Shipping Sector

Reliance signs shipping agreement for ethane imports

Mumbai - Reliance Industries Ltd on Wednesday said it had signed a long-term shipping agreement with Japan`s Mitsui OSK Lines Ltd (MOL) to transport liquefied ethane that Reliance will import from North America.

MOL will supervise the construction of six very large ethane carriers (VLECs) ordered by Reliance and operate and manage the vessels after they are built and delivered, the Indian company said in a statement.

The VLECs are being built by Samsung Heavy Industries Co Ltd and are expected to be delivered in the last quarter of 2016, MOL said separately.

The companies did not disclose the value of the deal.

Adani Ports rise on completion of Dhamra Port acquisition

Adani Ports rise on completion of Dhamra Port acquisitionMumbai - Shares of Adani Ports and Special Economic Zone Ltd on Tuesday rose on the back of the company announcing completion of its Dhamra Port takeover.

The stock rose to a high of Rs 242 in the opening trade and was trading with a gain of 2 percent at Rs 240.70 around the mid-day after paring some initial gains at the BSE.

The company yesterday announced that it has completed the acquisition of 100 percent stake in Dhamra Port from L&T Infrastructure Development Projects Limited and Tata Steel.

Ennore Port signs car export pact with Ford

Ennore Port LtdEnnore Port Ltd (EPL) has signed an agreement with the Indian division of U. S.-based auto giant Ford for export of cars through the port.

The agreement was signed by Ennore Port Chairman & Managing Director M A Baskarachar and Ford India Executive Director Tom Chackalackal in the presence of Union Shipping Minister G K Vasan on Tuesday.

Under the terms of the agreement, which is for a period of 10 years, Ennore Port will provide various volume-based discounts to the car maker to encourage more exports via its facility.

Adani Ports Ltd meets Sebi’s mandatory 25% public shareholding requirement

Adani Ports Ltd meets Sebi’s mandatory 25% public shareholding requirementAdani Ports & Special Economic Zone Ltd on Wednesday announced that it met the Securities and Exchange Board of India's (Sebi's) mandatory 25 per cent public shareholding requirement following its institutional placement program (IPP) issue was fully subscribed.

Via the IPP issue, which got subscribed 2.27 per cent, the company diluted a 3.33 per cent promoter stake. The IPP issue was primarily brokered by Bank of America Merrill Lynch.

Adani Ports records a 197% increase in net profit

Adani Ports records a 197% increase in net profitAdani Ports and SEZ has said that it has recorded a growth of an impressive 197 per cent in its consolidated net profit at Rs 710.31 crore during the fourth quarter of the year till March 31, 2013.

The company had recorded a net profit of Rs. 239.46 crore during the fourth quarter of the previous financial year 2011-2012. The company said that the rise was mainly due to a one-time gain of Rs. 420 crore from the disinvestment of its holding in Australia's Abbot Point terminal to promoters.

India to upgrade Chabahar port in Iran

India to upgrade Chabahar port in IranIn a move to expand its strategic presence in the region, India will upgrade the crucial Chabahar port in the Islamic republic of Iran.

Some say that the move is significant as the port will provide an access point to land-locked Afghanistan. A team of experts from India will soon visit the port, which is located on the Iran-Pakistan border facing the Arabia Sea, to determine the level of investment needed for the up gradation project.

Mangalore port surpasses cargo handling target

Mangalore port surpasses cargo handling targetThe New Mangalore Port Trust (NMPT) recorded higher cargo traffic through its platform sduring the financial year than targets set by the authorities.

Krishnapatnam Port hopes to handle over 30m tones of cargo this year

Krishnapatnam Port hopes to handle over 30m tones of cargo this yearKrishnapatnam Port Co Ltd (KPCL) anticipates nearly 40-50 per cent growth in cargo to more than 30 million tones during the current financial year.

Revealing the company's anticipation, KPCL chief executive officer Anil Yendluri also said that imported coal would constitute the major chunk of the total cargo.

Adani Ports to divest entire Abbot Pointstake stake to Adani family

Adani Ports to divest entire Abbot Pointstake stake to Adani familyAdani Ports and Special Economic Zone(APSEZ) has said that it is planning to divest its entire stake in Abbot Point Coal Terminal in Queensland, Australia to the Adani family.

The company said that its board of directors (BoD) have approved a proposal to divest in the entities controlling the Abbot Point Coal Terminal. The decision to divest the entire stake is subject to certain approvals, formalities and clearances from authorities.

L&T’s port-cum-shipyard in Tamil Nadu may commence any time

L&T’s port-cum-shipyard in Tamil Nadu may commence any timeThe Tamil Nadu government's latest instructions to L&T to employ some more people from the local community at its Rs 4,000-crore port-cum-shipyard at Kattupalli in North Chennai have brightened prospects of the project's commencement.

While company officials declined to comment, an industry source said, "The State Government's statement is a positive indication of the commencement of the project any time."

