Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Varun Shipping News

25 Jun 2015

Varun Splits into Two

Mumbai-based shipping firm Varun Shipping Co. Ltd  will be split into two listed entities after the Bombay high court approved a demerger scheme. The Company announced that according to the Composite Scheme of Arrangement and Amalgamation, the Company will be split into two separate listed entities, namely, Varun Global (ship management and shipping investment business) and Varun Resources (shipping business). Both the hived off companies will be independently listed on the stock exchange. Currently these companies are in the process of completing the formality of allotment of shares. As part of the scheme, the debt relating to the shipping business have been transferred to Varun Resources…

09 Jan 2015

India: Shipping Firms Should Consider Loan Restructuring

Indian minister for shipping, Nitin Gadkari, says that was a dire need for restructuring of shipping companies’ debt and suggested the finance ministry to talk to banks for more flexibility towards the maritime sector. Nitin Gadkari, the minister for shipping, has requested the finance ministry to consider restructuring of loans for the debt ridden shipping companies and show more flexibility in bank lending towards the shipping and ports sectors. Nitin Gadkari also said that his ministry has recommended to the government to provide various tax incentives to the sector to make the industry more profitable. There should be more tax exemption for the sector to beef up companies' earnings. He pointed out that the registration of ships overseas is tax-free while in India it is taxed.

25 Oct 2014

Decade Old India Shipping Summit Makes History

In ten years, India Shipping Summit held consistently in Mumbai, has sailed on a robust growth course despite the worldwide witnessing recessionary waves buffeting any endeavors to grow and gain. The reasons are not too far to see. From the very beginning it has been reputed to be a mega event of South East Asia. It sought consistently to bring government representatives and the leading lights of the industry on to a common platform thus acting as a beacon for the country’s maritime trade to move on the road to progress. It has continued to garner support from every section of the trade and industry each time the event has taken place. This year the three-day event held last week brought together a bigger gathering of shipping elites and the who’s who in the industry.

28 Sep 2011

FleetBroadband for Reederei Claus-Peter Offen 122-Vessel Fleet

Photo courtesy Stratos Global

Stratos Global, the leading global provider of advanced mobile and fixed-site remote communications solutions, announced it has been selected by Reederei Claus-Peter Offen (CP Offen) to provide Inmarsat FleetBroadband airtime services for its entire fleet of 122 commercial vessels. CP Offen, based in Hamburg, is one of the world’s largest suppliers of modern commercial ships, including 122 container vessels, tankers and bulkers. CP Offen vessels are chartered by all of the world’s largest operators.

12 Apr 2011

Sea Asia 2011 Opening Sessions in Singapore Today

Focus on the Bulk Sectors – Facing a Crisis or Ample Opportunities? The Sea Asia conference focused on the bulk markets this afternoon with a lively debate among panelists on where the tanker and dry bulk shipping markets are heading. The session was the highlight of the afternoon’s proceedings which followed on from the opening session on container market trades this morning. The show, which articulates the Voice of the Asian maritime communities, has captured the imagination of the global shipping community.

21 Mar 2011

Challenging Themes at BIMCO’s Vancouver General Meeting

Climate, energy and demographics are to be discussed by industry leaders in Vancouver BC, when BIMCO, the world’s largest representative shipping organisation holds its General Meeting in the Canadian city in June this year. Issues of sustainability are never far from the thoughts of ship operators these days, especially when contemplating the purchase of new ships, which may well have a 25 year lifespan. Shipping people have to look further ahead than most, as they contemplate the future demand for their ships…

11 Oct 2009

Champions of Maritime Excellence

Photo courtesy Shamal Marketing Communications

Companies, organisations and individuals that have championed high standards and quality in shipping issues have been honoured in the annual Seatrade Middle East and Indian Subcontinent Awards. The awards, recognising maritime safety and the environment, ship and port operations and efficiency, security and financing, were presented at a gala dinner attended by around 600 senior executives of the region’s maritime and related industries at Al Johara Ballroom, Madinat Jumeirah, Dubai, on Thursday.

