South-East Asia

S&P Global Platts, a commodities pricing agency, has informed its subscribers that it will no longer include three floating storage units in its assessment of Singapore fuel oil and bunker fuel ex-wharf cargoes. Platts stated in a July 3 note that the vessels CS Innovation and CS Brilliance would no longer be reflected in its process of market-on-close assessments as additional loading points. The vessels are operated as floating storage units by CSZ Shipping CSHA Shipping and CSHB Shipping at Tanjung Pelepas within the Tanjung Pelepas Port Limits, in southern Malaysia’s Johor State. Platts stated that the exclusion was a...

The website of the Securities and Exchange Commission showed that MMC Port Holdings had filed a draft prospectus at the securities regulator on Wednesday. This could have been Malaysia's largest IPO in the last 13 years. The draft prospectus revealed that MMC Corp., the parent company, which owns MMC Port Holdings at 100%, would sell up to 30% of its stake in the port operator during the initial public offering. In February, it was reported that MMC Port could earn more than 6 billion Ringgit ($1.43billion) in the second half this year. This information came from two sources who were...

The head of the national regulator announced that Ivory Coast will increase its domestic cocoa production to 50% within two years. This is up from the current 42%, he said. Yves Brahima Kone, the managing director of Ivory Coast’s Coffee and Cocoa Council, said that cocoa processing was essential to boost local industry and support economic growth. Kone, who spoke at the opening of the Abidjan plant in Abidjan, the commercial capital of Ivory Coast's country, said that the Ivory Coast has invested to boost the domestic industry. He said that five plants will be completed and operational in two...

A government memo revealed that ten officials from India's aviation watchdog would visit Air India headquarters for an audit on Tuesday. This comes as the airline faces intense scrutiny following a plane crash which killed 271 people. Air India is not being audited because of the crash, but it has received warnings from the aviation safety watchdog for lapses. It has also cut its routes citing the need for "operational security" after the deadly June 12 crash in India's Ahmedabad. During the visit, officials from the Directorate General of Civil Aviation will examine documents related to Air India's operations, audit...

As independent refiners reduce their purchases due to the rise in crude oil prices, sellers of Iranian oil are offering greater discounts to China this month. They want to reduce their inventories. Three traders reported that Iranian Light crude oil was being traded between $3.30 and $35 a barrel under ICE Brent, compared with a discount around $2.50 in June. The main Chinese buyers for Iranian crude are independent refineries known as teapots. Since the conflict between Israel and Iran began last week, crude oil prices have risen by $10 per barrel. According to traders, teapots in the province of...

India's Defense Ministry said that the Indian Coast Guard was trying to tow the burning cargo ship off the coast in the southern state Kerala, which contained hazardous cargo. This would prevent an ecological disaster. The Singaporean-container vessel MV Wan Hai 503 is carrying 120,000 metric tons of fuel and hundreds of containers, including hazardous cargo, the ministry said. A vessel bound for India's financial center Mumbai was involved in an accident Monday about 144 km off the coast of Kerala, a southern Indian state. Multiple explosions and fires broke out on the vessel and 40 containers fell into the...

Singapore's Koh Brothers Eco Engineering announced on Tuesday that its unit had secured a S$999.7 million contract ($776.77million) from Changi Airport Group for the construction of intraterminal tunnels in the airport's new fifth terminal. Koh Brothers' Koh Brothers Building & Civil Engineering Contractor will execute the contract via an integrated joint venture, with Penta-Ocean Construction a Japanese company. The joint venture is 30% owned by the company that provides engineering services. Changi Airport in Singapore, the fourth busiest airport in the world by international passenger numbers, began building a new terminal in May to capitalize on the growing air travel...

Officials said that on Monday multiple explosions and fires occurred on a cargo vessel bound for India's financial center Mumbai, causing forty containers to fall in the Arabian Sea. Shekhar Kuriakose is the secretary of Kerala's disaster management authority. The WAN HAI 503, a Singapore-flagged vessel, met with an incident about 144 km off the coast. According to preliminary information, there were 22 employees on the ship. 18 of them jumped in the water and are now in rescue boats. He said that efforts were underway to save them, and added that the ship was not "currently sunk". The Indian...

