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Bharati Shipyard Ltd News

22 Jul 2015

Bharati Shipyard Turns Sick, Files with BIFR

Debt-laden Bharati Shipyard Ltd on Tuesday said it has filed a reference with the Board for Industrial and Financial Reconstruction (BIFR), since it has become a sick company after eroding its entire net worth. "The Company's Net Worth as on March 31, 2015 as per Audited Accounts presented before the Board has been eroded fully, hence as per definition under section 3(1)(0) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) the Company has become a Sick industrial Company," it said. Edelweiss ARC (Assets Restructuring Company), which has taken over major portion of the Debts of the Company from the Financing Banks, is assisting the Company in the revival by way of Restructuring and Additional Lending.

23 Apr 2015

Five Minutes with Halul Offshore CEO, Vivek Seth

Halul Offshore’s goal is a fleet of 50 boats by mid-2016

Last month Maritime Reporter spent some time with Vivek Seth, CEO, of Qatar-based Halul Offshore  Services Company, for his insights on the impact of low oil prices in the Middle East and beyond. What is your background? I became part of the Milaha family when I joined Halul Offshore in February 2014 as CEO. I am a second generation Marine Engineer. After sailing as a C/E I took my first shore job as Technical superintendent in Hong Kong for more than two years. Subsequently, I got my Masters in Business Administration from UK.

09 Apr 2012

Launching India into the Global Shipbuilding Competition

Shipbuilding has always been close to his heart, but Vijay Kumar’s greatest desire is to see his country, India, exploit the benefits of shipbuilding for the greater good of India’s economy as a whole. To date, the shipbuilding business in India has come with more promise than production, with its market share at a mere one percent of global shipbuilding activity, Kumar, Managing Director of Bharati Shipyard Ltd., is determined to help grow the shipbuilding industry not just for the good of his company, but for the good of the country as a whole. He envisions, with government support, a dynamic growth in India’s shipbuilding market, projecting its output to soar to a global market share of between 5 to 7.5 percent in the next 10 years.

25 Aug 2010

Improvement in Order Inflows Key for Shipbuilders

Shipbuilding companies ABG Shipyard Ltd and Bharati Shipyard Ltd missed Street estimates for the June quarter. ABG's net profit fell by 20% from the year-ago period to '38.41 crore, while that of Bharati fell 41% to '22.12 crore. ABG's net performance was hit by higher depreciation costs and an exceptional item worth '13.75 crore relating to a one-time loss booked on sale of shares in Great Offshore Ltd. ABG's depreciation costs increased to '13.66 crore from '4.53 crore last year on account of part capitalization of the project at its Dahej shipyard. Bharati's performance at the net level was hit mainly on account of 127% increase in interest costs to '54.68 crore. Revenue and operating profit margins at both firms increased.

06 Oct 2009

Axis Bank Cancels Great Offshore Oil Rig Funding

In Bangalore, offshore oilfield services firm Great Offshore Ltd has run into fresh trouble after Axis Bank Ltd walked out of a deal to lend Rs350 crore to the Mumbai-based firm for funding the purchase of an oil drilling rig, currently under construction at Bharati Shipyard Ltd. Axis Bank wanted the money back after ONGC cancelled the rig contract and also due to delay in completing the construction of the rig. (Source: livemint.com)

18 Feb 2009

SNAME, INA of India Sign Agreement

At a meeting during the World Maritime Technology Conference (WMTC) in Mumbai, India, a delegation of the Society of Naval Architects and Marine Engineers (SNAME) members including Society President Keith Michel, Executive Director Kimball, Naresh Maniar, Bruce Hutchison and Todd Grove met with members of the Institute of Naval Architects of India (INAI) at the offices of Bharati Shipyard Ltd. in downtown Mumbai to negotiate and sign a cooperative agreement between the two societies.

09 Oct 2008

SNAME 2008 Annual Meeting & Expo Set for Houston

The Society of Naval Architects and Marine Engineers (SNAME) will present the SNAME 2008 Annual Meeting October 15-17, 2008 in . This technical meeting will features new and expanded conference programming. In 2008, SNAME will celebrate its 115th anniversary. The theme of the SNAME 2008 Annual Meeting is ”Celebrating our Past, Engineering our Future”. A part of the conference programming will take a retrospective look at the range of changes and innovations that have taken place in the profession and industry over these past 115 years. The SNAME 2008 Annual Meeting educational programming will build on the strengths of SNAME’s technical integrity. In addition to these formal educational sessions the new 2008 Annual Meeting format will also include opportunities for peer-to-peer networking.

08 Oct 2008

Shipbuilding Subsidy May be Revived

The ministry of shipping is considering reviving subsidy on shipbuilding to enable the industry to be globally competitive. Currently, ’s share of global shipbuilding orders stands a minuscule 1percent. The subsidy scheme had expired on August 14, 2007. T R Baalu, Union minister of shipping, road transport and highways, said the ministry is thinking of circulating a cabinet note on subsidy this week. The previous subsidy scheme provided a 30% incentive on the contract value of ocean-going merchant vessels more than 80 metres in length sold to Indian companies, and on all ships sold to foreign firms. A report by audit and consultancy KPMG on shipbuilding subsidies across the globe last year showed that Indian yards suffer a minimum cost disadvantage of 32-37% on the price of a typical ship.

