Mumbai: Hamburg-based shipping investment firm Konig and Cie has targeted the lucrative Indian market for its next shipping fund.
“We are looking to set up a shipping-focused fund, which could be as much as $500m, for India,” Tobias Konig, md of Konig and Cie told during a recent visit to Mumbai. The Indian fleet is due to undergo a major rehaul in the next two years as IMO regulation requiring all liquid carriers to be double hulled. The Indian National Shipowners’ Association estimates that the country requires $20bn in investment in order to boost its flagged tonnage to 20m gt and retain its 13% share of international cargo carried over the next two years. ‘As of August, the strength of our fleet comprises of 886 ships of 8.92m gt/14.60m dwt, up from 821 ships of 8.99m gt/14.98m dwt a year ago,’ INSA president Sabyasachi Hajara who is also chairman and md for the Shipping Corporation of India told. ‘We crossed the 9m gt mark in February this year and I expect that we will cross the 10m gt mark in the near future.’ This is a particularly likely scenario in light of the Rs 2,000 crores ($470m) set aside to buy ships in the tonnage tax reserve over the past three years.
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Saturday, November 1, 2008
Oceansaver BWMS Approval
OceanSaver’s ballast water management system was granted final approval from the IMO at the latest meeting of the Marine Environment Protection Committee (MEPC 58) in London.
The Ballast Water Working Group of the Joint Group of Experts on the Scientific Aspects of Marine Environment Protection, which advises the MEPC, had carefully studied OceanSaver's application for final approval in July this year, and recommended that the MEPC grant this approval at its meeting in October. With final approval from MEPC, Norwegian authorities can grant type approval to the technology before year's end. After the MEPC meeting, there are four ballast water management systems with final approval according to the strict performance standards laid down in the IMO convention on ballast water treatment. This convention is still subject to ratification by 30 member governments representing 35 per cent of commercial tonnage, though it is believed that many nations hesitate to ratify before approved technology is available. With approval of more of these systems, ratification is expected to accelerate. At MEPC 58, three additional nations ratified the convention, bringing the total to 16 nations representing 14.2 per cent of global tonnage. OceanSaver made its first commercial delivery this autumn. At MEPC 58, delegates reviewed available technologies for ballast water management, which included a review of their applicability on different vessel types and sizes.
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The Ballast Water Working Group of the Joint Group of Experts on the Scientific Aspects of Marine Environment Protection, which advises the MEPC, had carefully studied OceanSaver's application for final approval in July this year, and recommended that the MEPC grant this approval at its meeting in October. With final approval from MEPC, Norwegian authorities can grant type approval to the technology before year's end. After the MEPC meeting, there are four ballast water management systems with final approval according to the strict performance standards laid down in the IMO convention on ballast water treatment. This convention is still subject to ratification by 30 member governments representing 35 per cent of commercial tonnage, though it is believed that many nations hesitate to ratify before approved technology is available. With approval of more of these systems, ratification is expected to accelerate. At MEPC 58, three additional nations ratified the convention, bringing the total to 16 nations representing 14.2 per cent of global tonnage. OceanSaver made its first commercial delivery this autumn. At MEPC 58, delegates reviewed available technologies for ballast water management, which included a review of their applicability on different vessel types and sizes.
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Friday, October 31, 2008
Turkish ship hijacked off Somalia; 6 others escape
Pirates hijacked a Turkish ship with 20 crews off the coast of Somalia but at least six other ships have fended off pirate attacks in the last two days.
The M/V Yasa Neslihan freighter was boarded by pirates in the Gulf of Aden on Wednesday, the International Maritime Bureau in Malaysia said. Noel Choong, a Maritime official, said an Italian-operated cargo ship with 26 crews managed to escape a pirate attack in the same area Tuesday with unspecified aggressive maneuvers. NATO sent three ships over the weekend into the Gulf of Aden -one of the world's busiest shipping lanes for anti-piracy patrols and to escort cargo vessels. But attacks have continued unabated. On Wednesday, the U.S. Navy said commercial shipping vessels foiled five recent attempted hijackings by pirates in the Gulf of Aden. In one instance, a Spanish military patrol plane thwarted pirates trying to hijack an oil tanker by buzzing them three times and dropping smoke canisters. At least 77 ships have been attacked in the African waters this year. Thirty-one ships have been hijacked, and 10 remain in the hands of pirates along with nearly 200 crew members.
