Cochin Shipyard Shares Jump After $225 mln IPO
Shares in India's Cochin Shipyard Ltd rose more than 20 percent on their trading debut on Friday after the state-run company's 14.42 billion rupees ($224.7 million) initial public offering. The stock was trading at 528.15 rupees by 0432 GMT, 22.25 percent higher than its IPO issue price of 432 rupees. Retail investors were issued shares at a discounted price of 411 rupees. The shipbuilder, which also repairs ships, had seen strong investor interest in the IPO with the sale last week being subscribed more than 76 times. Reporting by Swati Bhat and Devidutta Tripathy
NOL Shares Surge, 1999 Results Seen Strong
Shipping and logistics group Neptune Orient Lines (NOL), which lost more than half its market capitalization since the start of the year, saw a staggering 26 million shares traded on Tuesday. By 0900 GMT, NOL ended at S$1.24 ($.72), up 19 cents, amounting to a market capitalization of about S$1.4 billion ($814.5 million). Fueling the shares of the national shipper were persistent buy calls by major research houses, even after NOL's share price collapsed to S$1 ($.58) by mid-March from S$2.35 ($1.37) in early January. Adding to market euphoria were expectations that NOL, in the red since 1997, would unveil strong results for 1999 on March 27, due to improved freight rates and asset sales, analysts said.
Aker Evaluating Future of US Shipyard, ASC
Norway's Aker ASA may decide to merge or otherwise restructure two listed units that have seen strong benefits from the U.S. shale oil energy boom, Aker's Converto investment vehicle said in a statement released late on Monday. Converto, the top owner of both Aker Philadelphia Shipyard and American Shipping Company (ASC), seeks to "evaluate and execute potential strategic initiatives to visualize and maximize shareholder value" for the two firms. "This could include M&A and financial restructuring ...
P&O Sees Strong Cruise Sector Trading, U.S. Listing In Future
Peninsula and Oriental Steam Navigation Co. said its cruise arm continues to experience excellent trading conditions, with total capacity up 14 percent this year. The cruise division is fully booked at yields consistent on a like-for-like basis with last year's high levels. The outlook for the division next year was "highly positive," with capacity seen increasing by 21 percent, booking 70 percent full for the first half, and yields again good. P&O also said plans were advancing for its U.S. listing next year. Officials said a listing will be sought in the summer or early autumn, once the group's disposal program has been completed.
South Australian Ports Sale Faces Political Storm
The South Australian government expects strong bidder interest in its planned $120 million sale of the state's main ports, but the privatization is facing a political storm. The planned trade sale of the South Australian Ports Corporation has agitated a range of groups, from influential grain growers to the militant dockers union and farmers and tourism operators on the Kangaroo Island resort. The government has seen strong level of interest in the ports at Port Adelaide, Port Lincoln, Port Giles, Thevanard, Klein Point, Wallaroo, and Port Pirie. Hutchison Whampoa, Infrastructure investment group Infratil Australia Ltd., graingrower group South Australian Cooperative Bulk Handling (SACBH), P&O Ports, transport group Toll Holdings Ltd., and Mersey Docks & Harbor Co.
Samsung Heavy Industries Building Two Golar LNG Carriers
Golar LNG Limited announces that the Company has entered into firm contracts with Samsung Heavy Industries Co. Ltd for a further two LNG carriers. The two additional vessels, each with a capacity of 160,000cbm have a combined total cost of slightly above $400 million. The first of the carriers is scheduled for delivery in the second quarter of 2014 and the second in early 2015. Subject to declaration deadlines, each contract also comes with an option for a further carrier for 2015 delivery.
Georgia Port Reports Highest Tonnage on Record
Georgia Ports Authority (GPA) moved 2.4 million tons of cargo in April, a 4.7 percent increase – or 108,532 tons – over the same month a year ago. This figure was boosted by a strong performance in containers, bulk and Roll-on/Roll-off cargo. “Our total tonnage makes April the highest volume month on record,” said GPA Executive Director Curtis Foltz. The GPA also achieved a 4 percent increase in container traffic for April, moving 258,951 twenty-foot equivalent units (TEUs), or 10,040 TEUs more than April 2012. Foltz said April container volume was 11.3 percent higher than March.
