Drydocks World buys Singapore firm

Dubai Drydocks World bought Singapore shipbuilder Labroy Marine for $1.63 billion as the company pursues shipyard acquisitions abroad.

It will be the company's second acquisition of a big Singaporean marine construction and engineering firm within months. Drydocks World, part of Dubai World, said it has received irrevocable undertakings from holders of 65.49 per cent of Labroy shares. The $1.63 billion offer represents a premium of 3.4 per cent over Labroy's closing share price on Friday. The Singaporean firm is involved in ship repair, shipbuilding and construction of offshore rigs for use in the oil and gas industry. It has two full-service shipyards in Batam, an Indonesia island near Singapore, and a fleet of vessels.

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MMM aims to become integrated shipping firm

Malaysian Merchant Marine Bhd (MMM), which will have a new major shareholder Core Attributes (M) Sdn Bhd, has unveiled plans to become a fully integrated shipping company by 2010.

The firm would venture into oil and gas (O&G) offshore vessels services, dockyard, floating production storage and offloading (FPSO), tugs and barges, and dredging businesses. MMM is also attracted to acquire FPSO units as well as tugs and barges.The firm also plans to expand its existing fleet of bulk carriers and chemical tankers. Presently, the company operates eight vessels.

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Golden Ocean Group acquires 8 newbuilding contracts

Golden Ocean Group Limited has acquired eight newbuilding contracts at Zhoushan Jinhaiwan Shipyard (Jinhaiwan) in China.

The delivered cost for the eight 80.000 dwt vessels is estimated to be about $410 million in total and will be delivered quarterly from September 2009. Golden Ocean has already ordered five capesize bulkers at Jinhaiwan. The experience gained so far indicates that this yard is likely to become one of the leading yards in China going forward. The competitive price on these contracts will secure Golden Ocean continued growth through investments in assets which have a reasonable low cash break even basis. The signing of the eight newbuilding contracts will further modernize the Golden Ocean fleet and is financially balanced through the recent sale of the four 1990- and 1994 built Panamaxes and the Company`s solid charter back log.

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New LNG carrier named Sun Arrows

Mitsui OSK Lines (MOL) President, Akimitsu Ashida announced the naming of its newly built LNG carrier.

The vessel was named the 'Sun Arrows' by Hiroshima Gas President Hideki Fukayama and the rope was cut by his wife, Kayoko, in a ceremony held at the Kawasaki Shipbuilding's Sakaide Shipyard. Maple LNG Transport, a 50-50 joint venture of MOL and Hiroshima Gas, will own the 'Sun Arrows'. The ship will sail under a long-term charter with HG LNG Shipping, a wholly owned subsidiary of Hiroshima Gas. The 'Sun Arrows' will leave its maiden voyage to the loading port of Bintulu, Malaysia, at the beginning of November. It will transport LNG for Hiroshima Gas, from Malaysia, Sakhalin and other producing areas. In addition, the 'Sun Arrows' boasts LU3 equivalent performance, the highest level of ice resistance, the hull structure allows the ship to travel independently through areas with open icepacks as thick as 70cm without relying on an ice-breaker ship, in the Russian Ship Class Association. This is the first such LNG carrier operated by a Japanese shipping company.

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SembCorp begins Indian venture

Singapore’s SembCorp Marine has entered a strategic partnership with India’s Pipavav Shipyard, with the aim of further developing its marine and offshore business in the country.

SembCorp said it had signed an investment agreement with Pipavav Shipyard and SKIL Infrastructure to subscribe to 17.5 million fully paid up equity shares in the Indian shipyard, equal to about S$29.12 million in cash or a 3.31% share in Pipavav at placement price. Pipavav Shipyard is located on the west coast of India along the Middle East -Singapore sea route. The shipyard to date has secured contacts worth a total of $1 billion for the construction of 22 panamax-sized ships with options for an additional four vessels. The yard infrastructure is currently under development and construction and is scheduled for completion in September 2008.

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India's first 360o steering simulator

India’s first 360 degree tug steering simulator for training seafarers in the off-shore and the harbour area of the ports was inaugurated at the Kwality Professional Academy Mumbai, a subsidiary of KNK group of companies.

The academy became the first in the country to enter into the offshore training arena. Capt Sandeep Mehta, CEO of Mundra Port, Gujarat, inaugurated the simulator. The simulator has 4-D application with audio-visual indications on three large LCD screens. The system is an exact replica of the real tug. With this simulator, the academy aims to bring in enhanced safety and quality in the operation of tugs by seamen, handlers, cadets and marine officers working in the offshore and port area.

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