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10 Mar 2023

Swan Energy's TOPL Awaits Lenders' Nod for FSRU Vessel Deal with BOTAS

BSE-listed Swan Energy, via its 51% subsidiary Triumph Offshore Private Limited (TOPL), said Friday it had executed a term sheet with Turkey's BOTAS to lease an FSRU vessel to the Turkish firm.The term sheet, signed on December 31, is for chartering the FSRU vessel 'Vasant l' for 365 days at a dayrate of $250,000.TOPL is financed by a consortium of bankers, with State Bank of India as the Lead Bank.Swan Energy issued a statement on the term sheet following media reports. It said separately that it hadn't informed the market of the term sheet with BOTAS as it had waited for approval from the consortium of bankers financing TOPL."[TOPL] had applied for lenders' approval for chartering of vessel with the charterer, which is pending to be received.

07 Jun 2022

BHGI Hires Naval Achitect Delaney

Braden Delaney (Photo: BHGI)

Bristol, R.I.-based naval architecture and marine engineering firm Bristol Harbor Group, Inc. (BHGI) announced it has hired Braden Delaney, as a naval architect. He graduated from the University of Michigan in Ann Arbor, Mich. with an B.S.E. in naval architecture and marine engineering.Prior to joining BHGI, Delaney interned at NASSCO and NAVSEA, providing engineering support for shipyard operations in addition to interning as a salvage naval architect. Delaney is also a member of the Society of Naval Architects and Marine Engineers (SNAME).

22 Oct 2020

Austal Acquires BSE Maritime Solutions

(Photo: Austal)

Australian-based shipbuilding group Austal said it has entered into an agreement to acquire compatriot ship repair and support business BSE Maritime Solutions Group.BSE Maritime Solutions, which operates in Cairns and Brisbane, serves defense, commercial, tourism and luxury vessel customers, including Australian Border Force, BAE Systems, Thales and Svitzer. The deal, which comes at an enterprise value of A$27.5 million (US$19.6 million), aligns with Austal’s strategy to continue building the its key support business…

19 Feb 2019

Navios Appoints Alexander Kalafatides as Director

The dry cargo vessel player Navios Maritime Partners announced the appointment of Mr. Alexander Kalafatides to its Board of Directors.The international owner and operator of dry bulk and container vessels said in a press release that Kalafatides has nearly 30 years of experience in general management and marketing.Kalafatides also serves as an adjunct professor in International Business at Drexel University. Kalafatides served in the Board of Directors of Navios Maritime Midstream Partners L.P. from 2014 to 2018.Kalafatides received his M.B.A. in marketing and international business from the New York University, his B.S.E. in computer…

18 Dec 2018

Ardmore Shipping Appoints Curtis McWilliams as Chairman

The US-based chemical tanker company  Ardmore Shipping Corporation announced that Reginald L. Jones is stepping down as Chairman of the Board of Directors of the Company effective December 31, 2018. Curtis McWilliams has been appointed as Chairman of the Board effective January 1, 2019, said a stock exchange announcement from the company.Jones will remain as a director until the Company's annual general meeting in 2019, when he does not intend to stand for re-election. He is a co-founder and Managing Partner of Greenbriar Equity Group LLC, Ardmore's initial investor in 2010 which exited its position in Ardmore as part of the monetization of its Fund II in November 2017. McWilliams became a director of Ardmore in January 2016.

01 Nov 2018

Babcock Delivers World's Largest LNG Bunker Supply Vessel

Babcock International is celebrating the completion of its ‘first of its kind’ and the world’s largest liquefied natural gas (LNG) bunker supply vessel, M.V. Kairos, as it is delivered to Babcock Schulte Energy (BSE).BSE is a 50:50 joint venture between Babcock and Bernhard Schulte Shipmanagement (BSM)."This achievement follows the success in meeting a series of critical programme milestones after initial ship award in December 2016 and highlights the strength of the relationship between the two organisations," said a press release from the UK-based company.A major point in any shipbuilding project, the first cut of steel was completed in November 2017 at the Hyundai Mipo Dockyard in South Korea.

18 Oct 2018

World’s Largest LNG Bunker Vessel Sails for Delivery

Kairos (Photo: Nauticor)

The world’s largest liquefied natural gas (LNG) bunker supply vessel began its voyage from Hyundai Mipo Dockyard (HMD) in South Korea to the ship’s primary area of operation in Northwest Europe, on Wednesday.The 7,500 m³ capacity Kairos is the world’s largest LNG bunker supply vessel. It will be ready for operations before the end of 2018.Mahinde Abeynaike, CEO of Nauticor, which holds 90 percent of the joint venture that charters the vessel, said, “The arrival of the Kairos in the Baltic Sea will set a milestone for LNG as a ship fuel.

12 Sep 2018

GRSE Announces Public Offer

Photo: GRSE

Garden Reach Shipbuilders & Engineers Limited, proposes to open on September 24, 2018, an initial public offering of equity shares of Face Value of Rs. 10 each (“Equity Shares”) for cash at a Price per Equity Share (including a Share Premium) (“Offer”) comprising a offer for sale 29,210,760 Equity Shares by the Promoter, The President of India, acting through the Ministry of Defense, Government of India (“The Selling Shareholder”).The offer includes a reservation of up to 572,760 equity shares for subscription by eligible employees (as defined herein) (“Employee Reservation Portion”).

