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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


Ocean Rig UDW Announces Closing

DryShips Inc. is a a Marshall Islands registered company

  DryShips Inc. a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc. of offshore deepwater drilling services, announced today that  Ocean Rig closed the previously announced offering of 28,571


Adani Gets Green Signal on Vizhinjam Port Project

Image: Vizhinjam International Seaport Limited (VISL)

 The Kerala state government has issued an order to hand over consent letter to Adani Ports and Special Economic Zone Ltd (APSEZ) for establishing the Vizhinjam port.    Within seven days Adani group has to give an official reply


GE Shipping to Raise Funds via NCD

Pic: Great Eastern Shipping Company

 Great Eastern Shipping Company (GE Shipping), India’s largest private shipping company, is planning to raise up to Rs 500 crore ($79 million) through non-convertible debentures (NCDs) on a private placement basis, says PTI.  


Pipavav Defence Sings Pact with Russian Sub Repairing Firm

Image: Pipavav Defence & Offshore Engineering Co Ltd

 Pipavav Defence & Offshore Engineering Co Ltd (PDOC) has announced a joint venture (JV) with Russia's JSC Ship Repairing Centre Zvyozdochka for medium refits and life certification of eight EKM 877 submarines in the country.  


Kamarajar Port Posts 10.7% Growth, Plans Free Trade Warehousing Zone

Pic by Kamarajar Port Limited (KPL)

 Throughput at Ennore-based Kamarajar Port Ltd increased 10.6 per cent in 2014-15 to 30.25 million tonne as against 27.34 mt registered during the previous year.    The port has posted a 5 percent growth in pre-tax profit to Rs 421.47 ($70 million). Operating income was up 12


Scorpio Tankers to Launch 15mln Public Share Offering

Photo credit: Scorpio Tankers Inc

 Scorpio Tankers has announced a public offering of 15 million common shares, with an underwriter’s option to purchase up to an additional 2.25 million units.   New York Stock Exchange-listed Scorpio says it plans to use the proceeds to fund part of the acquisition costs of


Gateway Distriparks Reports Higher Profits

  Gateway Distriparks Limited (GDL) today announced record profits for the year ended 31 March 2015.   During the year, GDL Group (CFS + Rail + Cold Chain) Net Profit increased by 38.2% over the previous year from Rs 135.8 Cr. to Rs 187.8 Cr. Q4 net profit increased (Y-o-Y) by 21


APSEZ Ports Cargo Handled Up 28%

Adani Ports and Special Economic Zone Ltd (APSEZ) is part of Adani Group – a $9.4 billion conglomerate with businesses spanning coal trading, coal mining, oil & gas exploration, ports, multi-modal logistics, power gen

  Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and part of Adani Group, today announced the financial results for the fourth quarter and year ended March 31, 2015. Consolidated cargo across all ports handled by the company was


Adani Sails Closer to Vizhinjam Deep Sea Port

Pic: Vizhinjam International Seaport Limited (VISL)

 An empowered committee established by the Kerala State government in India has recommend the lone bid submitted by the Adani Ports and Special Economic Zone Ltd. (APSEZ) to build and operate a new International deep water seaport project at Vizhinjam.   


Essar Ports Acquires Vizag Port's Iron Ore Complex

Vishakhapatnam Port Trust’s Iron Ore Handling Complex on a Build-Operate-Transfer basis

  Essar Ports Ltd. (EPL) today announced the taking over of Vishakhapatnam Port Trust’s (VPT) Iron Ore Handling Complex on a Build-Operate-Transfer (BOT) basis, for a period of 30 years. Essar Vizag Terminals Ltd. (EVTL), a wholly owned subsidiary of EPL


India to Launch Anti-sub Vessel INS Kavaratti

INS Tarkash. Photo credit: Indian Navy

 India is all set to launch the last of the four anti-submarine warfare (ASW) class stealth corvettes INS Kavaratti, reports Press Trust of India.   Kavaratti, which is 90 percent indigenous, is the last of four ASW class stealth corvettes being built for the Indian Navy under Project


SCI Back in the Black after 3 Yrs

  The Shipping Corporation of India Ltd (SCI), India’s largest shipping company and a Government of India Public Sector Undertaking having reported losses for last three financial years has made a dramatic turnaround,  reporting a net profit of Rs. 200


Shreyas Shipping Turns Around

Picture: Shreyas Shipping and Logistics

 Shreyas Shipping and Logistics swung to a net profit of Rs. 61.75 crore (about $9.6 million) in the fiscal year ended March 31, a big turnaround from its loss of Rs. 4.32 crore ($675,000) in the previous year.   According to Rajesh Desai, CFO, Shreyas Shipping


Ocean Rig to Float Common Stock

Image: Ocean Rig

 Ocean Rig UDW Inc has launched an offering of its common stock, par value $0.01 per share.    As part of this offering, George Economou, our Chairman, President and Chief Executive Officer, has indicated his intention to purchase, at the public offering price


GE Takes Delivery of New Vessel

Pic: Great Eastern Shipping Company Ltd

 The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of its new building Kamsarmax dry bulk carrier "Jag Arnav".    The vessel of about 81,600 dwt was built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines.  






 
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