IMAREX launches BDI Index Futures contract

IMAREX (the International Maritime Exchange), the Oslo-based exchange for trading of maritime-related derivative contracts, will today launch an electronically traded and cleared futures contract on the Baltic Dry Index (BDI).

This will allow traders to buy and sell the entire dry bulk sector in one simple contract. The IMAREX BDI Index Futures contract (BDI Futures) is a composite of global shipping costs for bulk commodities such as grains, ore and coal and a widely accepted measure of the state of global trade. It is aimed squarely at the cash equity and equity derivatives trading community as well as portfolio managers and commodity traders looking to increase their exposure to movements in the dry bulk shipping markets. "We have sat through literally hundreds of meetings in the last year with portfolio managers exposed to shipping equities who spend their time tracking the BDI as a measure of where the market is heading", says Herman Michelet IMAREX ceo. He claims that by trading the BDIFutures contract, stock portfolio managers can protect the value of the shipping equities portfolio from upside and downside price risk of the broader dry bulk market. The IMAREX BDIFutures contract is being launched to fill a void left by the BIFFEX, a London-based freight futures contracts with settlement based on the Baltic Freight Index which was closed down in 2001, before the shipping boom of recent years started.

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ABG Shipyard announces profits and plans for new yard facilities

India's ABG Shipyard has recorded a huge 39 per cent annual net profit.

ABG reported an increase of US$40 million, up from US$30 million in the year ending March 2007. The Mumbai-listed shipbuilder has also recently announced plans to raise funds to add a new facility to its yard. The shipyard plans to build vessels of 350 metres in length, and to handle tonnage of around 120,000DWT and above. At the moment, the yard can build vessels up to 250 metres in length and handle tonnage up to 60,000DWT. The area available north of ABG's Shed Number 1 is to be used as an additional covered fabrication shed while Shed Number 3, which is currently being used for aluminium vessel construction, will be used for housing the CNC, shearing, rolling, bending, pressing machines. ABG said that this shift would provide block-making facilities on both sides of this shed hence improving the material flow. ABG also said that an addition Dolphin Jetty would be constructed, along with a new covered shed next to main dry dock area for construction of aluminium vessels.

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Container volume of China ports up 17 per cent in first four months

Major ports in mainland China have lifted 39.7 million TEU from January to April in this year, an increase of 17.4 per cent compared with the same period a year ago.

In total, 36.8 million TEU were handled by seaports, up 17.2 per cent. River ports handled 2.9 million TEU, up 19.5 per cent. Overall cargo tonnage cumulated to 1.9 billion tonnes, up 15.9 per cent. Sea-port-handled cargo rose 11.3 per cent to 1.4 million tonnes. River-port-handled cargo went 14.8 per cent up to 494 million tonnes. Foreign trade cargo handled by the Chinese ports increased 11.6 per cent to 645 million tonnes, of which seaports handled 596 million tonnes and river ports handled 48.9 million tonnes. In April alone, Chinese ports handled 10.5 million TEU, of which 9.7 million TEU were lifted by seaports, while 791,900TEU were lifted by river ports. Gross cargo tonnage of these ports added up to 502 million tonnes in April. Seaports cargo tonnage was 368 million tonnes. River ports cargo tonnage was 134 million tonnes. Foreign trade cargo handled by the Chinese ports in this month cumulated to 168 million tonnes. Seaports handled 155 million tonnes; river ports handled 12.9 million tonnes.
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Masdar and Abu Dhabi Ports Company sign environmental agreement on Khalifa Port and Industrial Zone

Masdar has signed an agreement with Abu Dhabi Ports Company (ADPC) to explore carbon dioxide capture and greenhouse gas reduction initiatives at Khalifa Port and Industrial Zone (KPIZ) in Taweelah, UAE.

