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”.
FGH Elects New COO
Friede Goldman Halter has appointed Anil Raj as its COO, effective immediately. Raj, who served previously as the company's senior vice president, Government Projects, joined Halter Marine in 1987 as director of Engineering. Raj has also held positions at Brown & Root, and Gulf Fleet Marine Corp. He holds a BSE degree in naval architecture and marine engineering from the University of Michigan.
Aban Offshore leases drilling rig to Husky Oil
Oilfield services firm Aban Offshore said it has entered into an agreement with Husky Oil for leasing its jack up rig for a drilling operation in China. The three-month contract would yield an estimated revenue of $38.70 million (Rs 178 crore) for Aban Offshore, the filing added. The rig as per the new contract would be deployed in the first quarter of 2009. Shares of Aban Offshore were trading at Rs 2,200, down by 5.32 per cent in the afternoon trade on the BSE. Source: Business Standard
Pipavav Shipyard Fund Raising Plan
According to an April 7 report from Bloomberg, Pipavav Shipyard rose 1.62% to Rs 78.60 at 13:47 IST on BSE after the company's board approved raising up to Rs 178 crore by issuing convertible debentures on preferential basis. (Source: Bloomberg)
Glosten Promotes Lamkin to Senior Marine Consultant
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…
SCI Order 6 Ships
With reference to an announcement dated December 3, regarding the approval received from the Government for acquiring six Handymax bulk carriers of about 57,000 dwt each, Shipping Corporation of India Ltd (SCI) has informed the BSE that it has p laced orders for the same with STX Shipyard, Korea. The shipbuilding contracts were signed on December 4. The vessels are expected to be delivered between 2011 and early 2012. (Source: /www.thehindubusinessline.com)
Dolphin Offshore Sails on Bonus Issue
Dolphin Offshore hit 10 percent upper circuit of Rs 347.15 till the closing hours of trading with nine fold increase in volumes of 18,190 shares on the BSE after its board decided to consider a bonus issue. The board is meeting on 31 October 2006. Even after outperforming the benchmark index with a gap, the stock trades at a trailing 12 month P/E of about 13 times. DOEL provides services in topside services, marine services and sub-sea services required by the oil and gas industry. The clientele of the company includes ONGC, L&T, Indian Oil Corporation, HPCL, Shipping Corporation of India, GE Shipping and the Indian Coast Guard. The company…
ABS Appoints New Chief Technology Officer
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.
EBDG Seattle Continues Staff Growth
Elliott Bay Design Group (EBDG) welcomed two new additions to its Seattle team: Engineer Kurt Jankowski and Designer Justin Jones. Kurt Jankowski comes to EBDG with broad education in naval architecture and marine engineering in addition to experience in boat and ship construction. He graduated Magna Cum Laude from the University of Michigan in Ann Arbor with a BSE in Naval Architecture and Marine Engineering and earned his MSE in Naval Architecture and Marine Engineering in April 2013.
Greatship Sells AHTS Vessel
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.
Bristol Harbor Group Continues Expansion
The Bristol Harbor Group, Inc. (BHGI) announced the continued expansion of its naval architecture and marine engineer practice. Over the past six months the company has welcomed four new additions to the team: Annie Fisher, Naval Architect; Nathan Seelig, Mechanical Engineer; Christopher Cluett, Naval Architect; and Rhea Levin, Administrative Assistant. Annie Fisher graduated in 2013 from the University of Michigan with a B.S.E in Naval Architecture and Marine Engineering. She started at Michigan as an aerospace engineer…
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…
Resolve Adds to New Orleans Team
Naval Architects Matt Bierwagen and J. Reed Ameel Join the Growing Naval Architecture and Marine Engineering Group. RESOLVE Engineering Group, LLC has added two Naval Architects to its full-service naval architecture and marine engineering group in New Orleans, LA. Matthew Bierwagen joined RESOLVE from Trinity Yachts, LLC and Trinity Offshore, LLC, Gulfport, MS, where he was Staff Naval Architect. His experience includes shipbuilding, manufacturing, new product design and engineering for both private yachts and commercial vessels. Bierwagen is a graduate of Virginia Tech and holds a B.S.
Boksa Marine Design Hires Jeffrey Kuenning
Boksa Marine Design, Inc. is pleased to announce its recent hire of Jeffrey Kuenning, who will join the Boksa Marine Design team as a naval architect and marine engineer working in the Lithia, FL office. Kuenning will have an immediate impact on the development of a variety of custom yacht and commercial marine design projects for the company. Kuenning comes to Boksa Marine Design with 10 years of experience developing a broad range of marine design expertise including structural and mechanical design, stability analysis and engineering project management.
The Glosten Associates Get New Pres, Employees
The Glosten Associates, a Seattle naval architecture and marine engineering consulting firm announced new leadership changes. The Glosten Associates Board of Directors elected John L.R. Edgar, III, as President effective January 1, 2011. Edgar will serve as Glosten’s fourth President since its founding in 1958. William L. Hurley, Jr., having served as President since 2001, will serve as Chairman of the Board. Edgar, a graduate of Webb Institute of Naval Architecture, joined Glosten in 1988.
Westlawn Adds Dean of Naval Architecture
Westlawn Institute of Technology, the not-for-profit educational affiliate of the American Boat & Yacht Council (ABYC), welcomed RADM Gordon G. Piché USCG (Ret.) as Dean of Naval Architecture. Piché was also elected to Westlawn’s Board of Directors. Piché is a graduate of the U.S. Coast Guard Academy, with a BSE in general engineering. He holds an MSE in naval architecture and marine engineering and an MSE in engineering mechanics from the University of Michigan. “Gordon has already contributed highly important technical reviews to Westlawn’s new general structural engineering text as well as to a new aluminum text that is in the drafting phase, and to the student technical reference manual,” said Dave Gerr, Westlawn Director.
Adani Group Revamps Businesses
Adani Enterprises Limited together with its subsidiaries Adani Ports and Special Economic Zone Limited (“APSEZ”) and Adani Power Limited (“APL”) today announced a composite Scheme of Arrangement (“Scheme”) for the demerger of the ‘Port Undertaking’ of AEL into APSEZ and demerger of the ‘Power Undertaking’ of AEL into APL and the emerging simplification of the corporate structure of the Adani Group. The Scheme also involves the demerger of the ‘Transmission Undertaking’ of AEL into Adani Transmissions Limited (“ATL”)…
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…
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.
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.
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.
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.
Webb Institute Welcomes Assistant Professor, Daidola
John C. Daidola has joined Webb Institute as Assistant Professor of Structural Engineering. Dr. Daidola is a structural engineer with over forty-years of experience. His early experience was as Design Engineer at Newport News Shipbuilding and Dry Dock Company and as Chief Naval Architect at Storm-Master Boat Corporation. He was employed for 28 years at M. Rosenblatt & Son, Inc., where he worked as Senior Vice President and Engineering Branch Manager. For the last 15 years he worked at the AMSEC LLC, serving as Senior Vice President and Commercial Operations Manager. Dr.