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Rs Platou

Zamakona Inks Agency Deal with Stewart Group

Zamakona Yards has signed an agency agreement with the Stewart Group, owned by RS Platou&Clarksons, the shipyard announced.   The agreement will see the Stewart Group will offer its customers Zamakona Yards repair and maintenance services both afloat and in our shipyards.   The Stewart Group was founded in 1922 by Samuel Stewart and was purchased in 2008 by the Platou Group. Subsequently the Platou/Stewarts group has been purchased by Clarksons in 2015. It operates globally with major offices in Aberdeen, London, Accra, Cape Town, Singapore and Houston.  


Scorpio Bulkers Raise Scope of IPO

Image courtesy of Scorpio Bulkers

Scorpio Bulkers Inc. say it has increased the size of its public offering from the initially announced 15,500,000 common shares to 31,300,000 common shares for gross proceeds of $305,175,000. The Company has granted the underwriters a 30-day option to purchase up to 4,695,000 additional common shares, and they say they plan to use all of the net proceeds of this offering to fund newbuilding vessel capital expenditures.


Shipping Lines Estimate Costs to Rise

Bloomberg reported that Neptune Orient Lines Ltd. and 11 of the largest shipping companies plying the Pacific Ocean said costs of moving cargo to the U.S. in 2006 will rise 7 percent on higher fuel prices, which may spur them to raise freight rates. The cost of transporting containers by trucks and railways will increase as much as 25 percent, the 12-line Transpacific Stabilization Agreement, whose members ship about 70 percent of trans-Pacific trade, said in a statement today.


Analysts: Demand for LNG Tankers Decreasing

Excess capacity in the global fleet of liquefied natural gas carriers will be at its highest this decade in 2008, as a growing worldwide fleet results in lower utilization rates, according to the Royal Gazette. Demand for LNG tankers has deteriorated markedly as a result of a large increase in fleet supply partly caused by speculative orders for new ships, industry analysts pointed out. Utilization of the LNG fleet will fall to 77


Crude Carries Pricing, Initial Public Offering

Crude Carriers Corp. announced that it has priced its initial public offering of 13,500,000 common shares at $19 per share. The underwriters have an option to purchase up to an additional 2,025,000 common shares to cover overallotments. Crude Carriers Corp. will use substantially all the proceeds from the offering, together with a $40m capital contribution from Crude Carriers Investments Corp., to acquire one 2006-built high specification Suezmax vessel from Capital Maritime & Trading


Mideast Crude Tanker Rates Struggle in Ship Glut

Crude oil tanker earnings on the major Middle East route were steady this week, helped by light bookings although rates have yet to rebound after a recent surge late last month. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan <DFRT-ME-JAP> on Thursday reached W42.57 in the worldscale measure of freight rates, or $14,080 a day when translated into average earnings, the latest Baltic Exchange data showed.


RS Exhibits at Kormarine 2013

Pavel Shikhov

Russian Maritime Register of Shipping (RS) will participate in Kormarine 2013 in Busan, Republic of Korea, one of the largest international exhibitions of maritime industry. On 22-25 October the foremost exhibition of the maritime industry in Asia will gather leaders of shipbuilding industry. RS will undertake a scaled-up participation in this event. The first RS office opened in Korea in 1996 was originally oriented to render its assistance to ships in service in the first place


Ship Glut Burdens LNG Tanker Market, Slashes Profits

LNG carrier rendering courtesy of MOL

By Jonathan Saul and Oleg Vukmanovic, Reuters Deliveries of new gas tankers have created a glut that is threatening to tip some operators into losses, just as other shipping markets emerge from their worst downturn in decades. The liquefied natural gas (LNG) tanker market was until recently the only bright spot in an otherwise depressed freight industry. A global surge in the demand for gas, led by Japan in 2011, boosted trade


Braemar to Buy Shipbroker peer ACM; M&A Activity Heats Up

Braemar chief executive James Kidwell.

Braemar Shipping Services will buy fellow British shipbroker ACM Shipping Group in the latest industry shake-up as players look to grow after years of freight market turmoil. In the biggest deal to date, Braemar, whose businesses include ship broking, said on Tuesday it had agreed to acquire the entire share capital of ACM. "What this transaction is about is growing our shipbroking presence collectively," said Braemar chief executive James Kidwell.