Trade sources reported on Wednesday that the prices of high-sulfur marine fuel in Singapore were depressed due to a glut of supplies and a lukewarm market. Marine fuel traders and sellers have seen their margins eroded at the largest refuelling port for ships in the world. This is because marine fuel must be sold above fuel oil cargo price to make a profit, as it covers logistical costs. Trade sources said that Singapore bunker prices of HSFO 380cst have been low, and they've held in discounts on cargo quotes despite the bearish fundamentals. A Singapore-based fuel trader stated that the...

According to Bernama, the state news agency, Airbus has been in talks with Malaysian airlines about its A220 plane, according to a senior company executive. Anand Stanley is the Asia-Pacific President of Airbus and he said that the A220 has potential in Malaysia where 150 other Airbus commercial planes are currently operating. The agency also said it expects to receive 400 more orders for delivery in the future. Stanley was quoted as saying, "We see Malaysians have a large potential for demand." We are only in the early stages of discussions, but I can't comment on a timeline, we hope...

These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch their accuracy. Despite dropping a lawsuit against the crypto exchange for illegally marketing digital currency to the public, the Securities and Exchanges Commission is still investigating Coinbase's user numbers. The Centers for Disease Control and Prevention may restrict the recommendations for Covid vaccination, urging only older Americans and people with chronic illnesses to be vaccinated. The Trump administration struck a deal to supply hundreds of thousands Nvidia advanced chips to the United Arab Emirates annually for the...

Officials said that Emmanuel Macron, the French President, is expected to discuss infrastructure and energy with Vietnam's top leaders during a visit to the ex-colony next week. During this state visit dozens of agreements may be signed. A larger tour through Southeast Asia includes the first visit to Vietnam in almost a decade by a French President. Macron will arrive in Hanoi, Indonesia, on 25 May, and then finish his tour in Singapore on 30 May, when he speaks at the Shangri-La Dialogue - Asia's premier defence conference. The Elysee Office of Macron said that dozens were being prepared for...

Japan's second-largest shipping company, Mitsui O.S.K. Takeshi Hashimoto, CEO of Lines (MOL), said that the company is continuing to operate as usual in Gulf while closely watching the situation in the area. Hashimoto said on the sidelines the Energy Asia Conference that "we are operating so many container, car carriers, and chemical tankers, so it is very difficult for us reduce or stop the service." He added that although there was no alternative route in the Gulf for shipping, it had been re-routed to the Cape of Good Hope following the attack by the Yemeni Houthis on ships in the...

Indonesia's energy ministry announced on Monday that it plans to increase its power capacity to 69.5 gigawatts by 2034. Most of this will come from renewable sources. However, the ministry still expects new coal-fired plants to be online. In a new energy supply plan for 2025-2034, the government stated that Indonesia would need to invest 2,967.4 billion rupiah (about 183 billion dollars) in order to realize the expansion. The state utility Perusahaan Listrik Negara is investing 567.6 trillion Rupiah into new power plants, and the government offers investors 1,566.1 trillion Rupiah worth of investment opportunities. Southeast Asia's biggest economy has...

A source familiar with this matter told Reuters on Thursday that the energy security council of U.S. president Donald Trump plans to hold a summit in Alaska early in June. It hopes Japan and South Korea announce their commitments to the Alaska LNG Project. Trump has praised the $44 billion Alaska LNG project. This project would send gas from North Slope fields in Alaska via a pipeline of 800 miles (1,300 km), for domestic use, and then ship it as LNG to customers in Asia, bypassing Panama Canal. The project has been discussed for many years but has not progressed...

A source familiar with this matter told Reuters on Thursday that the energy security council of President Donald Trump plans to hold a summit in Alaska early in June. It hopes Japanese and South Korean representatives will announce their commitments to the Alaska LNG Project. Trump has praised the $44 billion Alaska LNG project. This project would send gas from North Slope fields in Alaska via an 800-mile pipeline (1,300 km), for domestic use, and then ship it as LNG to customers in Asia, bypassing Panama Canal. The project has been discussed for many years but has not progressed due...

