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News on Ports
GPPIL
to plans NYSE listing Gujarat
Positra Port Infrastructure Limited (GPPIL) has reportedly finalized
plans for listing its $ 800 million convertible foreign currency
bond (FCCB) on the New York Stock Exchange (NYSE) for setting
up a special economic zone at Positra. The proposed FCCB issue
the largest global offering by an Indian company and is likely
to be floated sometime in September-October, though exact date
for the issue has not been yet decided. The promoters of the company
are currently talking to the financial institutions and leading
banks to arrange a guarantee for the overseas bond issue. The
GPPIL for overseas listing follows the government’s decision
allowing SEZs to raise foreign currency loan. The proposed issue
of $ 800 million will cover almost 60 per cent of the Rs.5,700
crore total project cost of the Gujarat Positra’s SEZ.
P&O
to re-bid for the Vallarpadam box terminal project P&O
Ports will be allowed to re-bid for the Vallarpadam Container
Terminal project, when the government re-issues the international
tender for the developing the project. While government was earlier
reported to be contemplating excluding the P&O Ports from
re-bidding for the project, it has now reportedly decided to allow
the P&O Ports to participate in the re-tendering process,
as could otherwise dilute the competition in the re-tendering
process. In the last round of tendering, the P&O Ports was
the lone bidder for the project, while all other port developers
chose to stay away. The Shipping Ministry has now identified global
port developers like CSX Corporation, Hutchinson International
Port Holdings, PSA Corporation, West Port, Dubai Ports Authority,
Maersk, CMA-CGM and one of the private operators managing the
Hamburg port among the likely bidders for the Vallarpadam project.
IMO
study warns of ecological hazards of ballast water A recent
research study undertaken by the International Maritime Organisation
(IMO) and UNDP has warned that discharge of ballast water by ships
at various ports all over the world, including at major Indian
ports has poses ecological hazards. The study, taken up by the
Global Ballast Water Management Programme in India has indicated
that wide range of aquatic organisms transferred to seawater from
ballast water was posing a serious threat to the existence of
precious coral reefs of Andaman and Nicobar Islands. The study
says that apart from carrying goods the ships were also promoting
transferring different types of bacteria, microbes and other forms
of microscopic marine life from one part of the world to another.
India is one of the countries selected under GloBallast project,
with Mumbai as the pilot site for undertaking the study.
China
to help Pakistan build deep sea port at Gwadar China is helping
Pakistan build a new deep sea port on its Southern coast. The
project considered to be a prestigious one for Pakistan is expected
to help Pakistan’s trade and economic relations with the
oil-rich Central Asian Republics, via Afghanistan and is estimated
to cost Rs.10 billion in Pakistani currency. China is helping
in the technical task of doing the survey and subsequently designing
the port project. The first phase of the construction to be completed
by 2005 involves the dredging and construction of three berths.
The second phase is planned to add 18 more berths, including oil,
chemical and container terminals. Of the total project cost of
$ 248 million, Pakistan is funding $ 50 million and while the
rest of project funds are to be raised by Chinese grant and commercial
loan for phase 1 of the project.
CIDCO
plans to float SPV for Navi Mumbai SEZ The City & Industrial
Development Corporation (CIDCO), promoters of the Rs.5, 800 crore
Navi Mumbai special economic zone project is planning to float
a special purpose vehicle (SPV) to attract foreign investors who
would own, build and operate SEZ. CIDCO is looking out for a strategic
partner for infrastructure planning and development, who can bring
in $150 million in equity and $750 in project financing. CIDCO
is offering 51 per cent equity stake to foreign investors in the
project, which it is willing to raise up to 74 per cent, provided
the foreign partner has the ability to market the project at a
global level. CIDCO will mainly provide for the land and the foreign
partner will develop the required infrastructure for SEZ.
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News on Shipping
SCI to restructure its debt portfolio The Shipping
Corporation of India (SCI) has decided to restructure some of
its debts and has decided to repay an outstanding loan of Rs.255
crore taken from the Union Government. The company plans to retire
the government loan by availing a five–year loan for Rs.200
crore from Bank of Baroda (BoB) at an interest rate of 8.75 per
cent, lower than the prime lending rate (PLR), while the remaining
Rs.55 crore will be repaid through internal resources. By returning
the loan, the company would be able to get 40 of its vessels released
from the mortgage of the government. The company is reportedly
also talking to State Bank of India for re-financing a residual
loan amount of Rs.102 crore. The company had borrowed Rs.128 crore
from SBI at a rate of 13.37 per cent in 1999 to repay a costly
loan of Rs. 128 crore taken from the Mumbai Port Trust in 1998.
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