New Century plans 2008 IPO in Singapore

New Century Shipbuilding Co Ltd is planning to list its shares in Singapore later this year to raise up to US$1.5bn, according to chairman Yuan Kaifei.

China's largest private yard (formerly Jing Jiang Shipyard) based on the Yangtze River, would use the proceeds from the 5 - 10bn yuan (approx $750m to $1.5bn) initial public offering to improve its engineering technology and expand production capacity, Yaun said during a conference in the province of Jiangsu. New Century chose to list in Singapore because the city-state was a global maritime hub and the market had a deep understanding of the shipbuilding industry, he said.

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DP World gets approval for London Gateway project

Dubai-based port operator DP World has reportedly secured approval to build a US$3 billion port and logistics park on the banks of the River Thames in southeast England.

The London Gateway project, which DP World inherited following its acquisition of P&O in 2006, involves the development of an 1,800-acre form oil refinery in Essex into a deep-sea port and what will be the largest logistics park in the UK. Construction work is scheduled to commence later this year, following a harbor empowerment order from the department of transport. DP World's plans include a 2,300m container quay with a fully developed capacity of 3.5 million standard container units a year. Mr. Simon Moore CEO of London Gateway said, "This is an historic day for the shipping industry and the economy as a whole. We will be the UK's first major port for more than 25 years. London Gateway will be a port centric logistics platform of a size and scale unique in the UK. Our customers will be able to cut costs from their supply chains, increase efficiency and reduce their environmental footprints."

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Allis-Chalmers eyes Persian Gulf

Houston-based Allis-Chalmers Energy chief executive Munawar “Micki” Hidayatallah plans to enter the Persian Gulf market.

The first round of meetings with Saudi Arabian Oil company executives and state producers in neighbouring countries were held in late May. He said more rigs and drilling fluids would be needed in the region in the next several years to keep oil flowing from decades old fields. “As their fields mature they’re going to need more equipment, more technology and more people to continue to produce at the same rate they’re producing today,” he told. The Saudi kingdom wants to boost oil production to 12.5 million barrels a day in the next year after output fell 5% last year to 8.48 million, according to the International Energy Agency. Hidayatallah, said he also will seek contracts in Iran and Iraq, which need rigs and better well casings to counter “heavy depletion and inefficiency” in their reservoirs after decades of neglect.

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MarAd Sells Two Cruise Ships

The U.S. Department of Transportation’s Maritime Administration has sold two small cruise vessels, the Cape May Light and the Cape Cod Light, to Voyager Owner, LLC, and Discover Owner, LLC, respectively.

The new owners are Delaware limited liability companies located in Florida. The Maritime Administration took possession of the two ships after their original owners, subsidiaries of American Classic Voyages, defaulted on loans that the Maritime Administration had guaranteed. The purchase price was $9 million apiece. The ships will be registered in the United States, and the new owners plan to sail them under U.S. registry. The ships were sold in “as-is, where is” condition, and will need refurbishing to sail in the cruise trade. The ships are currently located in Green Cove Springs, Florida, on the St. John’s River south of Jacksonville.

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KR quality initiative receives industry backing

Influential industry bodies including Intercargo and Intertanko have endorsed the Korean Register of Shipping’s initiative to raise quality standards throughout the industry at the class society’s European Committee meeting held in London on 9th and 10th June.

Top of the agenda was the maintenance and furtherance of quality standards throughout the KR classed fleet. A package of new measures unveiled at the meeting included full analysis of all port state control (PSC) detentions to determine the possible cause of systematic failures (including structural, documentation, age and flag-related issues) and the feeding-back of this information to help prevent future failures. Vessel casualties would also be subjected to a similar rigorous analysis and KR would use its impending IACS chairmanship to further its quality objectives and to raise standards throughout the industry. Other issues discussed at the meeting included technical and future development, greenhouse gasses, and the IACS early warning system. Intercargo and Intertanko are full members of KR’s European Committee and these industry organisations (alongside Bimco and OCIMF who also attended the meeting) and are the drivers of the annual tripartite meetings - arranged between owners, shipyards and class societies - which have the central aim of improving vessel quality and safety.
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Singapore's marine and offshore business up 33 per cent

The total output for Singapore's marine and offshore industry surged 33 percent to reach S$13.05 billion (US$9.55 billion) in 2007, compared with S$9.8 billion (US$7.11 billion) in 2006.

This result was the fourth consecutive year of growth, from 2003's base of S$3.79 billion (US$2.75). In 2007, ship repair and conversion revenue increased by 28 per cent to S$6.26 billion (US$4.54 billion), while offshore increased by 53 per cent to S$4.95 billion (US$3.59 billion), and shipbuilding was up ten per cent to S$1.82 billion (US$ 1.31 billion).
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Astillero Naval Federico Contessi y Cia launches new fishing vessel

Argentinian shipyard Astillero Naval Federico Contessi y Cia has christened and launched a new coastal fishing vessel.

The BP ‘Porto Belo I' was designed by the shipyard and was built for the owners, Marítima MDQ. The new trawler is measures 24.1 by 6.7 metres, with a depth of 3.1 metres and a draught of 2.7 metres. The main engine is a Cummins KTA19M3 delivering 447kW at 1,800rpm with a Twin Disc MG 5222 DC marine gear with 6.1:1 reduction, and turning a four-blade KA-470 propeller. The Cummins KTA19M3 is provided with the CENTRY controller. CENTRY is an electronic control system compatible with the Cummins PT fuel injection pump. It increases the Cummins PT fuel injection pump characteristics with the following features: an electronic throttle, improved governing capability, over speed protection, self diagnostics and electronic service tools with adjustable features and digital displays. A Cummins 6CTA8.3-G2 provides hydraulic and electrical power and a Cummins 4BT3.9-G4 powers a 60kVA gen-set. The vessel has accommodation for up to ten crewmembers and a hold capacity for 67 tonnes of fish. Located at the port of Mar del Plata, about 400km south of Buenos Aires, Argentina, Astillero Naval Federico Contessi y Cia has a long history as new ship and repair shipyard. The Prototype 23 AC/LL is the building Number 108, and the vessel was checked and approved by Argentine Coast Guard authorities and by RINA.

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