PC Kapoor MD of Bharati Shipyard said "We will be making another revised offer, the timing will be a few days hence and what the price will be I cannot say right now." Kapoor said Bharati has invested Rs 2.45bn till now to acquire about 19.5% in Great Offshore, while ABG Shipyard holds a mere 2%. However, he hinted that total investment in Great Offshore could top Rs 4bn and added that Bharati has substantial support from some major shareholders of Great Offshore, including the Sheth family, the original founders of the company. ABG Shipyard made an open offer to acquire over 32% in Great Offshore at Rs 375 a share, countering Bharati's Rs 344 a share bid made earlier this month.
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Monday, June 29, 2009
Bharati Shipyard takes on ABG for Great Offshore stake
Mumbai: Leading Indian Shipbuilder Bharati Shipyard is looking to top a counter bid by rival ABG Shipyard Limited for a controlling stake in offshore services firm Great Offshore, raising prospects of a price war, reports news site Zeenews.
Rowan to Recommence Construction of Joe Douglas Jackup
Rowan will recommence construction of the third 240C class jackup rig, the Joe Douglas, at its Vicksburg, Mississippi shipyard, with delivery expected in the third quarter 2011.
Matt Ralls, Rowan's President and Chief Executive Officer, commented, "Earlier this year we halted construction on this rig due to concerns over the turmoil in the credit markets and the downturn in jackup drilling markets. Based on improvements in the credit markets and our confidence in our liquidity outlook through 2010, we have elected to resume construction. We believe that this very capable, high specification rig will generate an attractive return on capital based on its expected go forward cost of $150 million and will be met with widespread customer acceptance when it is delivered in 2011."The Company began construction of the initial 240C class rig, the Rowan Mississippi, in 2007. The 240C was designed to be a significant upgrade of the original 116-C class, which was the "workhorse" of the global drilling industry since its introduction in the late 1970s. The Joe Douglas, like its sister rigs the Rowan Mississippi and the Ralph Coffman, will have 2.5 million pounds of hookload, an 80 feet cantilever reach and 491 feet of leg length.Read More
Matt Ralls, Rowan's President and Chief Executive Officer, commented, "Earlier this year we halted construction on this rig due to concerns over the turmoil in the credit markets and the downturn in jackup drilling markets. Based on improvements in the credit markets and our confidence in our liquidity outlook through 2010, we have elected to resume construction. We believe that this very capable, high specification rig will generate an attractive return on capital based on its expected go forward cost of $150 million and will be met with widespread customer acceptance when it is delivered in 2011."The Company began construction of the initial 240C class rig, the Rowan Mississippi, in 2007. The 240C was designed to be a significant upgrade of the original 116-C class, which was the "workhorse" of the global drilling industry since its introduction in the late 1970s. The Joe Douglas, like its sister rigs the Rowan Mississippi and the Ralph Coffman, will have 2.5 million pounds of hookload, an 80 feet cantilever reach and 491 feet of leg length.
China shipbuilding industry keeps growing
Although many analysts keep doubting about whether aggressive Chinese shipbuilders will manage to produce the larger part of the new building orders, mainly of dry bulk carriers, placed during the past couple of years, one thing seems almost certain; that, China will account for almost 40% of the global shipbuilding capacity by the end of 2010 with an accumulative production base of 52 million dwt on an annual basis.
In fact China will move one step further to reach the top of the world’s shipbuilding capacity by 2012. These are some of the figures contained in a comprehensive new report on the Chinese shipbuilding industry, compiled by DC Marine Supply. In whole, Japan, Korea and China now account for 82% of the global shipbuilding activity, but China appears to be the latest “trend” thanks to low labor costs. As shipbrokers in Hellas have indicated, a significant part of this expansion of Chinese shipbuilders has been fuelled by Hellenic shipping companies, which also financed Japan’s and South Korea’s shipyards in the previous decades. China’s biggest shipbuilding base can be found in Shanghai where almost 12 million dwt can be produced annually, with Zhejiang following at second place with 8 million dwt, while third place is occupied by the province of Jiangsu with 7 million dwt. But, as the actual figures already surpass those on paper, Jiangsu province actually completed 8.89 million dwt in 2008 and is on the way to have an actual capacity of 26.5 million dwt by 2010.
