The South Korean’s Financial Services Commission has agreed to provide financial assistance to marine equipment makers to support the ailing shipbuilding industry.
The move would likely slow US crude shipments to a trickle as China seeks cheaper alternative supplies from other producers including, those in the Middle East.
Rampant uncertainty and escalating risks surrounding renewed US sanctions are prompting many tanker interests to spurn crude cargoes from Iran, at least until the political dust settles.
Carolina Dybeck Happe takes over role previously held by Jakob Stausholm
Higher oil prices are supporting energy developments, boosting project-cargo shipping demand.
The Polemis family has sold its fifth very large crude carrier for scrap in Bangladesh.
East Asian buyers have ramped up their import of coal, which is beneficial for the dry bulk shipping industry as it generates a substantial amount of tonne-mile.
The 1992-built 5,245 dwt Shine Luck, which had been moving around Kaohsiung, had nearly collided with another product tanker, the 1986-built 3,042 dwt 19 Winner, in the port, as heavy winds blew around Kaohsiung on the night of 14 June.
AKOFS, currently wholly owned by Akastor, owns and operates three 2009- and 2010-built deepsea support vessels: Skandi Santos, Aker Wayfarer, and AKOFS Seafarer.
The co-operation deal will promote LNG powered vessels in Han River of Wuhan.
Oldendorff now has 22 ships on order as it continues to expand its fleet.
Samsung Heavy Industries and MODEC win contracts from Santos to engineer and design work for its FPSO project, intended to deliver gas to the Darwin LNG project.
Yangzijiang Shipbuilding wins orders for nine ships, including two Kamsarmaxes.