Shipping Sector

GE Shipping Reports Rs 467 crore quarterly profit

Bharat K Sheth GE Shipping Reports Rs 467 crore quarterly profit

Great Eastern Shipping Company has reported Rs 467 crore as net profit for the April-June quarter.

Shreyas Shipping sells vessel 'OEL Aishwarya'

Shreyas Shipping sells vessel 'OEL Aishwarya'Shreyas Shipping & Logistics Ltd has sold its vessel `M V OEL Aishwarya` for USD 972,637.20. The company is facing the heat of global financial crisis and posted record losses in the September quarter of this financial year.

The funds from recent sell out would help to overcome liquidity problem being faced by company following global financial crisis.

The company posted loss of Rs 19.46 million in the reporting quarter while recorded profit of Rs 60.31 million in the same quarter last year. Its net sales registered an increase of 30.55% to Rs 539.58 million.

Shipping Fraternity Condemns The Detention Of Two Offices In Korea

Jasprit Chawla, Syam ChetanThe shipping fraternity in India condemns the sentence and fine imposed on two Indian seamen in South Korea and threatened to start agitation. Two offices, Captain Jasprit Chawla and Chief Officer Syam Chetan of Hebei Spirit are accused of oil spill in the Korean waters.

ABG Shipyard wins order worth Rs 2377 crore

ABG Shipyard wins order worth Rs 2377 croreABG Shipyard, the largest private yard in India, has secured an order worth Rs 2,377.41 crore (480 million US dollar) from Essar Oilfields Services Ltd, Mauritius for building two rigs.

These Rigs will have the operating capacity of up to 350 ft. Water Depth and a drilling depth capacity of 30,000 ft. In addition, these rigs are designed for year - round Gulf of Mexico and 50-year return period North Sea environment in accordance with American Bureau of Shipping (ABS) assessment criteria.