MHI books $8.3bn orders in FY2014

Japan’s Mitsubishi Heavy Industries (MHI) said on 8 May that its shipbuilding unit booked almost JPY1 trillion (USD8.3 billion) worth of orders for fiscal year 2014 (FY 2014), which ended on 31 March.
This exceeded the JPY360.3 billion of orders booked in FY 2013.
The surge was due to the higher

North Korea Threatens South with Targeted Strikes

By Reuters 2015-05-08 02:56:06 North Korea’s military warned on Friday of “unannounced targeted strikes” against South Korea’s navy, accusing the South of violating its territorial waters off the peninsula’s west coast, the scene of deadly naval clashes in the past. Pyongyang’s warning came during the annual crab fishing season, which runs until June in the…


Otto Marine defends against arbitration

Singapore-listed offshore services provider Otto Marine has been advised by its lawyers that the USD8.88 million claim against its wholly owned subsidiary Otto Venture is “vexatious” and that it has a good chance of defending against the arbitration.
The lawyers also advised Otto Marine that the

Austerity drive hits Pacific Radiance

With no signs of a let-up in the austerity measures implemented by oil and gas companies, Singapore-based offshore oilfield service company Pacific Radiance’s earnings over the next two years are likely to be lower than previously anticipated.
UOB Kay Hian Securities said in a report issued on 8

Seoul starts Sewol pre-salvage work

South Korean authorities have begun pre-salvage work for the capsized ferry, Sewol.
The Ministry of Oceans and Fisheries (MOF) said on 7 May that a taskforce comprising itself, the Ministry of Public Safety and Security (MPSS), Korea Institute of Ocean Science and Technology (KIOST), the Republic