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Sunday, June 28, 2009
Maersk Group cuts down on ship investments
The A P Møller-Mærsk Group will downsize its investments in ships in the future. Instead, the company will take more ships on time charter when it is necessary to increase the capacity.
“In the present market, our investments will generate more profit in other areas”, explains Nils Smedegaard Andersen, CEO of A P Møller-Mærsk, in an interview in Berlingske Nyhedsmagasin.Over the last couple of years, the group has invested USD 11.2 billion in new ships and other projects. In the future, the oil business and the terminal business will be the main targets for investments as they have great potential. Currently, A P Møller-Mærsk has 70 container carriers on order with a capacity of 365,338 TEUs or equal to 17.9 per cent of the active fleet.
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Shipwreck Science Program Begins
Fifteen talented Erie area high school students in the Minority College Experience / Women in Science and Engineering (MCE/WISE) program through Penn State Erie, participated in the Bayfront Center for Maritime Studies' (BCMS) first expedition of the Shipwreck Science Program on June 12, 2009.
BCMS is an eleven year old non-profit community based organization in Erie, Pennsylvania that uses hands-on projects including sailing, boatbuilding, navigation and environmental science to teach and reinforce traditional subjects. The students learned not only about some of the shipwrecks in our local waters, but also about navigation, boat handling, history and technology. Using sophisticated engineering equipment including a Side Scan Sonar and an Underwater Remote Operating Vehicle (ROV), the students were introduced to some of the skills and instruments used in today's underwater exploration technologies.
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Report explains delays for UK Royal Navy Type 45 destroyers
The UK House of Commons and the Public Accounts Committee (PAC) have issued a report on the Royal Navy’s Type 45 destroyer programme, identifying problems encountered and lessons learnt during the process.
Following the PAC’s investigation into the reason the project’s increased costs and delays, it was found and acknowledged that “serious mistakes” were made in the early stages of the project, Defence Professionals reported. “The project management arrangements on the Type 45 destroyer were poor and allowed the culture of over-optimism to persist for too long,” the publication quoted the report as saying. Following an extensive review of the project, the contract was renegotiated to a more realistic level and has not experienced any more budget problems or time delays. The first Type 45 destroyer will enter service this year, two years later than originally planned. Furthermore, despite its purpose of being equipped with anti-air capabilities, the Principal Anti-Air Missle System (PAAMS) will not be installed until 2011. Due to the delays, the UK Ministry of Defence has had to extend the life of the Type 42 destroyers, which are costly to maintain.
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Following the PAC’s investigation into the reason the project’s increased costs and delays, it was found and acknowledged that “serious mistakes” were made in the early stages of the project, Defence Professionals reported. “The project management arrangements on the Type 45 destroyer were poor and allowed the culture of over-optimism to persist for too long,” the publication quoted the report as saying. Following an extensive review of the project, the contract was renegotiated to a more realistic level and has not experienced any more budget problems or time delays. The first Type 45 destroyer will enter service this year, two years later than originally planned. Furthermore, despite its purpose of being equipped with anti-air capabilities, the Principal Anti-Air Missle System (PAAMS) will not be installed until 2011. Due to the delays, the UK Ministry of Defence has had to extend the life of the Type 42 destroyers, which are costly to maintain.
Blue Star Ferries signs new building deal with Daewoo
Blue Star Ferries hosted a formal event to celebrate the official signing of the company’s newbuilding order sealed at the end of the previous week.
In a central Athens hotel, the company, part of Attica Group, signed the $200 million deal with Daewoo Shipbuilding and Marine Engineering Co., the world's No.3 shipbuilder Under the terms of the deal, Daewoo will build two new fast car-passenger ferries. The South Korean shipbuilder plans to deliver the ships by the first quarter of 2012, it said in a statement. The order came as shipbuilders such as Daewoo suffer from a steep fall in new ship orders. Attica Group’s announcement of the deal also said that the ships will have overall length 145.5 meters and speed of 26 knots and the capacity to carry 2,400 passengers and 450 private vehicles or 50 freight units and 150 private vehicles.
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