12 Feb 2018

Schulte's PRONAV Acquisition Greenlighted

The Hamburg-based Schulte Group said it has received clearance by the German Federal Cartel Office for the acquisition of the LNG specialist PRONAV. With this strategic move, the family-owned ship owner and manager continues to increase its capabilities and capacity in the growing liquefied natural gas (LNG) market. Through the acquisition of PRONAV, the Schulte Group has increased the number of vessels under full management in its third-party management fleet by six additional LNG carriers (LNGC). At present, the Schulte Group provides full management for three LNGC and crew management for 21 LNGC. Five LNGCs with a capacity of 173…

05 Feb 2018

Coleman Joins Elliott Bay Design Group

Eric Coleman (Photo: EBDG)

Eric Coleman has joined Elliott Bay Design Group's team of naval architects and engineers, bringing with him six years of marine experience. Coleman’s experience is broad, with an emphasis on preliminary and detail design work of aluminum and steel vessels. He has worked on a wide variety of commercial vessels and charter yachts up to 210 feet in length. His background includes hands-on shipyard experience, comprising production oversight, class and regulatory compliance, and designing for production.

05 Jan 2018

L&T Bags Offshore Contract from ONGC

L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of Larsen & Toubro, has signed an offshore contract for ‘Bassein Development 3 Well Platform & Pipeline Project’ with Oil & Natural Gas Corporation (ONGC). Larsen and Toubro stated in a stock exchange announcement that the contract is valued at approximately 1,483 crores (approximately 229 Million USD). The order, won against International Competitive Bidding, encompasses ‘EPCIC’ – Engineering, Procurement, Construction, Installation and Commissioning - for the project. The EPCIC scope of the project includes three new wellhead platforms, 23- kilometer subsea pipeline, composite subsea power cable, clamp-on works on an existing platform and modification work on nine existing platforms in the western offshore basin in India.

05 Dec 2017

ABS Strengthens Digital and Strategic Leadership

ABS announced three senior management appointments as part of the organization’s digital class strategy. “As our markets are increasingly shaped by digital technology, ABS is setting the pace in digital innovation,” said ABS Chairman, President and CEO Christopher J. Wiernicki. “As part of our digital class journey, our entire organization is focused on digital developments and opportunities. Howard Fireman, previously the organization’s chief technology officer, will take on the role of ABS Chief Digital Officer (CDO) leading a global team of experts across the organization in the fields of data analytics, innovative inspection technologies…

14 Oct 2017

IWAI Raises Funds Through Bonds

The Inland Waterways Authority of India (IWAI) has raised Rs. 660 crore (USD 102mln) as “Government of India(GOI) Fully Serviced Bonds”. The resources raised by way of bonds are in addition to the budgetary support from the Government of India. The Government had taken a decision to enable IWAI to raise Rs 660 crore through GOI Fully Serviced Bonds in 2017-18. The IWAI had engaged arrangers, credit rating agencies, registrars and trustees prior to raising the Bonds. Both CRISIL and CARE rated the proposed instrument of IWAI as “AAA: STABLE”. The e-bidding for raising the bonds was organized on 11th October, 2017 on the BSE Portal with the issue size of Rs. 300 crore and Green Shoe option of Rs. 360 crore.

11 Aug 2017

Investors Enthusiasm in Cochin Shipyard

Indian government is committed for infrastructure development and the track record of last three years has increased the faith of the investors which has resulted in 76 times oversubscription of IPO of Cochin Shipyard (CSL), a government flagship company, said Union Minister of Shipping, Nitin Gadkari. He was the Chief Guest at the inauguration of the renovated BSE international convention Hall and Listing of equity shares of Cochin Shipyard in Mumbai. Speaking on the occasion he signifies the success of government’s economic policies, friendly approach for development, transparency and corruption free system. The efficiency of the government ports has increased by 2.86% in comparison to private ports.

13 Apr 2017

MOL Okays Dividend and Share Split

MOL Shareholders in the Annual General Meeting have accepted the Board’s proposal for HUF 58 bn dividend payment, which was set to allow the Dividend Per Share (DPS) to grow by 10.2% to HUF 625 from last year’s HUF 567. This represents the continuation of the last years’ gradually increasing trend of the regular dividend payment. Shareholders also approved the proposal of the Board of Directors for an 8 for 1 stock split. The current price of one MOL share (around HUF 20,000) is multiple of the share prices of other companies of the BSE premium segment. A share split generally increases turnover and liquidity, especially if it occurs at a time when a company is financially and operationally stable.

