Pipavav Shipyard to launch IPO

India: Pipavav Shipyard is planning to launch an initial public offering by the end of September but must receive approval from the Securities and Exchange Board of India.

A representative from the shipyard said the company hoped to bring forward the date of the IPO.The shipyard plans to raise some US$104 million through the IPO. The company will use the money to build several VLCCs and LNG tankers. In 2008, Pipavav received approval for the issue and sold over 868 million shares.

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Safmarine launches 'Safari 3'

Safmarine has enhanced its existing Safari (Southern Africa–Far East) service with the introduction of a new string dedicated to the Indian Ocean Islands and Mozambique.

According to Safmarine’s SA Trades Executive, Alex de Bruyn: ”Our new Safari 3 string will complement Safmarine's existing service offering and market coverage of Southern Africa. Not only will it improve our direct coverage of the niche ports of Toamasina and Maputo to and from Asia, but it will also strengthen Safmarine's service into South Africa by taking the Indian Ocean Islands out of the westbound rotation of the main Safari string where our customers require fast transit times. “The new string - which launches on Thursday, July 2, 2009 - will also deliver market leading transit times to and from Mozambique and Madagascar; it will be particularly attractive to shippers wanting a faster and more reliable service between Maputo and the Indian Ocean Islands. For example, the westbound transit time between Madagascar and Maputo is only four days.” Safari 3 is a weekly service linking Asia to Mozambique and the Indian Ocean Islands with direct calls to Tanjung Pelepas, Port Louis, Toamasina and Maputo.

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Transocean Shelf Explorer Starts Drilling on Veninsky Block

On June 30, the Transocean Shelf Explorer jackup started drilling on the Veninsky Block at the Sakhalin-3 project, in which a 74.9% stake belongs to Rosneft and the remaining 25.1% are held by Sinopec.

The drilling was ordered by the Project operator, Veninneft LLC, which had scheduled the drilling of two exploration wells during the 2009 field season.The first Veninsky Block well will be drilled at a distance of roughly 10 kilometers from the shore, with the actual drilling site lying 25 meters beneath the sea. The second well will be located on the North-Veninsky structure, almost 9 kilometers offshore and 21 meters deep. The drilling operations will last till the middle of October.

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Eestinova took delivery of Emi Leader

Onega Shipbuilding Yard in Petrozavodsk has delivered Emi Leader to the Estonian shipping company Eestinova OÜ in St. Petersburg.

Its the second vessel in a series of four units. These multipurpose dry-cargo carriers have been designed by Marine Engineering Bureau in Odessa for transportation between European ports. The Malta-flagged Emi Leader, 4,500 DWT, is 89.99 metres long and 14 metres wide. She has a cruising speed of 11.5 knots. The vessel can load 140 TEUs and has ice class 1B. Orimi Ship in St. Petersburg has ordered the other two vessels in the series.

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