South-East Asia

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...

LSEG and market data indicate that the cracks in Asia's 380 cst high sulphur fuel (HSFO) closed on Friday at a record high. LSEG data show that the 380-cst HSFO/Brent cracked for June closed at a premium of $3.70 a barrel, which is the highest ever recorded. The 380-cst HSFO/Dubai cracked closed at a $4.45 premium per barrel. Market sources and analysts stated that HSFO cracks were supported during recent trading sessions because of the expectation of seasonal strength in the market and lower crude prices. Markets usually firm up in the second half of the year, as summer power...

The refining profit margin for high-sulfur fuel oil (HSFO), 380-cst, reached its highest level in over six years Wednesday. This was boosted by the lower crude oil price and seasonal strength of the market. Singapore's 380-cst HSFO/Brent cracked closed at a premium $2.15 per barrel, its highest level since November 2018, according LSEG data. The 380-cst HSFO/Dubai cracked closed at a premium price of $2.01 per barrel. On Wednesday, benchmark crude oil prices continued to fall and were on track for their biggest monthly decline in nearly three and a quarter years. Market sources reported that despite a limited recovery...

Market sources and LSEG data on Thursday showed that Russia has increased its shipments of oil to Indonesia in response to Western sanctions imposed due to its invasion of Ukraine. Since the full European Union embargo against imports of Russian oil-based products went into effect in February 20, Russia has diverted fuel exports towards Asia, Africa, and South America. In the past, Indonesia imported oil products mainly from Saudi Arabia and other countries like Malaysia, Singapore, United Arab Emirates, and Qatar. Shipping data shows that between January and the end of March, approximately 500,000 metric tonnes of fuel oil was...

The Maritime and Port Authority of Singapore (MPA) said that it has received 14 proposals for increasing the supply of liquefied gas (LNG), which is used as marine fuel. In December of last year, the MPA released an expression-of-interest to collect proposals for scaling up LNG bunkering (refueling ships with LNG) at the largest ship-refuelling port in the world. Participants include energy companies, fuel traders, bunker operators, and storage providers. The MPA has announced that it will be working with selected companies to conduct sea-based LNG tests by the second half 2025. The port authority will use the proposals and...

A court document shows that lawyers for Indian businessman Prateek gupta agreed on an April 16 deadline to disclose information in a longstanding fraud case brought against him by commodity trader Trafigura. The judge had threatened to ban him from representing the case further if he continued to delay. Trafigura of Geneva, a major industrial metals trader and oil company, sued Gupta for $600-million in fraud in February 2023. It claimed that it was the victim in a $600-million nickel cargo scam masterminded by Gupta, in which his companies also participated. Gupta has been granted several delays to comply with...

Analysts say that the Chinese media's scathing criticism of CK Hutchison for its planned sale of Panama ports to a U.S.-based group highlights Beijing's growing grip on Hong Kong, and its vulnerability to global tensions. According to the announcement of the sale on March 4, the definitive documentation for port operations near Panama Canal should have been signed by April 2. However, sources claim that the signing will be delayed as it is not a strict deadline. CK Hutchison didn't immediately respond to a comment request. Wednesday was supposed to be the beginning of a larger deal in which a...

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...

Tourists thronged railway stations and airports on Friday, clutching big suitcases and presents such as boxes of fruit as they signed up with millions of Chinese going back to their home towns to commemorate the Lunar New Year celebration with household. The holiday, China's greatest, this year falls between Jan. 28-Feb. 4 and marks the arrival of the Year of the Snake. The festivities typically supercharge companies such as shops, movie theaters and restaurants as households take pleasure in time together feasting and shopping. Authorities are particularly eager for individuals to open their wallets this year to enhance the slow...