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 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.
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.
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 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
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.
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
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
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.
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
Great Eastern Shipping (GES) Company posted a 23.9 per cent decline in consolidated net profit at Rs 268.7 crore ($40 million) for the second quarter ended September 30, 2016, reports PTI. The company had posted a consolidated net profit after tax of Rs 353
Expansion, modernization and up-gradation of Major Ports in India is an ongoing process to keep the ports abreast with new technologies and also to promote trade and cargo. 62 Public–private partnership (PPP) Projects with an investment of Rs.49,049 crore ($7
The Ministry of Shipping, India has sanctioned Rs. 30 Crore ($4.37 mln) for capacity building and providing safety training of 20,000 workers engaged in ship recycling activities at Alang-Sosiya recycling yard in Gujarat.
The Shipping Ministry of India has announced the details of various ongoing major projects for development of National Waterways (NWs), which are as under four divisions. The government also revealed the techno–economic feasibility studies and Detailed Project Report
India's largest shipping company Shipping Corporation of India (SCI) has earmarked Rs 900 crore ($134m ) capex for the current financial year even as business climate remains grim for the industry across globe mainly because of availability of low-priced assets in the market
The Cabinet Committee on Economic Affairs of India, chaired by the Prime Minister Narendra Modi, has given its approval for waiver of penal interest on Government of India (GOI) loans availed of by Cochin Port Trust (CPT) to the tune of Rs 897
The last two years have marked a new high for the Indian Maritime sector, including the Ports as the Ministry of Shipping is keen to develop the Indian Ports to international standards both in terms of efficiency and infrastructure.
Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (Nasdaq: SBLK) today announced it plans to make an underwritten public offering for $51.5 million gross proceeds of its common stock. The Company intends to use the net proceeds from the offering for general corporate
Jawaharlal Nehru Port Trust (JNPT), India’s No.1 container port, has commenced holding yard operations in a six-hectare land at the Jawaharlal Nehru Port Container Terminal (JNPCT). approach roads to further ease out congestion and streamline the traffic to the terminal.
India’s largest container port, Jawaharlal Nehru Port Trust (JNPT) will now harness solar energy and reduce its dependency on conventional electricity from the grid. JNPT is installing solar power plant on several rooftops in its township and commercial premises.
Inland water transport terminals will come up in Kolkata and Patna under the public-private partnership (PPP) model with the Inland Waterways Authority of India (IWAI) having identified development and operation of Kolkata Terminal’s GR Jetty -I
Indian Government has given in principle approval to a grant of Rs. 515 crores ($77.4 Mln ) to make the development of the proposed Sagar Port project in West Bengal financially viable. This is part of the continuous efforts by the Ministry of Shipping during the last two
Adani Ports and Special Economic Zone Limited (“APSEZ”), India’s largest port developer and the logistics arm of Adani Group, today announced another stellar operational and financial performance for the quarter and half year ended September 30, 2016.
The Dubai Maritime City Authority (DMCA) is set to facilitate a first-of-its-kind seminar dedicated to Middle East shipping and offshore activities. The event will be conducted by Clarksons Platou, a global leader in maritime brokerage and investment banking
The Shipping and Road Transport sectors in India have together spent a total of about Rs 4 lakh crores ($60billion) in the past two and a half years as they work towards building world class highways and shipping infrastructure in the country, says the Cabinet Minister Nitin Gadkari.