The agreement with ADPC paves the way for the introduction of a scheme for carbon dioxide capture from industrial facilities, as well as the development of carbon emission reduction and monetization opportunities under the Kyoto Protocol's Clean Development Mechanism (CDM). When completed, Phase (1) of KPIZ will comprise of a world-class container and industrial port and more than 100 square kilometers of industrial, logistics, commercial, educational as well as residential, special economic and free zone. "Our aim is to become the world's first green industrial zone with integrated carbon capture facilities to reduce carbon dioxide emissions. This will facilitate the development of heavy industry in the zone with limited environmental impact," said Mr Ali Al Badi, CEO of Abu Dhabi Ports Company (ADPC). Strategically located between the cities of Abu Dhabi and Dubai in Taweelah, Khalifa Port and Industrial Zone (KPIZ) is a multi-billion dollar project designed as a multi-purpose facility that involves the construction of a world-scale container and industrial port in addition to the development in phase 1 of over 100 square kilometers of industrial, logistics, commercial, educational, as well as residential special economic and free zones.
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Evergreen Named Ocean Carrier of the Year

Evergreen Line announced it has been selected by Wal*Mart Stores Inc. as International Ocean Carrier of the Year for 2007-2008.

The award is presented every year by the nation's leading retailer for service excellence in ocean shipping. The award was presented to Jay Buckley, Executive Vice President, Business, of Evergreen Shipping Agency (America) Corp., the U.S. agent for Evergreen Line, at Wal*Mart's headquarters in Bentonville, Ark. In accepting the award, Buckley acknowledged the dedicated teamwork of its associates in delivering shipments from point of loading in Asia to release in North America, even during peak season, with consistent coordination and reliable performance. Evergreen relied on its integrated global information technology system to support Wal*Mart's logistics operations, using electronic data interchange (EDI) to provide shipment status updates throughout the shipping process.

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Transocean 'GSF Rig 127' sets world record

Transocean's jackup rig ‘GSF Rig 127' has set a world record for the longest extended-reach well ever drilled, at 12,289 metres MD (measured depth), with a 10,902-metre horizontal section at Houston in USA.

The well was drilled offshore Qatar in 36 days. The new record of 12.2km is also the first well in the history of offshore drilling that exceeds 12,191 metres. The well surpasses by approximately 609 metres, the prior extended-reach record of 11,680 metres MD set by another drilling contractor with a land rig drilling at Sakhalin Island earlier this year. The rig's crewmembers, working with the client, Maersk Oil Qatar, overcame many constraints, including high drilling torque throughout certain parts of the horizontal section. The Well BD-04A is in the Al-Shaheen field offshore Qatar. In addition to staying focused on safe operations, crew used extensive deck-management planning and a supply boat to hold additional drill pipe so that the rig could stay within its variable deck load rating. Transocean is the world's largest offshore drilling contractor and provider of drilling management services worldwide. The company has a fleet of 138 mobile offshore drilling units plus nine announced ultra-deepwater newbuild units.

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Pelican Offshore expands fleet with four new AHTS

Singapore's Pelican Offshore Services has acquired four new anchor handling, towing and supply vessels (AHTS) scheduled for delivery between the fourth quarter of the 2009 financial year and the second quarter of the 2010 financial year.

Each 60-metre AHTS will be equipped with a pair of 2,240kW main engines, exerting a minimum bollard pull of 70 tonnes, along with two bow thrusters and one stern thruster. Other features include dynamic positioning to "DP2" standard, enabling less than one-metre accuracy in offshore station keeping and class 1 fire fighting pumps. The vessels will be built in Malaysia, and each can accommodate up to 26 persons. "Our new vessels are built to support a variety of offshore activity, including ROV and diving operations," said Pelican's Director and General Manager, Captain John Price. "We are currently in talks to acquire more AHTS," Pelican currently owns and operates a fleet of two AHTS, four fast supply intervention vessels and one crew boat, with one more AHTS due for delivery at the end of 2008. Penguin International Limited was formerly known as Penguin Boat International Limited.
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