06 Jun 2008

Norwegian Shipping Ltd Exercises Option for Anchor Handlers

Norwegian naval architects Vik-Sandvik have confirmed that the Cyprus-based company Norwegian Shipping Ltd has decleared options for additional two AHTS at Bharati Shipyard Ltd in India.Norwegian Shipping Ltd now has a total of four VS 4612 designs under construction at Bharati Shipyard.  The last two vessels will be delivered in February and June 2010. Source:  Offshore Shipping

30 Nov 2001

Industry Leaders Elected To ABS Membership

Sixty-Nine prominent shipping industry executives have been elected as new members of ABS. In addition, Rear Admiral David L. Brewer III, Commander, Military Sealift Command, U.S. Navy, was appointed as a member. This brings the ABS worldwide membership to 803. The members, each eminent in their maritime field of endeavor, provide broad governance and oversight of ABS. Members are drawn from various sectors of the marine, offshore and related industries worldwide. M.A. Marcelo P. S.A. Ghazi A. Al-Ibrahim, President, Mideast Shipmanagement Ltd. Giovanni Barbaro, Owner, Pietro Barbaro S.p.A. S.p.A. Giuseppe Bottiglieri, Managing Director, Bottiglieri Di Navigazione, S.p.A. Jae Cheol Byun, President, JSM International Ltd. Dr. Mauro Fernando Orofino Campos, President, Petroleo Brasileiro S.A.

12 Nov 2007

L&T Negotiating $1B Shipbuilding Orders

India’s largest engineering and construction firm Larsen & Toubro Ltd. (L&T) is negotiating with global shipping fleet owners to build ships worth over $1b, but the company cannot finalize these orders because it still hasn’t received the requisite clearances for its shipyard from a local government. L&T plans to set up the country’s biggest shipbuilding facility at Kattupalli in Tamil Nadu in an effort to tap growing domestic and global demand for ships. The company will invest around Rs3,000 crore in the shipyard and port project and will build cargo ships, warships and offshore oil rigs. The shipyard at Kattupalli will be capable of building 25 big ships in a year and repair another 50-60 ships.

04 Oct 2007

Tatas to Look at Shipbuilding

The Tata group is looking at the possibility of entering the shipbuilding business even as India looks to boost its shipbuilding capabilities to meet growing global demand for cargo carrying ships. The Tata group has shown interest in building a shipyard near Shivrajpur in Gujarat after the state government invited expressions of interest from private firms, according to a senior Gujarat government official. The group, which makes everything from salt to cars, is conducting a feasibility study on the project, said people familiar with the matter who did not wish to be identified. Tata Steel Ltd makes steel, a key input for constructing ships.

27 Sep 2007

Orissa Govt to Examine Shipbuilding Proposal

Orissa, which plans to set up at least a dozen of ports along its 450 km long coastline, has received a proposal for shipbuilding and repair yards. Sources said Bharati Shipyard Ltd. and Apeejay Surendra Group, had jointly proposed to develop a state-of-the-art shipbuilding and ship repair yards at Dhamara in Bhadrak district. Official sources said the government was serious about the proposal because this could result in as many as 41,000 new jobs. [Source: The Economic Times]

23 Oct 2007

Bharati, Apeejay Form Shipbuilding JV

Bharati Shipyard Ltd. and unlisted Apeejay Shipping Ltd. said they would invest Rs 2,000 crore in an equal joint venture to set up a modern shipbuilding yard along India’s eastern coast, according to a Reuters report. While Indian shipbuilders are expanding their capacities with buyouts of other yards and assets, Indian shipping and engineering firms are planning to set up shipbuilding yards to exploit the sector’s surging potential. The proposed shipyard, expected to start operations in 2009, would build superior ships of high tonnage and also cater to the ship repairing business of existing shipping firms globally, Bharati said in a statement. Bharati Shipyard, which has orders worth Rs 4,430 crore, owns three shipyards in India and is building the fourth one in Mangalore.

10 Jul 2007

Bharati Shipyard Gets $43.4m Deal

Bharati Shipyard Ltd. (BSL), one of India's private sector shipyards, won a $43.4m deal from Norwegian firm Sea Cargo Skips AS to design and construct two vessels. These vessels are meant to operate between various ports of Scandinavian countries and Britain. BSL owns three shipyards, which are located at Ghodbunder and Ratnagiri in Maharashtra and Kolkata. It is in the process of building a greenfield shipyard at Mangalore with a capacity nearly four times higher than the existing yards. Source: India Enews

03 Apr 2006

Bharati Shipyard Wins Contract

Bharati Shipyard Ltd has secured a contract from Bourbon Supply Investissements, France for export of five 120 tons bollard pull anchor handling tug cum supply vessels. The product range which initially was limited to simple inland cargo barges, deep-sea trawlers and dredgers has been upgraded to building maneuverable and power-packed ocean going tractor tugs, cargo ships, tankers and other support vessels required for the offshore industry. (Source: Myiris.com)

28 Mar 2006

GE Shipping Acquires OSV

According to source, the Great Eastern Shipping Company on Monday took delivery of a newly built OSV named `Malaviya Twenty Five' from Bharati Shipyard Ltd. With this, the company's fleet now stands at 73 vessels - 40 ships and 33 offshore assets. The company has also signed a new building contract with Bharati Shipyard Ltd for a 140 T bollard pull anchor handling tug supply vessel with delivery expected by mid-2007. Apart from these, a modern Aframax crude carrier is due to join the company's fleet this month, the company said in a release. The company has also signed a contract with STX Shipbuilding Company Ltd, Korea for construction of 2 Long Range One (LR1) Product Tankers of 74,500 dwt each. source: Sify