UK Marine Industry Continues Growth
The U.K. leisure, superyacht and small commercial marine industry continue to grow, according to new statistics published today by British Marine at the London Boat Show 2016. Growth in domestic consumer markets has helped off-set a tricky year for exporters who are still feeling the effects of a sluggish Eurozone and the wider global economic conditions felt by most U.K. business sectors. Inland hire, charter and passenger boat services have performed particularly well, capitalising on the increasing popularity of the U.K. with international visitors and the growth in U.K.
Alstom Wind Sees Turbine Growth in Europe Offshore Bids
Alstom SA, the third-largest power-equipment maker, expects higher sales for its wind turbines this year and next, buoyed by growing demand in Brazil and offshore bids in Europe. “We’ve improved all our financial indicators this fiscal year,” ending March, compared with last year, including sales, order intake and operational performance, Alstom renewable unit chief Jerome Pecresse said in a March 15 interview. “We’re seeing strong growth of the Brazilian market this year,” Pecresse said at company headquarters near Paris. “We’re also seeing the pickup of the offshore wind industry in Europe,” which should account for “several gigawatts of new installs per year” within five years. Alstom entered the wind market through the purchase of Spain’s Ecotecnia in 2007.
U.S. Polar Vortex Gives Boost to Cruise Sector
The freezing weather that swept the United States in the first two months of the year led to a surge in cruise bookings as winter-weary holidaymakers headed south to warmer climes. "Many companies have recorded their best booking month ever in January," Christine Duffy, head of trade group Cruise Lines International Association (CLIA), told Reuters at the ITB travel trade fair in Berlin. Large parts of the United States have been gripped by freezing temperatures and snow storms since the start of the year as a series of Arctic weather systems swept the country.
Fincantieri to Build Seabourn Cruise Ship
Italy-based shipbuilders Fincantieri say they have been contracted to build the new ship by Seabourn, the ultra-luxury cruise brand of Carnival Corp. The shipbuilders inform that the ship, due to join the Seabourn fleet in the second half of 2016, will be built according to the standards and technical solutions that make Seabourn one of the most prestigious brands in the ultra-luxury segment and will continue the fleet modernization that began in 2009. They add that the all-suite ship will be approximately 40…
Oceanteam Offshore Vessels Fully Employed in Q1 2013
Oceanteam also says it continued its investment program in 2.000 / 4.000-ton modular carousel systems. Oceanteam Shipping sees strong market activity in both the Offshore Oil and Gas as well as the Renewable Energy Market for certain regions and the management expects this trend to continue. Oceanteam Shipping is confident, and has secured sufficient projects in both the Offshore Oil and Gas and the Renewable Energy Markets to maintain a high level of utilization of its assets and engineers.
ZF Explores Chinese Offshore Market
Marine Propulsion Systems, a business unit of ZF Friedrichshafen AG, shared at the sidelines of Marintec China 2013 that China continues to be a key focus for the company and shared plans to strengthen its footprint in the market. ZF Marine has been in China since 2006 and currently operates a sales and services office in Shanghai which serves as a competence center for all marine applications in China. With optimism slowly returning to the global offshore market, the industry is expected to climb steadily and this presents significant business opportunities for ZF Marine…
Wärtsilä to Provide Turnkey LNG Receiving Terminal in N. Finland
Wärtsilä says it has signed a turnkey contract to supply a liquefied natural gas (LNG) receiving terminal to be built in Tornio, northern Finland. The contract, valued at approximately EUR 100 million, has been made with Manga LNG Oy, a joint venture between the Finnish companies Outokumpu Group, Ruukki Metals Oy, Gasum Oy and EPV Energy Ltd. The contract is conditional on receipt of investment support and Manga LNG Oy's contracts with other parties, including the gas suppliers.
Scorpio Awards Six Newbuild Tankship Contracts
Scorpio Tankers Inc executes options with Korean shipyards Hyundai Mipo Dockyard & signs intent with SPP Shipbuilding Co. Two MR product tankships are to be built by Hyundai Mipo anf four with SPP Shipbuilding. The six newbuildings are scheduled to be delivered to Scorpio in the second and third quarters of 2014. The Company also has fixed-price options to construct eight additional MR product tankers. The contract price for each of the newbuildings and fixed-price options is approximately $33.0 million.
Oil Exports Reach Record Levels in H1 2017
Crude oil exports in the first half of 2017 increased by more than 300,000 barrels per day (b/d) from the first half of 2016, a 57% increase. Petroleum product exports grew over the same period as well. Crude oil and propane exports each reached record highs of 0.9 million b/d, and distillate exports reached a record of 1.3 million b/d. Although crude oil exports during the period grew, the growth rate in the first half of 2017 was lower than in the first halves 2013, 2014, and 2015 when exports increased at year-over-year rates of 88%, 134%, and 70%, respectively.