Essar Ports Profit Jumps 15%

  Essar Ports Limited today announced its unaudited results for the full year and quarter ended March 2015. Key Highlights: ·         Essar Ports takes over the Vizag Iron Ore outer harbor terminal with 2 berths on 14th May 2015. Existing operational terminal with no gestation period. Refurbishment of terminal to happen alongside operations. Financial Performance for  FY’15


Cochin Shipyard, Samsung Heavy Pact for LNG Ship Project

Image: Cochin Shipyard Limited (CSL)

 Cochin Shipyard Limited (CSL) has signed a memorandum of understanding (MoU) with South Koreas second-largest shipbuilder, Samsung Heavy Industries (SHI) to team up to bid for the GAIL (India) Ltd tender to build liquefied natural gas (LNG) ships.   


Baltic Index Rises to Five-month High

The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, on Tuesday rose to its highest in over five months on improved rates across vessel segments.   The overall index, which factors in rates for capesize, panamax


Adani Ports Profit Up

Vizag Terminal. Photo: Adani Group

 Adani Ports and Special Economic Zone Limited (APSEZ), India’s largest port developer and part of Adani Group, has announced the financial results for the fourth quarter and year ended March 31, 2016.    Consolidated cargo across all ports handled by the company was 152 MMT


Baltic Dry Bulk Index Dips on Weak Demand

File Image: a FedNav bulk carrier alongside in the St. Lawrence Seaway

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, continued to dip on Wednesday due to sluggish demand across vessel segments. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


Indian Maritime Development Can Create 10 Million Jobs

Nitin Gadkari. Photo: The Ministry of Shipping

 Indian minister for shipping Nitin Gadkari has said port and shipping sector has potential to create nearly 4 million direct jobs and 6 million indirect employment opportunities over the next 5 years.   Gadkari said "all the developed countries have a vibrant port sector


Adani Offers Dhamra LNG Stake to IOC, GAIL

Gautam Adani, chairman and founder of the Adani Group. Photo: Adani Group

 Adani Group has offered 49% stake in its Rs. 5,000-crore ($750 million) Dhamra liquefied natural gas (LNG) project in Odisha to the state-owned oil and gas companies GAIL India and Indian Oil Corporation (IOC), according to a PTI report.    


Baltic Index Rises as Capesizes Continue to Support

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday, on surging capesize demand and improved activity across vessel segments.   The overall index, which factors in rates for capesize, panamax


India to Double Ports Capacity to 3000 MT

Nitin Gadkari. Pic: PIB

 India is set to double its ports capacity to 3000 million tonnes (MT) by 2025,  the Shipping Minister Nitin Gadkari said.    The capacity of ports stood at 1,500 MT in 2015. He also said that an investment of Rs 60,000 crore will be made in the port sector by May 26 this year


Stronger Demand for Bigger Vessels Pushes Baltic Index Higher

The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities extended gains on Thursday, mainly propelled by firmer demand for bigger shipping vessels.   The overall index, which factors in rates for capesize, panamax


India Can Become Engine of Maritime Growth: PM

PM Narendra Modi inaugurating the Korean exhibition at Maritime India Summit 2016. Photo: Ministry of Information and Broadcasting, Government of India.

 Prime Minister Narendra Modi has inaugurated the India's first ever Maritime Summit and said that the country's vast coast line of 7500 km offers vast investment opportunities.    “Our maritime agenda will complement this ambitious infrastructure plan for the hinterland


Stronger Capesize Rates Perks Up Baltic Index

The Baltic Exchange's main sea freight index tracking rates for ships carrying dry bulk commodities, rose on Friday, supported primarily on improved demand for capesize vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels


India to Add Eight Major Ports

Photo: Port of Visakhapatnam

 As part of its aggressive plans for port-led development, Union Shipping and Ports Minister Nitin Gadkari said he is looking to add eight major ports to the already existing 12, according to a report by Press Trust of India.   "We are planning to add eight new major ports


India Targets $60 Bln Maritime Investments

Nitin Gadkari. Photo: Ministry for road transport, highways and shipping

 Indian Shipping Ministry is targeting to get investments worth $60 billion (nearly Rs 3.99 lakh crore) for a five-year term for 240 projects for the success of the ambitious Sagarmala project.   The maiden Maritime India Summit 2016 in Mumbai has resulted in investment commitments of


Maritime India Summit Attracts $12.5 billion Investment

Nitin Gadkari, Minister for Shipping. Photo: Govt of India

 The first ever Maritime India Summit in Mumbai has resulted in attracting investments worth Rs 82,905 crores ($12.5 billion), says the Ministry of Shipping.   A total of 141 MoUs and Business Agreements were signed by various players in maritime sector including Major Ports


Repair of Two Semi-submersible MODU Completed

Repair of Polyarnaya Zvezda and Severnoye Siyaniye, semi-submersible mobile offshore drilling units (MODU) of the sixth generation, has been completed under survey of Russian Maritime Register of Shipping (RS) at Yantai CIMC Raffles Offshore Shipyard Ltd. in Yantai, China. Mr






 
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