India Cochin Shipyard seeks govt OK for IPO-source

Indian state-owned Cochin Shipyard Ltd is awaiting government approval for an initial public offering to help raise funds for building a new dock and meet rising demand for ships.

"We submitted a proposal to the government last month," the senior official told. Another company official also confirmed the plan but declined to give details of how much the company, which can build ships up to 110,000 dead weight tonnage at its yard in the southern state of Kerala, aimed to rise in the IPO. There are 32 shipyards in India, including seven owned by the government, while a jump in demand for ships has brought many private companies into the fray. Consultants KPMG said in a report last year that the shipbuilding industry in India was expected to invest about 185 billion rupees ($4.6 billion) over seven years for capacity expansion and new yards. Pipavav Shipyard, a private-sector yard co-founded by Indian engineering and construction firm Punj Lloyd, is awaiting the market regulator's approval for an estimated 12.5 billion rupees IPO. Other firms such as ABG Shipyard and Bharati Shipyard are also expanding, with annual industry sales expected to reach $20 billion by 2020 from about $5 billion.
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US Navy missile hit wayward spy satellite on first bid

A missile launched from a U.S. Navy cruiser soared 130 miles (210 kilometers) above the Pacific and smashed a dying and potentially deadly U.S. spy satellite.

Several defense officials said it apparently achieved the main aim of destroying an onboard tank of toxic fuel. Officials had expressed cautious optimism that the missile would hit the satellite, which was the size of a school bus. However, they were less certain of hitting the smaller, more worrisome fuel tank, whose contents posed what Bush administration officials deemed a potential health hazard to humans if it landed intact. The Pentagon said, “Confirmation that the fuel tank has been fragmented should be available within 24 hours.'' It made no mention of early indications, but several defense officials close to the situation said later that all indications point to the destruction of the fuel tank. One explained that observers saw what appeared to be an explosion, indicating that the tank was hit. The Lake Erie and two other Navy warships, as well as the SM-3 missile and other components, were modified in a hurry-up project headed by the Navy in January. The missile alone cost nearly $10 million (euro7 million), and officials estimated that the total cost of the project was at least $30 million (euro20 million).

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New owners for Oyster

Top UK yacht builder Oyster Marine has been sold to UK based private equity fund Balmoral Capital for an undisclosed sum.

Current Chairman Richard Matthews founded the company in 1973. Oyster yachts have a worldwide reputation for quality and performance and are recognized throughout the sailing world for their distinctive Deck Saloon configuration. Oyster has twice been awarded the Queen's Award for Industry. Their current yacht range starts at 14 metres and includes twelve modern designs including two new super-yacht models, the 'Oyster 100' and '125', which will be launched in 2010 and 2011. There are almost 1,200 Oyster yachts in commission and the company has a strong forward order book and annual sales in excess of £50 million (US$97 million). Although Oyster are primarily known for their comfortable live aboard cruising yachts, many of which have completed circumnavigations, in 2007 Oyster yachts were class winners in both the Fastnet and Sydney Hobart races.

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19 rescued from fire-struck Kinmen-Xiamen ferry

All 19 crewmembers aboard a passenger ferry that caught fire at a port in the outlying Kinmen county were rescued after being trapped by the blaze, which was finally extinguished.

Only one crewmember was suffering from minor smoke inhalation. The fire occurred on the Xiamen-registered 'Tong An' vessel with a seating capacity of 380 and 1,000 tonnage after it had arrived at Shuitou Wharf in Taiwan-controlled Kinmen from Xiamen on China's southeastern coast, and all its 37 passengers had disembarked. Immediately after learning of the fire news, the fire department under the Kinmen County Government dispatched 15 fire engines and ambulances, as well as over 70 fire fighters to the Shuitou Wharf. In addition, the coast patrol squad of Kinmen also sent two patrol vessels to join the rescue, while Kinmen county magistrate Lee Chu-feng also arrived at the site to show his concern over the incident. As the fire occurred on the sea, the fire fighters could hardly do anything to put out the fire. On another front, Xiamen harbor authorities also sent four ships to rescue those crewmembers trapped by the fire. It was the first time a passenger ship sailing the Mini Three Links route between China and Kinmen had caught fire since the links were opened in 2001.
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Greenpeace fuels New Flame row

Greenpeace activists today breached maritime security in Gibraltar by boarding the almost sunken bulk carrier New Flame, lying in British waters off the Rock.

Several activists were able to reach the vessel and place a yellow banner reading “Vertido Diplomatico” (Diplomatic Spill) on its bridge. Greenpeace is attacking Spanish and Gibraltarian authorities for failing to reduce oil spills in the Bay of Gibraltar, lambasting both administrations over their alleged inefficient management of shipping in the area. Its move comes as Spain, preparing for a general election on 9 March, is embroiled in a diplomatic row with the UK over the New Flame wreck. An industry observer comments that the Gibraltar government is the victim of dithering in Whitehall. The issue revolves around one recommendation from the Donaldson Report, commissioned after the Sea Empress oil spill in Milford Haven in 1996 that remains equivocal. Under the UK Merchant Shipping Act, if a shipwreck causes pollution in a port, port authorities must make all possible efforts to remove the wreck and make the area safe. But if more pollution is caused in the removal operation, the port authority could be prosecuted under environmental legislation.
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