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The M/V Yasa Neslihan freighter was boarded by pirates in the Gulf of Aden on Wednesday, the International Maritime Bureau in Malaysia said. Noel Choong, a Maritime official, said an Italian-operated cargo ship with 26 crews managed to escape a pirate attack in the same area Tuesday with unspecified aggressive maneuvers. NATO sent three ships over the weekend into the Gulf of Aden -one of the world's busiest shipping lanes for anti-piracy patrols and to escort cargo vessels. But attacks have continued unabated. On Wednesday, the U.S. Navy said commercial shipping vessels foiled five recent attempted hijackings by pirates in the Gulf of Aden. In one instance, a Spanish military patrol plane thwarted pirates trying to hijack an oil tanker by buzzing them three times and dropping smoke canisters. At least 77 ships have been attacked in the African waters this year. Thirty-one ships have been hijacked, and 10 remain in the hands of pirates along with nearly 200 crew members.
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Tap eyes full capacity as revenue surges
Australia’s Tap Oil’s revenue are up 72% for the quarter ending in September despite a 37% slide in production, but the company said it is on target to generate revenue at close to full capacity by the end of 2008.
Tap posted higher revenue of A$22.2 million (US$14.8 million) for the three month period compared to the previous quarter due to higher oil and gas prices, while total production fell 69,924 barrels of oil equivalent to 118,196 boe. “During the quarter, Tap Oil restored the majority of its production base, with successful tie-in of Woollybutt South in July, restoring gas re-sales from John Brookes in August and progress to repairs at the Harriet venture facilities damaged by the Varanus Island incident,” the company’s chief executive said today in the quarterly report. He added that Tap’s cash position is starting to reflect the stronger production performance. At the end of September Tap had net cash of A$47 million, but this had improved to over A$60 million by late October. Looking to the future the company is in the midst of shooting wall-to-wall 3D seismic across Western Australian permit WA-351-P, which it says has liquefied natural gas- gas scale potential, reinforced by Hess’ three recent gas discoveries in the adjacent permit. Tap is also starting an exploration programme over Block M in Brunei as well as expects the Fletcher-3 appraisal well in Santos operated permit WA-191-P to be spudded next month. The well is designed to evaluate the oil discovery made by the Fletcher-1 and 2 well in 2007. Taps’ participation in Fletcher-3 has increased from 8.2% to 10.9333%.
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Tap posted higher revenue of A$22.2 million (US$14.8 million) for the three month period compared to the previous quarter due to higher oil and gas prices, while total production fell 69,924 barrels of oil equivalent to 118,196 boe. “During the quarter, Tap Oil restored the majority of its production base, with successful tie-in of Woollybutt South in July, restoring gas re-sales from John Brookes in August and progress to repairs at the Harriet venture facilities damaged by the Varanus Island incident,” the company’s chief executive said today in the quarterly report. He added that Tap’s cash position is starting to reflect the stronger production performance. At the end of September Tap had net cash of A$47 million, but this had improved to over A$60 million by late October. Looking to the future the company is in the midst of shooting wall-to-wall 3D seismic across Western Australian permit WA-351-P, which it says has liquefied natural gas- gas scale potential, reinforced by Hess’ three recent gas discoveries in the adjacent permit. Tap is also starting an exploration programme over Block M in Brunei as well as expects the Fletcher-3 appraisal well in Santos operated permit WA-191-P to be spudded next month. The well is designed to evaluate the oil discovery made by the Fletcher-1 and 2 well in 2007. Taps’ participation in Fletcher-3 has increased from 8.2% to 10.9333%.
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China Merchants and Citic Group sign up for Ningbo port investment
Shanghai: China Merchants Holdings (International) and Citic Group said they would jointly develop a new port in Daxie.
The South China Morning Post reported analysts predicted a total investment of 3.2 billion yuan (HK$3.63 billion) in the port, known as Port Zone C and located in Ningbo Daxie Development Zone, which will have a quay length of 1,600 metres and accommodate three or four container berths. China Merchants will hold 20 per cent of the joint venture, while Shanghai Citic Port Investment will hold 41 per cent. Ningbo Port will have 39 per cent, according to the website of China Merchants. The port is adjacent to the China Merchants International Terminal Ningbo Daxie, 45 per cent owned by China Merchants.
