RIL to Invest into Shipbuilding, Dredging

Monday, September 17, 2007
The Reliance Group is set to make an investment in shipbuilding and dredging with two separate companies. Sources said the petroleum-to-retail giant is expected to invest around $1b each in two companies and has begun talks with international majors for a strategic tie-up for the dredging business. This investment is over and above the $1.3b investment committed for the Rewas Port, off Navi Mumbai. The shipyard will come up at Rewas, where Reliance is setting up a mega port and a special economic zone (SEZ). The company is also looking at a ship repair yard at Kakinada for servicing offshore/platform vessels and rigs. This facility is expected to be the hub for all its offshore activities in the KG basin, where Reliance Industries (RIL) has struck oil and gas in abundance. The group will spend around $1 billion to build dredgers at its own shipyard and other yards. Plans are also afoot to set up a mega dredging company, which will compete with international giants such as Van Oord and Dredging International. Sources said Reliance wants to cash in on the two booming sectors of shipbuilding and dredging. As a majority of existing foreign shipyards are full with orders, shipbuilding prices are expected to remain firm for another couple of years. On the dredging side, almost all Indian ports are trying to deepen their berths and approach channels in order to accommodate larger ships. This has increased the demand for dredgers, pushing up charter rates to new highs, while the supply remains sluggish. (Source: http://economictimes.indiatimes.com)

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Swiber Applies for Judicial Management Instead of Liquidation

Singapore oilfield services company Swiber Holdings Ltd said on Friday it has applied to place itself under judicial management instead of liquidation.   Swiber

Cenac Marine to Christen New Vessel, Donate Barge

A ceremony will be held July 29 at Cenac Marine Services headquarters in, Houma, La. To commemorate the christening of its newest vessel, M/V Quincey Cenac, as

Concordia Maritime Posts Q2 Profit

Facing a “gradually deteriorating market,” Sweden based tanker shipping company Concordia Maritime said it was able to post a profit in Q2 2016 based on high vessel

Shipbuilding

New 'Mega Passenger Ship' for Star Cruises

Elomatic Ltd and Deltamarin Ltd have signed a tri-party engineering contract with shipbuilder MV Werften for the design of Star Cruises’ new Global Class “mega passenger ship,

Damen PSV for Wilson Sons Ultratug Offshore

Wilson Sons Ultratug Offshore, a joint venture between Wilson Sons and the Chilean maritime services provider Ultramar, has taken delivery of a Damen PSV 5000.

VARD Bags Three-vessel Contract

Vard Holdings Limited (“VARD”), one of the major global designers and shipbuilders of offshore and specialized vessels secured a contract for the design and construction

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0870 sec (11 req/sec)