Athens clears way for elusive shipping IPOs

Greece’s stock market regulators are poised to sweep away the last special requirements that have been imposed on shipping companies in a bid to end the bourse’s drought in terms of shipping listings.

Officials are confident that the changes, likely to be adopted within approximately one month as part of a wider round of rule amendments, will lead rapidly to the first public offerings (IPOs) from the industry since ferry lines were admitted in the 1990s. In the meantime, the Greek market has watched, galled, as a stream of Greek shipowners have listed their companies in the US and UK. The move will result in shipping companies of all types being treated equally with shore based businesses, with no extra conditions for entry. It will be the fourth time the rules have been redrafted for shipping in the space of about a decade. The key to success this time is likely to be the removal by the Athens Exchange (Athex) of a current requirement that shipping companies have a minimum market capitalization of €150m ($230m) and own funds of at least €15m to be eligible to list. This has been a barrier to smaller companies that see going public in the local market as their best option for funding fleet renewal. For its part, Athex management has conceded that its breakthough is more likely to come from the second or third tier of shipping firms, rather than the top echelon of major owners that it initially coveted for reasons of prestige, as well as well-intentioned notions of protecting investors.

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Large Govan shipyard crane snaps

An 80 tonne crane at a Govan shipyard has snapped while carrying out routine operations.

BAE Systems confirmed that three employees were involved in the incident, which happened at the company's site on the Clyde at about 0800 BST. One man is being treated in hospital for minor injuries while two others were treated for shock. The Health and Safety Executive is carrying out an investigation into the incident. A spokeswoman for BAE Systems said the jib of the crane snapped while it was being lowered for routine operations. The crane had passed its annual statutory inspection in March. The incident involved a crane operator and two shipwrights, one of whom went to hospital as a precaution. The other two men were treated at the scene. The Health and Safety Executive was notified immediately and will investigate the incident with the full support of the business.

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Karachi Port ready to accommodate deep-draft vessels

Karachi Port is poised to accommodate deep-draft vessels, over 12-meter, from next month.

As an "opening”, the Karachi Port Trust (KPT) is all set to arrange safe docking for a 275-meter long container vessel of 13.6-meter summer draft at Karachi Port on Friday evening for the first time in its ship handling history. "Arrival of M/v Hyundai Admiral will actually be an opening and deep-draft vessels of over 12 meter draft would start coming at Karachi Port from next month," sources said.

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NYK orders VLOCs from Dalian COSCO

Nippon Yusen Kaisha (NYK) has ordered two ultra-large 300,000-dwt ore carrier newbuildings for delivery in 2013 from Dalian COSCO Shipbuilding Industry (DACOS) in Tokyo.

NYK's ore carrier backlogs have grown to 14 units, comprising six each of 300- and 250-types and two 230-types. Since NYK already has five existing ore carriers and two such ships converted from single-hull VLCCs, the operator will have the world's largest ore carrier fleet with more than 20 ships, including the 14 ships remaining on order.

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Keppel clinches specialized shipbuilding contracts

Keppel Offshore and Marine have secured two contracts worth S$210 million (US$152 million).

The first contract was awarded by a repeat customer, Global Offshore International, for a derrick pipelay vessel. This is a multi-purpose construction vessel suitable for worldwide operations. With accommodation for up to 264 people onboard, the derrick pipelay vessel will be equipped with two units of propulsion thrusters, six units of positioning thrusters, four units of power generators, Dynamic Positioning System 2 and integration pipelay equipment. The derrick pipelay and major ship equipment will be furnished by the owner. The vessel is expected to be delivered in the second quarter of 2011. The second contract, for a 100-metre Rolls-Royce designed UT 788 CDL ultra-deepwater Multi-Functional Support Vessel (MFSV), was awarded by Lewek Shipping. The owner will furnish the ship equipment. When completed in the fourth quarter of 2010, this MFSV, with its hybrid propulsion system of both diesel and electric drives, will have a bollard pull in excess of 300 tonnes. It will also have Dynamic Positioning System 3 capability, which enhances propulsion machinery redundancy of the vessel. This is such that overall operations will not be affected in the event of fire or flooding in one part of the vessel. In addition to deepwater anchor handling, towing and supply operations, the vessel will be able to carry highly hazardous liquid, perform deepwater well-installation and well intervention services.
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Greatship India has placed an order for two construction support vessels at Sri Lanka's Colombo Dockyard.

These multi-purpose service vessels (MPSVs) are due for delivery in September 2010 and January 2011. The vessels are designed both for operating as advanced PSVs, with accommodation for 50 passengers and DP2 capability, as well as ROV support vessels. They will include 50-tonne active heave compensated cranes, 50-tonne A-frames and helidecks. GIL currently owns and operates three PSVs, two in India and one in the North Sea, and two AHTSs, one in India, and one in the Middle East. GIL and its subsidiaries also have an order book of sixteen vessels and one rig under construction.

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