Government relaxes restrictions for Vallarpadam ICTT

Government relaxes restrictions for Vallarpadam ICTTThe central government has announced its decision to relax the Cabotage restrictions for shipment of export-import containers for the Vallarpadam International Container Transshipment Terminal (ICTT).

Kolkata Port Trust proposes royalty on cargo handlers

Kolkata Port Trust proposes royalty on cargo handlersFreeloading at the Haldia Dock Complex (HDC) could soon come to an end as the Kolkata Port Trust (KoPT) has proposed to impose a royalty of Rs 25/tonne on cargo handling companies.

This is the first time in the port facility's 35-year history that such a royalty will be imposed on cargo handlers in Haldia.

A KoPT official said, "A committee was set up to decide on the royalty that may be charged from cargo handlers. The committee decided upon a rate of Rs 25 per tonne. This is primarily for shore handling at the Haldia Dock Complex (HDC)."

Shipping Corporation of India records net profit of Rs 297.26 crore

Shipping Corporation of India records net profit of Rs 297.26 croreShipping Corporation of India (SCI) has recorded a net profit of Rs 297.26 crore during the second quarter of the year compared to a net loss of Rs 140.60 crore during the same quarter of the previous year.

The company recorded improvement in the profits mainly due to an extraordinary realization during the quarter. The company realised Rs 478.74 crore as an extraordinary item. The figure includes about Rs 373 crore for reversal and about Rs 104 crore in carryover revenue from the liner segment.

Kolkata Port Trust considering filing conspiracy suit against HBT

Kolkata Port Trust considering filing conspiracy suit against HBTABG-LDA led cargo handler HBT is now facing a criminal conspiracy suit for allegedly conspiring to pull out from Haldia Dock Complex.

Kolkata Port Trust (KopT) said HBT is liable to pay penalty because it has violated the agreement with the port trust. It may be noted here that HBT on Wednesday sent a formal notice to the port authorities declaring its decision to pull out from the dock complex with immediate effect.

Poor finances may force HBT to quit Haldia operations

Poor finances may force HBT to quit Haldia operationsHaldia Bulk Terminals (HBT) Pvt. Ltd. may have to quit its Haldia operations even if it manages to settle ongoing dispute with agitating workers.

HBT chief executive officer Gurpreet Malhi recently hinted that the company is incurring heavy losses at Haldia Dock Complex (HDC), and analysts are of the view that poor financial status may force the company to give up its operations at its two berths at the complex.

HBT accuses Haldia police of not ready to guarantee safety to the company

HBT accuses Haldia police of not ready to guarantee safety to the companyPrivate sector cargo handler Haldia Bulk Terminals Pvt. Ltd. (HBT) has accused the Haldia police and West Bengal administration of not prepared to guarantee safety to HBT.

HBT chief executive officer Gurpreet Malhi said that three of its officers and family members were abducted in the early hours of Sunday as the police failed to provide security.

Essar Ports’ quarterly profits jump 97% year-on-year

Essar Ports’ quarterly profits jump 97% year-on-yearEssar Ports Ltd, the cargo handling unit of Essar Group, on Tuesday reported a whopping 97 per cent year-on-year jump in profits for the quarter through September 30.

The Ruias-promoted company generated profits of Rs 80.5 crore in the three months September 30 this year, as compared with Rs 41 crore reported in the corresponding period of last year.

EBITDA (earnings before interest, tax, depreciation & amortisation) jumped 24 per cent year-on-year to Rs 287 crore, while EBITDA margins reached 82 per cent in the three months.

Kolkata Port Trust rebuts charges of law & order failure

Kolkata Port Trust rebuts charges of law & order failureKolkata Port Trust (KoPT) has rebutted Haldia Bulk Terminals Pvt. Ltd's charges that the port trust has failed to ensure minimum law & order at the port and its surroundings.

Cargo-handler Haldia Bulk Terminals (HBT) had accused the KoPT of failing to maintain minimum law & order after an unruly mob allegedly attack on some HBT officials on September 28.

But, the KoPT rebutted the charges and claimed that it had not noticed any major law & order issues at the Haldia dock complex.

Iron ore exports through Mormugao port fall 27 per cent

Iron ore exports through Mormugao port fall 27 per centThe total iron exports through the Mormugao port in Goa declined by as much as 27 per cent for 2011-12, resulting in an overall fall of 22 per cent in the total tariff.

The decline is being linked mainly to the issue of illegal mining that has created controversies in the state since last year. Iron ore accounts for 80 per cent of the total tariff for the Mormugao port. About half of the total iron ore export in India in routed through the port.

Conservation group ordered to pay £520,000 for releasing ships

Conservation group ordered to pay £520,000 for releasing shipsA marine conservation group has been ordered to pay £520,000 in security fine to get its ship released from Lerwick harbour in Shetland.

The ship was seized more than a fortnight ago after a judge at the Court of Session in Edinburgh ordered its seizure following an action for damages raised by a Malta based Fish and Fish. The action from the firm comes in a dispute over the group’s direct action against its bluefin tuna fishery last year.




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