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.
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.
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.
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.
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
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
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 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
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 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
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, slipped on Wednesday. The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 3 points, or 0
Demand for oil is intimately connected to the demand for transportation in the United States and the other advanced industrial economies. Cars, trucks, airlines, railways and shipping accounted for 71 percent of total U.S. oil consumption in 2013, according to the U.S
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, mostly on higher capesize rates. The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels
Construction has begun on a new series comprising six Arctic shuttle oil carriers (project 42K Arctic Shuttle Tanker) in South Korea. The steel cutting ceremony for the first ship was held on April 1, 2015 at Samsung Heavy Industries shipyard in the presence of the representatives of PAO Sovcomflot
Africa-focused proprietary investment firm L.A.T Cleveson (LATC) has signed an order with Damen Shipyards Group for the supply of two PSV 3300 Platform Supply Vessels and two FCS 5009 Fast Supplier Vessels. This transaction will bring next generation Damen PSVs to the offshore industry of Nigeria
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained flat for the second straight session on Friday on muted vessel activity. The index, which factors in average daily earnings of capesize, panamax
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 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 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
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
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.