Belships Adds Supramax Bulker to Fleet
Norway-based bulk ship operator and management company Belships has signed an agreement to acquire a 58,700 dwt bulk carrier from Wenaas Shipping AS.The vessel was built at Tsuneishi Heavy Industries (Cebu), Inc. in the Philippines in 2008, informed a press note from the dry bulk owner.The agreed purchase price is USD 13.0 million, of which half will be paid in cash. The remaining consideration will be settled through a proposed issue of 8,060,650 new Belships shares to the seller of the vessel. The agreed share price in the transaction is NOK 7.00 per share.Belships expects the cash payment to be fully financed within the previously announced financing package.
G E Shipping delivers “Jag Aakash” to Buyers
The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers. The vessel was contracted for sale in August 2015. The company had ordered the vessel in July 2013 at the Tsuneishi Heavy Industries (Cebu) Inc., Philippines and took delivery of the same on September 1, 2015. The Company’s current fleet (excluding “Jag Aakash”) stands at 30 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 9.6 years aggregating 2.36 mn dwt. The orderbook comprises 3 dry bulk carriers and 1 product tanker.
G E Shipping Takes Delivery of Bulker
The Great Eastern Shipping Company Ltd. (G E Shipping) took delivery of a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel was ordered by GE Shipping in July 2013 and has been built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines. The said vessel was contracted for sale in August 2015 and will be delivered to the new buyers this month. (See: http://www.greatship.com/pdf/JagAakashSale.pdf) The Company’s current fleet (excluding “Jag Aakash”) stands at 30 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 9.6 years aggregating 2.36 mn dwt. The orderbook comprises 3 dry bulk carriers and 1 product tanker.
GE Shipping Q1 Net Up 45%
India's largest domestic ship liner Great Eastern Shipping Company today reported a 45 percent jump in its consolidated net profit to Rs 323.67 crore ($50 million) for the quarter ended June 30, on the back of higher income. Sales during April-June rose 17 percent to 947 crores versus 808.2 crores. GE Shipping's finance costs fell to 69.9 crore rupees compared with 75.3 crore rupees earlier. Segment wise, shipping sector contributed Rs 563.42 crore revenue while offshore sector contribution stood at Rs 497.44 crore. In June 2015, the company took delivery of a new building Kamsarmax Dry Bulk Carrier “Jag Arnav”. The vessel of about 81,600 dwt was built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines.
G E Shipping to Sell New Building Dry Bulker
The Great Eastern Shipping Company Ltd. (G E Shipping) signed a contract to sell, a new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt). The vessel is being built at Tsuneishi Heavy Industries (Cebu) Inc., Philippines and will be delivered to the company in August/September 2015. It will subsequently be delivered by the company to the new buyers. The Company’s current fleet stands at 30 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax, 5 Supramax) with an average age of 9.6 years aggregating 2.36 mn dwt. Excluding “Jag Aakash”, the orderbook comprises 3 dry bulk carriers and 1 product tanker.
GE Takes Delivery of New Vessel
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. With the inclusion of the vessel, the Company's current fleet stands at 30 vessels, comprising 21 tankers (8 crude carriers, 12 product tankers, 1 LPG carrier) and 9 dry bulk carriers (4 Kamsarmax and 5 Supramax) with an average age of 9.6 years aggregating 2.4 mn dwt. The company reported a two-fold rise in consolidated net profit at Rs 136.97 crore for the quarter ended March 31, 2015. The company's net profit in the corresponding quarter a year ago was Rs 66.84 crore, it said in a regulatory filing.
Cebu Shipbuilding Facility Set for $100m Expansion
Cebu-based shipbuilding company Tsuneishi Heavy Industries Cebu Inc. (THICI) has committed to invest US$ 100 million or roughly P5 billion in the expansion of its shipyard in Balamban town in Cebu's western seaboard. THICI, a joint venture between Tsuneishi Corp. of Japan, one of the world's leading shipbuilders, and Aboitiz and Co., has been building 58,000 deadweight-ton (dwt) bulk carriers since 1995. These ship were sold around the world from their Japan base. Under the expansion plans, the company would add another 86 hectares to its current work area of 40 hectares at the West Cebu Industrial Park in Balamban, Cebu. The expansion would enable THICI to build bulk carriers as big as 170,000 dwt from 58,000 dwt and almost double its production capacity from 14 ships a year to 24.
Report: S. Korea lags China, Japan in Shipyards
According to reports, South Korea fell behind China and Japan in the number of shipyards ranking in the world's top 50 in terms of order backlogs as of the end of May, although seven South Korean companies were No 1 through No 7, a London-based market research firm said. Fifteen Japanese shipyards and the same number of Chinese companies were included in the world's top 50 list, while only nine South Korean shipyards made it, Clarkson Plc. said. South Korea boasts the world's top seven shipyards - Hyundai Heavy Industries Co, Samsung Heavy Industries Co, Daewoo Shipbuilding & Marine Engineering Co, Hyundai Mipo Dockyard Co, Hyundai Samho Heavy Industries Co., STX Shipbuilding Co and Hanjin Heavy Industries & Construction Co.
Shipbuilding Credited for Town's Growth
Tsuneishi Heavy Industries (Cebu) Inc. (THICI) has contributed a lot to the development of Balamban, according to a report in the Sun Star Cebu. THICI is a joint venture of Japan’s Tsuneishi Group and Cebu’s Aboitiz Group of companies. It started its operations on December 1994 with the construction of its facility in Buanoy, Balamban, Cebu. Today, THICI, including its subcontractors, employs 3,620 workers, more than 60 percent of which are from Balamban. The rest mostly come from the neighboring Toledo City and Asturias. THICI has also sent 426 workers to Japan for training. Each one of them earns about P70,000 a month. THICI is the only bulk carrier vessel builder in the country. It caters to international clients.
