According to offshore investment plans in ‘China's 12th Five-Year Development Plan’, China’s three oil majors, PetroChina, Sinopec and China National Offshore Oil Corporation (CNOOC), are planning to invest around CNY 290bn-360bn (equating to $58bn, at most) in offshore oil and gas development. The investment plan in offshore has increased as twice as the investment scale of ‘China’s 11th Five-Year Development Plan’, and considering facility investment share to be around 25~30% of total, off...

It's official; more and more ship owners operating in the dry bulk market appear to have developed a newfound optimism in the market's prospects. As a result they are looking to get ready ahead of the market's return to healthier levels, which means opening their pockets to acquire some new bulkers at bargain prices, compared to those prevalent in the years prio to the global financial crisis. According to the latest report from shipbroker Intermodal, which seeks to assess what the first quart...

ERMA FIRST ESK Engineering Solutions S.A. has successfully concluded the installation of its Ballast Water Management System "Erma First" in two containerships being built at Zhejiang Ouhua Shipbuilding in China for Greek owner Evalend Shipping Co. S.A. The agreement for the installations was signed in 2012 with ERMA FIRST who was awarded the contract against seven competitors. ERMA FIRST was selected by both the shipyard and the owner on the basis of the system’s cost effectiveness, while a...

  New orders contracted in March 2013 in global shipbuilding industry were reported to be a combined 2.49m cgt, up by 30% against 1.93m cgt of the previous month and more than 2.1m cgt of January, marking the largest monthly new orders, year-to-date. According to new order intakes by country, reported by Clarkson, Korean shipbuilding industry won a combined 1.09m cgt in March, greatly outpacing its competitor, China, which won 680,000 cgt. As for newbuilding market share, Korea took 44...