Effective April 1 next year Japanese trading house giant Sumitomo Corporation is spinning out its ship trading business to a 100% owned subsidiary, Sumisho Marine. Sumisho Marine staff will move to a new office in Tokyo when the company split takes place next year. Explaining the rationale for...
https://splash247.com/sumitomo-spins-off-its-ship-trading-business/
https://mfame.guru/how-increased-freight-rates-led-to-a-worldwide-supply-chain-dysfunction/
Singapore-based Grindrod Shipping has entered into a sale and leaseback transaction with a Japanese leasing house for its 2016-built MR product tanker . Under the deal, the company sold the vessel for $26.8m and chartered it back for a period of up to 15 years. It also has the right to buy back to...
https://splash247.com/grindrod-shipping-seals-sale-and-leaseback-deal-for-product-tanker/
Outlook 2021: Digital dynamism will fuel Asia’s outperformance, What next for reserve managers?
Tuesday 22 December 2020 – Vol.11 Ed.52.2
Outlook 2021: Digital dynamism will fuel Asia
By Taimur Baig in Singapore
From digital bank license approvals in Singapore to the roll-out of the e-RMB initiative in China, digital finance picked up momentum in Asia through the year of the pandemic. Just like the rest of the world, the pace of e-commerce adoption soared as consumers and businesses favoured remote...
Hyundai Heavy Industries is having a fine end to a tough year, hauling in a host of new orders. Hyundai Samho, a sister yard, has won two separate VLCC contracts . Athenian Carriers ordered two firm plus two option 300,000 dwt VLCCs, with delivery due before Q4 2022. The ships are costing $90m...
https://splash247.com/vlcc-and-lng-carrier-orders-flood-in-to-hyundai-heavy/
The last refinery working in the Philippines will close next month. Petron said the decision to close its loss-making 180,000 barrels a day refinery was a temporary one and it will reopen when market conditions improve. The closure will leave Philippines fully reliant on imports, with Shell...
https://splash247.com/last-refinery-in-the-philippines-shutters/
Japanese shipping major Mitsui OSK Lines (MOL) today came clean on what most in the industry already knew – the reason for this year’s most high profile shipping casualty. MOL was the charterer of the newcastlemax, a 300 m long giant of the seas, owned by Nagashiki Shipping with crew provided by...
A fire broke out onboard 2011-built multi-purpose vessel while it was docking at Napier Port in New Zealand today. The ship, operated by Singapore’s PIL, was carrying general cargo, machinery and components. The fire started after an explosion occurred onboard the ship and the crew were forced to...
The US government has added a number of companies to its sanction list for facilitating the transport and trade of Iranian petroleum products. The Department of the Treasury has imposed sanctions on four entities for providing material assistance or support to Triliance Petrochemical, a US...
Korea Hydro & Nuclear Power (KHNP) has signed a memorandum of understanding (MOU) with OW Offshore, a Spanish offshore wind power company, and Kumyang, a Korea renewable energy company to develop a giant floating offshore wind power generation complex off the coast of Ulsan, which the parties...
https://splash247.com/south-korea-to-build-worlds-largest-floating-wind-farm-off-ulsan/