13 Nov 2016

Great Eastern Shipping Q2 Profit Falls About 24 Pct

Great Eastern Shipping  (GES) Company posted a 23.9 per cent decline in consolidated net profit at Rs 268.7 crore ($40 million) for the second quarter ended September 30, 2016, reports PTI. The company had posted a consolidated net profit after tax of Rs 353.5 crore in the corresponding quarter of previous fiscal, Great Eastern Shipping said in a BSE filing. GE Shipping took a delivery of a Secondhand Capesize Dry Bulk Carrier (Year built: 2011) named “Jag Anand” of DWT 179250 MT on July 14, 2016. It took delivery of a newly built Kamsarmax Dry Bulk Carrier named “Jag Aalok” of DWT 82023 MT on July 29, 2016. GES also took delivery of a Medium Range Product Tanker named “Jag Pooja” (Year built: 2005) of DWT 48539 MT on August 10…

24 May 2016

Glosten Promotes Lamkin to Senior Marine Consultant

Bradley Lamkin (Photo: Glosten)

Seattle-based naval architecture and marine engineering consultancy Glosten has promoted Bradley G. Lamkin, PE to Senior Marine Consultant. As a Senior Marine Consultant and member of the Principals’ Group, Lamkin will continue to lead Glosten’s marine construction efforts. A 20-year veteran at Glosten, Lamkin specializes in resolving stability issues for a variety of vessels including barges, hopper dredges, passenger vessels and tugboats. Lamkin is a graduate of Calvin College (BSE…

24 May 2016

Mumbai Port to Revamp Int'l Cruise Terminal

Mumbai, May 23, 2016: Mumbai has a real opportunity to be developed as an international cruise terminal, said Mr. Sanjay Bhatia, Chairman MbPT at a day-long conference organized by the Urban Development Committee of the Indian Merchants’ Chamber (IMC) in association with Apli Mumbai titled “Mumbai’s PortLands – from Vision to Action” on 23 May 2016 at the BSE in Mumbai. Addressing the gathering Mr. Bhatia said that complete transparency in functioning and consultation with all stakeholders as well as coordination of all government bodies involved had to be maintained at all stages of the development of the Portlands. However, many issues pertaining to the ease of doing business also need to be simultaneously resolved.

30 Mar 2016

Seaways Shipping Set to Go Public

Logistics service and solutions provider Seaways Shipping & Logistics Ltd has filed draft papers with the capital markets regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO). The IPO comprises fresh issue of shares worth  about $12 million through a fresh issue of sale and an offer-for sale of up to 6,445,224 equity scrips by the existing shareholders, including IDFC Private Equity, according to the Draft Red Herring Prospectus filed with Sebi. With this, Seaways Shipping has become the fifth company to file papers with SEBI this year for an IPO. The proceed of the fresh issue would be utilised for capital expenditure, repayment of loans and for other general corporate purposes.

20 Aug 2015

India to sell 5% stake in Dredging Corp

India will sell 5 per cent of its stake in the country's largest dredging company, Dredging Corporation of India (DCI). The government will sell up to 1.4 million shares of face value of Rs 10 each, representing 5 percent of the total paid up equity share capital of the company, through Offer for Sale, DCI said in a filing to the BSE. This will bring up to Rs 57 crore ($ 9 million) to DCI kitty. "The offer shall take place during trading hours on a separate window of the Stock Exchanges and shall commence on August 21, 2015 at 9:15 am and shall close on the same date at 3:30 pm. A minimum of 10 per cent of the size of the offer shall be reserved for retail investors subject to the receipt of valid bids.

18 Jun 2015

Greatship Sells AHTS Vessel

Greatship Akhila. Image by Greatship (India) Limited

Indian shipping company Great Eastern Shipping has announced that its wholly owned subsidiary, Greatship, has sold and delivered anchor handling tug supply (AHTS) vessel Greatship Akhila (7,080 bhp, built 2009) to unnamed buyers. "Greatship (India) Ltd (GIL), a wholly-owned subsidiary of Great Eastern Shipping Company Ltd, has sold and delivered the 2009-built 80T Anchor Handling Tug cum supply vessel 'Greatship Akhila', to the buyers," the company said in a filing to BSE. However, it did not specify the buyers.

12 Jun 2015

Privinvest May Buy Stake in ABG Shipyard

India's largest private shipbuilding company ABG Shipyard is in talks with Privinvest Holding SAL to sell stake. A report says that Privinvest is expected to acquire up to 49% stake in ABG. A report in the ET NOW says both the companies entered into an exclusivity period for the transaction on May 29. Privinvest may get 3 board seats and new management to ABG Shipyard post the deal, says report. Privinvest Holding which has shipbuilding operations across the world is interested in picking majority stake in ABG Shipyard not only to have a presence in India but to also gain from its defence licence to build warships. This will be a much needed lifeline as ABG has been struggling to stay afloat a year after its Rs 11…

20 Apr 2015

ABS Appoints New Chief Technology Officer

Howard Fireman (Photo: ABS)

ABS named Howard Fireman as Senior Vice President and Chief Technology Officer (CTO) effective April 20 in a move that strengthens alignment and generates further synergies across all of ABS' technical programs, ABS announced. Fireman, who will report to ABS Chairman and CEO Christopher J. Wiernicki, assumes this role following former Senior Vice President and CTO Todd Grove's appointment as ABS Group President and CEO. Technology continues to be a core element of the ABS mission of protecting life, assets and the environment.