The government announced late Wednesday that Vietnam plans to increase its installed power generation capacity from 80 GW to between 183 and 236 Gigawatts (GW) by 2030. This is an increase of more than 80 GB at the end 2023. In a press release, the government announced that the plan would focus on the development of renewable energy and include nuclear power for the first. The Southeast Asian nation, an industrial hub in the region, wants to increase its capacity for electricity production to support its rapidly growing economy and achieve its carbon neutrality pledge by 2050. According to the...

Eastern German gas company VNG is majority owned by utility EnBW. On Wednesday, it announced that in 2025, the company will begin testing operations at a 30-megawatt (MW) electrolysis facility as part of a green hydrogen value chain. VNG has intensified its green gas strategy and acquired alternative sources of gas to replace Russia, who in 2022 will stop exporting to the West. This will affect VNG as well as its competitors SEFE and Uniper. In a statement, Hans-Joachim Polk, technical director of the company said: "We plan to commission and test the 30 MW Electrolyser during the third quarter."...

The captain of the container ship that collided with a U.S. oil tanker off Britain's East Coast earlier this week appeared before an English court Saturday and was charged with gross negligence. Vladimir Motin was the captain of the Portuguese flagged Solong, which hit the Stena Immaculate tanker carrying military jet fuel on Monday morning. Motin appeared in Hull Magistrates' Court Saturday, after being charged on Friday night, over the death Mark Angelo Pernia (38), a Filipino national who was a member of the Solong crew. Amelia Katz, the prosecutor, said that the Solong had been travelling at over 15...

According to a survey published on Tuesday, the stricter traffic regulations in place since the beginning of the year have caused disruptions and increased costs in the transport and logistics industry in Vietnam. New road safety regulations have increased the fines for serious traffic offences such as disregarding traffic lights. The new regulations are also more significant for the logistics industry in Southeast Asia's industrial and export hub because they require truck drivers to take a 15-minute break after every four hours driving. In a survey of more than 460 employees and executives, mainly from the logistics sector and distribution,...

Thailand's government announced on Tuesday that it would suspend electricity to certain border areas with Myanmar to combat scam centres. This comes amid increasing pressure against illegal compounds which have captured a large number of people from different nationalities. The United Nations claims that hundreds of thousands have been forced into scam centres, illegal online operations, and other criminal activities across Southeast Asia by criminal gangs. This includes along the Thai-Myanmar Border. According to a U.N. 2023 report, the operations are generating billions of dollars each year. Phumtham Wechayachai, Deputy prime minister of Thailand, told reporters that the authorities would...

The Philippines' sovereign wealth fund would be interested in purchasing a Chinese state firm's. stake in the Southeast Asian nation's power transmission. operator, its president said on Tuesday, as the federal government seeks. to improve its oversight of the nationwide power grid. The wealth fund, Maharlika Investment Corp, revealed on Monday. it would buy a 20% stake in the National Grid Corp of the. Philippines, or NGCP, which in 2007 won a 25year concession to. be the Philippines' sole power transmission operator. Maharlika president and president Rafael. Consing Jr said the fund would likewise be interested in shares held. by...

The Philippines' sovereign wealth fund Maharlika Financial investment Corp is purchasing a 20% stake in the operator of the nation's power grid, the federal government said on Monday, a first significant financial investment that tightens its grip on crucial infrastructure. National Grid Corp of the Philippines holds a 25year concession to run the country's sole power transmission operator because winning the contract in 2007. Amid intensifying tensions between Manila and Beijing over conflicts in the South China Sea, NGCP is currently the subject of a congressional probe into its compliance with franchise obligations and its ownership, with China's State Grid...

Travellers thronged train stations and airports on Friday, clutching large suitcases and gifts such as boxes of fruit as they joined millions of Chinese going back to their home towns to commemorate the Lunar New Year celebration with family. The vacation, China's greatest, this year falls between Jan. 28-Feb. 4 and marks the arrival of the Year of the Snake. The festivities generally supercharge companies such as stores, movie theaters and dining establishments as households delight in time together feasting and shopping. Authorities are specifically keen for individuals to open their wallets this year to improve the slow economy, and...