Singapore-listed container shipper Neptune Orient Lines (NOL) has turned down reports that it was placing another bid for a stake in German shipping firm called Hapag-Lloyd.

According to Singapore-listed Chinese shipbuilder COSCO Corp it entered into an agreement yesterday with the Norwegian Sevan Drilling for constructing a couple of drilling units valued approximately at $525 million each.

A letter of intent for both the rigs had been signed in the month of March.

Yesterday the shares in Singapore-listed COSCO Corp declined in a major volume. This was due to the accounting irregularities at its main part, the state-owned China COSCO Group. The pending orders from a Norwegian customer were also a reason for the decline.

Somewhere close to $100 million is going to be spent by Maritime and Port Authority of Singapore (MPA) on green shipping. The investment would be done over a period of five years and is part of its initiative to promote cleaner and greener ships.

Shipping companies will be affected by the rising bunker costs, the rise will affect the trade on the spot freight market and on shorter intra-Asia trade routes, said by an industry executive.

This week Singapore's benchmark bunker price BK380-B-SIN reached 2-1/2 year high at $690 per tonne against previous year high of $480 prompted by rise in fuel prices. Depending upon the type of vessel, the bunker piece can make up around 10 to 70 percent of operating costs.

Hutchison Whampoa is all set to come up with its Initial Public Offering. It is the largest shipping container terminal operator of the world. It is expected that the company may raise $5.8 billion (£3.6bn) from this IPO. However, the company has also mentioned that it is going to sell its stake in Hutchison Port Holdings Trust (HPH Trust).

On Tuesday, the Cabinet Committee on Economic Affairs (CCEA) gave its approval for the divestment of Shipping Corporation of India (SCI). Under the approval SCI can issue fresh equity amounting ten percent of its existing equity.

Market regulator, Sebi has reported that the mentioned ten percent will amount to four crores twenty three lacks forty five thousand three hundred and sixty five shares in total.