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The South China Morning Post reported analysts predicted a total investment of 3.2 billion yuan (HK$3.63 billion) in the port, known as Port Zone C and located in Ningbo Daxie Development Zone, which will have a quay length of 1,600 metres and accommodate three or four container berths. China Merchants will hold 20 per cent of the joint venture, while Shanghai Citic Port Investment will hold 41 per cent. Ningbo Port will have 39 per cent, according to the website of China Merchants. The port is adjacent to the China Merchants International Terminal Ningbo Daxie, 45 per cent owned by China Merchants.
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Russian shipyard to float out new ice-class tanker Oct. 31
Russia's Admiralty Shipyard will move a new enhanced ice-class tanker, the Mikhail Ulyanov, from a dry dock to a wet dock for the final stages of construction work.
The floating out ceremony is to be attended by Russian Deputy Prime Minister Sergei Ivanov, Transport Minister Igor Levitin, Culture Minister Alexander Adveyev, St. Petersburg Governor Valentina Matviyenko, and other dignitaries. The St. Petersburg-based shipyard, Russia's oldest, is building for Sovcomflot, Russia's largest shipping company, a series of two 70,000dwt enhanced ice-class tankers, designed to ship oil from Prirazlomnoye (an Arctic oil field operated by Sevmorneftegaz, a subsidiary of Gazprom). Construction of the Mikhail Ulyanov started in 2007 and is to be completed in the summer of 2009. A second tanker, the Kirill Lavrov, is also due to be launched in 2009. Sovcomflot took delivery of the country's first Arctic shuttle tanker, the Vasily Dinkov, from Samsung Heavy Industries last year. The Vasily Dinkov, along with its sister tankers - the Shturman Albanov and the Kapitan Gotsky - have an ice-enhanced hull structure, designed in accordance with LU6 (1A Super) ice-class, under the classification of the Russian Register of Shipping. They will be able to operate in temperatures of minus 40°C, breaking ice of up to 1.5mtr thick without an icebreaker escort.
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The floating out ceremony is to be attended by Russian Deputy Prime Minister Sergei Ivanov, Transport Minister Igor Levitin, Culture Minister Alexander Adveyev, St. Petersburg Governor Valentina Matviyenko, and other dignitaries. The St. Petersburg-based shipyard, Russia's oldest, is building for Sovcomflot, Russia's largest shipping company, a series of two 70,000dwt enhanced ice-class tankers, designed to ship oil from Prirazlomnoye (an Arctic oil field operated by Sevmorneftegaz, a subsidiary of Gazprom). Construction of the Mikhail Ulyanov started in 2007 and is to be completed in the summer of 2009. A second tanker, the Kirill Lavrov, is also due to be launched in 2009. Sovcomflot took delivery of the country's first Arctic shuttle tanker, the Vasily Dinkov, from Samsung Heavy Industries last year. The Vasily Dinkov, along with its sister tankers - the Shturman Albanov and the Kapitan Gotsky - have an ice-enhanced hull structure, designed in accordance with LU6 (1A Super) ice-class, under the classification of the Russian Register of Shipping. They will be able to operate in temperatures of minus 40°C, breaking ice of up to 1.5mtr thick without an icebreaker escort.
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Rederi Transatlantic signs with Stora Enso
Swedish company Rederi AB Transatlantic has signed an agreement to take over Stora Enso’s service for the transport of forest products from southern Finland.
Rederi will deploy three Ro Ro vessels on the routes Kotka to Lübeck and Kotka to Gothenburg. The new service will be operated from Rederi’s offices in Gothenburg and Helsinki and from a newly opened office in Lübeck. “Transatlantic is proud of the extended confidence shown in the company,” says Rederi AB Transatlantic’s President Carl-Johan Hagman, commenting on the new agreement with Stora Enso. “Stora Enso is a very important customer for us and the extended cooperation is entirely in line with our strategy to increase our activity in the Baltic Sea region, with a focus on Nordic base industry,” he said.
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Rederi will deploy three Ro Ro vessels on the routes Kotka to Lübeck and Kotka to Gothenburg. The new service will be operated from Rederi’s offices in Gothenburg and Helsinki and from a newly opened office in Lübeck. “Transatlantic is proud of the extended confidence shown in the company,” says Rederi AB Transatlantic’s President Carl-Johan Hagman, commenting on the new agreement with Stora Enso. “Stora Enso is a very important customer for us and the extended cooperation is entirely in line with our strategy to increase our activity in the Baltic Sea region, with a focus on Nordic base industry,” he said.
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