Great Offshore, a port and terminal and offshore logistics player, has forayed into port management.
The company has signed definitive agreements for acquisition of 100 per cent equity stake in two companies — KEI — RSOS Maritime and Rajamahendri Shipping & Oilfield Services. The company will pump in Rs 160 crore for the deals. The transaction is on an all cash basis and is expected to close within two months from now. In a statement to the Bombay Stock Exchange, the company said that the acquisition will provide it an entry into emerging opportunities in port and terminal administration which is a derivative business arising our of trade growth and port infrastructure development. “The decision to acquirer an existing running business is with a view to broad base earnings without diversifying core business risks and ensuring sustainable cash flows and earning," said Vijay K Sheth, vice chairman cum managing director of Great Offshore. KEI and RSOS are in the maritime services business providing offshore support, single point mooring operations and port management services. They have a diverse fleet of 9 offshore support vessels and 10 harbour tugs. The companies have their presence in the east coast of India.
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Thursday, September 4, 2008
ST Marine lays keel for first Singapore-built Ropax
Singapore Technologies Marine (ST Marine) has laid the keel for Singapore’s first Roll-on/Roll-off passenger ferry (ropax) at its main yard in Benoi.
The contract, worth approximately S$168 million (US$117.4 million) to design and build the Ropax for the French trading and shipping company, Louis Dreyfus Armateurs (LDA), was announced in July last year. The 4,900DWT ropax, measuring 161-metres-long and 25.6-metres-wide was originally targeted to carry 930 passengers to operate in the English Channel for day and night crossing, but it will now be built to carry 1,300 passengers after LDA’s additional requirement and injection of S$5 million (US$3.49 million). Equipped with passenger lounges and cabins, restaurants and bars, and a summer deck, the passenger vessel has also been designed to carry both trailers and cars, with a Roll-on/Roll-off (ro-ro) lane capacity of about 1,500 metres and car lane capacity of about 2,290 metres. The ropax is expected to be delivered in the first half of 2010 to increase LDA’s fleet of Ropax ferry to five, all trading in the English Channel.
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The contract, worth approximately S$168 million (US$117.4 million) to design and build the Ropax for the French trading and shipping company, Louis Dreyfus Armateurs (LDA), was announced in July last year. The 4,900DWT ropax, measuring 161-metres-long and 25.6-metres-wide was originally targeted to carry 930 passengers to operate in the English Channel for day and night crossing, but it will now be built to carry 1,300 passengers after LDA’s additional requirement and injection of S$5 million (US$3.49 million). Equipped with passenger lounges and cabins, restaurants and bars, and a summer deck, the passenger vessel has also been designed to carry both trailers and cars, with a Roll-on/Roll-off (ro-ro) lane capacity of about 1,500 metres and car lane capacity of about 2,290 metres. The ropax is expected to be delivered in the first half of 2010 to increase LDA’s fleet of Ropax ferry to five, all trading in the English Channel.
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Shell brings Gulf production back online
Shell will begin to restart offshore oil and natural gas production in the Gulf of Mexico.
The company also said that it expects full restart of offshore production in the area will take three to five days. Shell said that it found no damage to major units at its 235,000 barrel per day joint venture Motiva oil refinery in Convent, Louisiana, though the restart of the plant depended on the restoration of reliable power supplies. The company reiterated it could begin restarting some processing units at its 220,000 barrel per day oil refinery in Norco, Louisiana, in the "next couple of days" and added it is ramping up production rates at its 290,000 bpd joint venture Motiva refinery in Port Arthur, Texas.
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The company also said that it expects full restart of offshore production in the area will take three to five days. Shell said that it found no damage to major units at its 235,000 barrel per day joint venture Motiva oil refinery in Convent, Louisiana, though the restart of the plant depended on the restoration of reliable power supplies. The company reiterated it could begin restarting some processing units at its 220,000 barrel per day oil refinery in Norco, Louisiana, in the "next couple of days" and added it is ramping up production rates at its 290,000 bpd joint venture Motiva refinery in Port Arthur, Texas.
