prospects are not looking good.

The hottest sector in shipping, VLGCs, will be hit by the deliveries of large number of newbuildings, but owners do not expect the market to collapse.

More newbuilding orders will delay a recovery in the dry bulk market an analyst warns, however, shipowners at the Marine Money Asia conference say it is the right time to buy.

SBI Offshore is raising SGD16.2m ($12.78m) from a share placement with four new investors including Malaysian businessman Mirzan Mahathir.

Cosco Shipyard Group has bagged $230m in newbuilding orders.

Headlines Asia

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