Shipping Sector

Chittagong detains a ship from India

Chittagong detains a ship from India

An arrest order was issued against an Indian ship in Chittagong for allegedly making loss of cargo. The court has claimed Rs. 12 crore and has detained the ship at the Chittagong port itself.

The incident that took place on Sunday shook the parties associated with it.

$259 million share sale of SCI expected

$259 million share sale of SCI expected

Shipping Corporation of India (SCI), the state-run shipping company is expecting to raise $259 million via its share sale. This happened after the company set its price band for the stake sale which includes 7 per cent discount on the lower end of the range.

The issue is follow-on in nature and will be open for buying from Tuesday and will close on December 3. Retail investors are going to be given 5 per cent discount, people who are in close contact with the development said while talking to Reuters.

Shipyard acquirement seems appealing

Shipyard acquirement seems appealing

Bharati group of Shipyard has obtained 51% bet in the South-India pedestal Tebma Shipyard (Tebma) for a cost of Rs 757.5 million from side to side a new release of capital. On a separate foundation, the attainment appears to be fairly appealing at and PER of 2xFY12 and EV/EBITDA of 4xFY12 and in the most horrible case 3xFY12, as per the report published by Prabhudas Lilladher research.

(Bharati) Bharati Shipyard has obtained 51% bet in the South-India pedestal Tebma Shipyard (Tebma) for a value of Rs 757.5 million from side to side a unmarked issue of capital.

Mundra Port SEZ net profit surges 52%

Mundra Port SEZ net profit surges 52%

Adani Group's Mundra Port and Special Economic Zone (MPSEZ) has announced its annual financial results for the fiscal year 2009-10 and has managed to register an impressive net profit.

The company has posted a net profit of Rs 701 crore for the year that ended in 31st March, 2010. It was reported to be Rs 461 crore for last year. This net profit figure has grown up by 52% in the current financial year 2009-10 as compared to the preceding year.

Great ship files DRHP with SEBI

Great ship files DRHP with SEBI

A subsidiary of the Great Eastern Shipping, Great ship India, has filed a draft red hearing prospectus with Securities and Exchange Board of India. The shares of the company soared over 5 percent after the company made an announcement to the exchanges. The company of a service provider in the offshore energy exploration and production domain and its parent, Great Eastern Shipping provides shipping and offshore services.

VT turns downs Babcock’s improved offer

VT turns downs Babcock’s improved offerVT Group today confirmed that it has turned down Babcock International's improved order to buy the UK-based support services company.

Recently, defence and engineering firm Babcock International raised its prior offer of £1.14 billion to £1.29 billion to buy VT Group. Both companies are suppliers to the British army.

NMPT Workers Go On Strike

Mangalore PortThe cargo handling workers of the New Mangalore Port (NMP) on Saturday has declared the strike, opposing the rationalization of the staffing pattern and deployment of labour.

The major ports in the country have been asked to implement the new staffing pattern, as commended by the National Industrial Tribunal (NIT), headed by Justice Hrishikesh Banerjee. The NMPT started its execution on Saturday. Trade unions have argued that this would decrease workforce drastically.

Topaz Energy signs contract with Vopak Horizon Fujairah

Topaz Energy signs contract with Vopak Horizon FujairahTopaz Energy and Marine through its arm Nico International Hydrospace has inked a contract with Vopak Horizon Fujairah.

The contract has been signed for offering underwater services for pre-berthing inspection and back-to-back berthing of vessels at Vopak.  
 
The sources said that the contract has been signed for a period of one year until April 2010.