14 May 2008

Varun Shipping to Invest $300m

Varun Shipping reportedly will invest $300m to buy at least four new vessels in the offshore segment this year, according to a Reuters report. Varun is positioning itself to expand its presence in the offshore segment, the news organization said, quoting a leading Varun executive. Freight rates in the offshore segment has risen around 15 percent due to higher crude oil prices, which hit new life highs in 2008, crossing $120 a barrel on demand growth. (Source: Reuters)

24 Jan 2008

Varun to Invest $400m in Ships

Varun Shipping Company has reportedly set aside $400m for the year to acquire ships, accrording to a report on www.business-standard.com. Varun Shipping is also venturing into rig operations for which it has received shareholder’s approval, but the board approval is pending.

02 Jul 2004

Bahrain Designated “Home Port” for U.S. Ships

In a move that is likely to increase repairs of U.S.-flagged ships at Bahrain’s ASRY, the Bahraini Government has entered into an agreement with the U.S. Government to designate Bahrain as a ‘home port’ for U.S. ships. ASRY has been repairing U.S. Navy and MSC ships for a number of years, especially during the Kuwait and Iraq Wars. On the commercial side, ASRY has also been carrying out emergency repairs to U.S.-flagged ships. However, under this new agreement, U.S.-flagged commercial vessels can now repair in ASRY without paying the 50% levy to the U.S. Government by repairing overseas. Bahrain is the only major Gulf shiprepair country to enter into this agreement with the U.S. Authorities.

04 Aug 2004

India: 616 Ships, 6.62 Million Tons

Research and Markets (http://www.researchandmarkets.com) has announced the addition of Shipping Industry in India to their offering. The Indian shipping industry consists of about 616 ships, with a total capacity of 6.62 million tons Gross Registered Tonnage (GRT). Of these, about 258 ships are engaged in overseas trade and the rest ply inland routes. After a period of decline, both tonnage and fleet size have grown recently, with the addition of ships -- tugs, survey vessels, towing vessels as well as pilot vessels -- belonging to ports and maritime boards. These were added between April 2002 and March 2003. There are about 55 shipping companies in the sector, of which 19 deal exclusively in coastal trade, and 29 are engaged in overseas trade. The rest operate in both types of trade.

16 Aug 2006

India's Varun to Build LNG Carrier Fleet

India’s fourth largest private sector shipowner, Varun Shipping Co, plans to raise 536m in an effort to expand business, mostly in the carriage of liquefied natural gas. Varun Shipping will sell securities either in the domestic market or abroad to raise the money, it said in a statement to the Bombay Stock Exchange. The type of securities to be sold was not specified. The board of directors also approved raising the limit on overseas shareholding to 49%. The Indian shipping ministry has asked the country's shipowners to take the initiative to develop a fleet of LNG carriers and to consider import of the gas only on free-on-board terms.

21 Apr 2006

India’s Shipping Companies Look to Offshore Investments

With the boom in the oil and gas exploration sector, fueled by the recent awarding of new blocks under NELP VI, Indian shipping companies are tanking up to sharpen their focus on the offshore segment. Only last month, Oil and Natural Gas Corporation (ONGC) came out with a tender for chartering of around 26 offshore supply vessels, with mobilization requirement up to the third week of November. Shipping companies such as Great Eastern Shipping, Varun Shipping and Mercator Lines have lined up significant investments in this sector in the current fiscal. In fact, the boom in the offshore sector is one of the reasons that prompted GE Shipping to de-merge its offshore division into a separate company, Great Offshore Ltd, to get higher valuations from this business.

27 Dec 2005

$700M LNG Timecharter Awarded

Petronet LNG Ltd (PLL) has awarded the $700 million time chartering contract for an LNG vessel to the Mitsui-led consortium of Shipping Corporation of India (SCI), NYK and SK Lines, according to a report on www.financialexpress.com. This 25-year contract is for carrying 2.5 million tonne per annum (mtpa) of LNG from RasGas of Qatar to PLL’s LNG re-gasification terminal at Dahej in Gujara. Bids for the contract were opened on December 24 where the Mitsui-led consortium emerged as the lowest bidder, outbidding the Exmar Marine led consortium of Varun Shipping and another consortium of Teekay Shipping and GE Shipping. (Source: www.financialexpress.com)