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News on Shipping
GE
Shipping plans investments in offshore business Great
Eastern Shipping Co. Ltd., which recently withdrew from bidding
for Shipping Corporation of India (SCI), is now reportedly planning
investments in offshore support services. Confirming this at a
press briefing in connection with the company's third quarter
(Q3) results, Mr. Bharat Shah, Managing Director, GE Shipping
has said that proposed investments would cover both the shipping
and offshore businesses. GE Shipping's interest offshore is inspired
by discovery of sizable natural gas on the Indian east coast by
Reliance. The gas find enhances the long-term attraction for the
offshore support business, in which GE Shipping is a leading domestic
player. As per the results for the third quarter of 2002-03, GE
Shipping has reported a 32.3 per cent dip in net profit to Rs
47.74 crore (Rs 70.51 crore for year ago period). The total income
was down to Rs. 240.91 crore against Rs 293.67 crore in the same
period last year.
Panel
on tonnage tax constituted The
Government has set up a tonnage tax panel for working out modalities
of introduction of tonnage tax for the shipping industry. The
panel comprises representatives from the ministries of shipping,
finance and the shipping industry. The constitution of the panel
follows a " favorable view " taken by the Cabinet Committee
on Security (CCS) on tonnage tax during a meeting held in Delhi
on November 21, 2002. With the aim of increasing national tonnage
from a national security perspective, the CCS had favored the
introduction of a tonnage-based tax regime for Indian shipping.
It had also directed the ministries of shipping and finance to
work out the finer details of the tonnage tax for introduction
in the Union Budget. The terms of reference of the panel includes
working out the modalities as well as framing a draft legislation
to govern the tonnage tax structure, as followed in the UK. The
panel on tonnage tax comprises two representatives each from the
Ministries of Shipping, Finance and the Indian National Shipowners
Association (INSA).
Essar
Shipping Q3 net up 13 pc Essar
Shipping Ltd. has reported a 13 per cent increase in net profit
at Rs 16.36 crore for the third quarter of 2002-03, as against
Rs 14.51 crore in the year-ago period. Net sales edged up to Rs
122.40 crore (Rs 117.37 crore). Total income was Rs 122.86 crore
(Rs 118.86 crore). Interest cost was Rs 12.93 crore (Rs 12.23
crore). The company said the Suezmax freight rates increased from
$ 27,000 per vessel per day in November 2002 to $ 37,000 per vessel
per day by mid-December. In the Capsize market, the freight rates
for a one-year TC increased from $ 9,000 per day per vessel to
$ 12,250 per day per vessel in December end. The Handymax freight
rates increased from $ 7700 per day per vessel in October to $
9000 by December.
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News on Ports
KPMG
to take up study on creation of a new maritime authority The government
has appointed KPMG as the consultant, to examine whole gamut of
issues relating to plan for a Maritime Authority of India (MAI).
KPMG was selected out of eight firms that responded to tender
floated for the purpose. As per the terms, KPMG has to submit
its report within six months. The selection was finalised by a
committee headed by Capt. S.S. Naphade, nautical adviser to the
Union Government. The other members of the committee included
representatives from the Ministry of Shipping, Ports, Directorate-General
of Lighthouses and Lightships and Directorate-General of Shipping.
The committee was constituted by the Shipping Ministry sometime
ago at the insistence of the Planning Commission, which felt that
various activities on the country's maritime front should be brought
under one umbrella. The purpose of constituting the MAI will be
to bring all these organisations under a single umbrella and frame
suitable legislation. The Ministry for Shipping has also recently
invited bids to appoint consultant to undertake a study on development
of coastal shipping and minor ports.
Panalpina
plans entry into customs house services Panalpina
World Transport (India) Pvt. Ltd is planning to launch customs
house agency (CHA) services, with a view to improve efficiency
by reducing transaction cost and improved delivery system. Currently,
the company is offering the CHA services through a sub-contracting
arrangement.
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