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Solar powered ship trials to begin next year
Japan’s Nippon Yusen Kaisha and the Nippon Oil Corp will begin conducting joint trials in 2009 to determine whether solar panels can power large ships.
The two companies recently agreed to jointly develop a solar powered system for vessels to help cut down carbon emissions. The trials will use an NYK car carrier capable of carrying 6,400 cars. Solar panels capable of generating up to 40kW of power (0.2 percent of the ship’s total energy consumption) would be installed on the deck. Vice President of Nippon Oil Ikutoshi Matsumura said the company targets to make the system commercially available in five years. He said the company hopes solar power will eventually provide as much as 25 percent of electricity used by a ship’s engine.
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The two companies recently agreed to jointly develop a solar powered system for vessels to help cut down carbon emissions. The trials will use an NYK car carrier capable of carrying 6,400 cars. Solar panels capable of generating up to 40kW of power (0.2 percent of the ship’s total energy consumption) would be installed on the deck. Vice President of Nippon Oil Ikutoshi Matsumura said the company targets to make the system commercially available in five years. He said the company hopes solar power will eventually provide as much as 25 percent of electricity used by a ship’s engine.
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Exmar sells LPG vessel
Exmar is pleased to announce that it has sold its 25,000 cubic metres fully refrigerated LPG/NH3 vessel Carli Bay (built MHI 1998) to ABG Sundal Collier.
The vessel will be delivered to the new Owners during the middle of October following drydock in Europe. The net sale price amounts to USD 49.5 million. Exmar will realize a capital gain of about USD 20 million and generate a cash surplus of USD 35.3 million that will be recorded in the fourth quarter of 2008.
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The vessel will be delivered to the new Owners during the middle of October following drydock in Europe. The net sale price amounts to USD 49.5 million. Exmar will realize a capital gain of about USD 20 million and generate a cash surplus of USD 35.3 million that will be recorded in the fourth quarter of 2008.
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Vale whacks another 20% on China iron ore prices
Capesize owners should be braced for a potential trade spat that could ruin their tonne/mile scenario if news just in from Steel Business Briefing becomes confirmed.
The leading commodity news bureau reports that 'Brazil's Vale has issued Chinese steel customers with a contract addendum, raising the 2008 benchmark iron ore prices it originally negotiated in February by around 20%'. The price of Vale's South System iron ore fines has now increased 86.4% on the 2007 contract price, while the price of Carajás fines is up 92.4%. This compares to increases of 71% and 65% respectively that Vale agreed with Chinese mills back in February. Vale is hitting back, irritated that it plunged in early this year while the Australians held out for months and eventually bagged an 85% price increase. The rise and rise of Brazil as a source of China's iron ore has stretched the bulker fleet dramatically helping rates spiral. This late price addition though may put the brakes on the trade. Analysts speculate that Vale is merely positioning itself for aggressive 2009 price negotiations. Talks between the two parties over next year's contract are set to start two months from now.
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The leading commodity news bureau reports that 'Brazil's Vale has issued Chinese steel customers with a contract addendum, raising the 2008 benchmark iron ore prices it originally negotiated in February by around 20%'. The price of Vale's South System iron ore fines has now increased 86.4% on the 2007 contract price, while the price of Carajás fines is up 92.4%. This compares to increases of 71% and 65% respectively that Vale agreed with Chinese mills back in February. Vale is hitting back, irritated that it plunged in early this year while the Australians held out for months and eventually bagged an 85% price increase. The rise and rise of Brazil as a source of China's iron ore has stretched the bulker fleet dramatically helping rates spiral. This late price addition though may put the brakes on the trade. Analysts speculate that Vale is merely positioning itself for aggressive 2009 price negotiations. Talks between the two parties over next year's contract are set to start two months from now.
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