P&O Cruise Division Sees Strong Trading, Advances Plans For U.S Listing Next Year
The cruise arm of Peninsula and Oriental Steam Navigation Co. continues to experience excellent trading conditions, with total capacity up 14 percent this year, company officials said. P&O officials said the cruises division was fully booked at yields consistent on a like-for-like basis with last year's high levels. The outlook for the division next year is "highly positive," with capacity seen increasing by 21 percent, booking 70 percent full for the first half, and yields again good. "We are ending the year on a positive note with all of our core divisions performing well," Chairman Lord Sterling said. "We expect to achieve further significant progress in the first half of 2000".
Odfjell Strategic Partnership with Lindsay Goldberg
With reference to the stock exchange announcement 13 December 2010 in which Odfjell announced a process to evaluate strategic alternatives for its Rotterdam tank terminal, the Company today informs that it has entered into a letter of intent to form a strategic partnership with affiliates of US-based private equity firm Lindsay Goldberg LLC. The selection of Lindsay Goldberg follows a careful review and discussions with various interested parties. According to the proposed transaction…
Largest Ship To-date Transits Expanded Panama Canal
The 13,092 TEU Neopanamax containership COSCO Development, which measures 366 meters in length and 48.2 meters in beam, today became the largest vessel both in dimension and capacity to transit the Expanded Panama Canal since it was inaugurated in June 2016. Sailing from Asia, COSCO Development will soon become the largest ship to arrive on the U.S. East Coast when it calls at several ports there next week. The vessel is deployed on the new OCEAN Alliance’s weekly South Atlantic Express (SAX) service, connecting Asia-U.S. East Coast ports via the Panama Canal.
EMAS Starts 2012 Strong with $120 million Contract
EMAS sees strong start to 2012 with further global contract wins worth US$120 million - 12 January 2012. EMAS, a global offshore contractor and provider of integrated offshore solutions to the oil and gas (O&G) industry and operating brand for Ezra Holdings Limited (Ezra or the Group, 以斯拉控股), today announces two further contract wins worth a total of up to US$120 million for the Group. The offshore support services division, EMAS Marine, has been awarded a new charter by an oil major for a vessel to be deployed in the Asia Pacific region in the 2nd quarter of 2012. The contract has a one year firm period and an additional option period of two years with an aggregate contract value of up to US$107million (including option periods).
FUSION-LinkTM Technology Gains Industry-Wide Acceptance
Marine Entertainment Leader Reaches Unparalleled Adoption by Boatbuilders and Manufacturers Auckland, New Zealand – FUSION®, a worldwide leader in marine audio, announced today its innovative and award-winning FUSION-LinkTM technology has been adopted by all marine Multi-Function Display manufacturers and has seen strong acceptance in the boat builder community. Offering marine electronics manufacturers an unparalleled level of entertainment integration, FUSION-LinkTM is now available on a multifunction navigation devices from B&G…
North East Asia Geared for Growth
The new role of Harald Lundestad as General Manager for Wilhelmsen Ships Service in Taiwan, will give impetus to the expansion of the company’s business in the region, which is capitalising on the 10% GDP growth enjoyed by Taiwan in 2010, and the current rapid expansion of Taipei and Kaohsiung ports. Based at the company’s Taipei office, Harald will play an instrumental role in the future development and growth of Wilhelmsen Ships Service in Taiwan. He comments, ”My key target is to significantly increase sales to Taiwanese customers. Harald has been with the Wilh. Wilhelmsen Group for eleven years, most recently based in Shanghai as Operations and Business Improvement Manager for North East Asia.
Le Havre: Expansion of Ro-Ro Terminal
10% more traffic and new yard surface available. 2011 looks promising for the ro-ro terminal! At the end of August 2011, 245,600 vehicles had been handled on the terminal, an increase of 10% for the same period in the previous year. 10 additional hectares have been commissioned. The action taken by the GPMH together with the stakeholders in the ro-ro terminal is bearing fruit: ro-ro traffic in the Port of Le Havre has seen strong growth for the past two years. For the record, in August 2010, 223,240 new and second-hand vehicles were routed through the terminal, compared with 137,700 over the same period in 2009. Encouraging figures that confirm the need to expand the compound made available to ro-ro operators.