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News on Shipping
Foreign
stake in excess of 25 per cent allowed in SCI The Union
Disinvestment Ministry has reportedly agreed to allow foreign
share holding in SCI in excess of 25 per cent limit under certain
specified circumstances, setting aside earlier cap of 25 per cent.
The new proviso has been included in the final draft of the shareholders
agreement. Presently, all the four bidders - Great Eastern Shipping
Company Ltd., Essar Shipping Ltd. Sterlite Group and Videocon
- are bidding on their own without any foreign partners. However,
it is likely that successful bidder might pledge part of his 51
per cent equity acquisition against a overseas bank loan. The
revised stand of the Ministry of Disinvestment follows an representation
made by prospective lenders that stipulation of a one year lock-in
period for invoking the pledge of shares in case of a default
by the borrower was contrary to the RBI guidelines which requires
that security of shares against which advances are made should
be freely marketable at all times.
SCI
posts Rs.241.56 crore net profits for 2001-02 The Shipping
Corporation of India (SCI) has posted Rs.241.56 crore net profits
for the fiscal year ended March 2002, compared to a net profit
of Rs. 382.56 crore recorded in the previous fiscal year. The
board of directors of SCI has attributed the fall in profitability
during the year in review to a depression in the operating income
of various business streams of the company. Higher incidence of
dry-docking and repairs, along with several write-offs and creation
of additional assets had also affected the bottom line. SCI disposed
off eight vessels during the fiscal year and is currently left
with 94 vessels totaling 4.3 lakh dwt.
No
stake in maritime institute for SCI bidders With
the government deciding to hive off the Maritime Training Institute
(MTI) into a separate entity, bidders for the 51 per cent stake
in Shipping Corporation of India (SCI) will have no stake in the
40-acre campus of the institute. The MTI, was cross-subsidized
by the SCI and has now been brought under government control and
proposed to be turned into an independent maritime university.
Asia-Europe
Box rates to go up from January 2003 The Far eastern freight
Conference (FEFC) has announced that container freight rates on
both the West and East bound Asia-Europe container trade would
be hiked from January 2003, saying that current rates are still
30-40 per cent below " acceptable levels". The conference grouping
of 15 major container lines active on the Asia-Europe trade is
planning a three-stage rate hike from early next year, amounting
to $650 per TEU west bound and up to $400 per TEU eastbound.
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News on Ports
PSA
Corp. reports 29 % growth in container volumes PSA Corporation,
the port operator for Singapore port has reported 29 per cent
growth in container throughput to 2.12 million TEUs in November
on a year-on-year basis. The throughput figures include the traffic
volumes for terminals operated by PSA locally and overseas. Singapore
port has handled 1.39 million TEUs in November, up by seven percent
from the same period in 2001. The PSA terminals include Guangzhou
Container terminal in China and the Hesse Noord Natie terminal
in Belgium. PSA has been facing tough competition from smaller
regional players, losing Maersk Sealand and Evergreen to Malaysia's
Tanjung Pelepas.
Hamburg
port to handle over five million TEUs in 2002 The port
of Hamburg, one of Germany's biggest port expects to cross five
million TEUs by end of 2002. The Hamburg port authorities have
stated that during the first ten months of the current year, the
port has posted a growth of 6 per cent in cargo traffic over the
corresponding period of the previous year. The port expects to
reach a traffic volume of 100 million tonnes by end of 2002. The
port had seen traffic of 4.4 million TEU in 2001 and was among
the top ten container ports in the world.
Kerala's
Vizhnjam port attracts 21 global consultancy bids Following
the global tender floated by the Kerala government inviting expression
of interest (EOI) bids to be chosen as consultants for the Greenfield
Vizhinjam port proposed to be set up near Thiruvananthapuram.
Companies from UK, Austria, Singapore and Australia are among
those who have put in the EOI bids, along with India companies
like Larsen Toubro and TCS. Selection of the consultant for the
project is likely to be finalized by January 2003. The Rs. 2,500
crore project has been proposed by the Kerala government with
a view to create India's Southern-most port, which will be able
to handle future generation vessels that are thrice the size of
the vessels proposed to be serviced by the Vallarpadam terminal.
PPT
road project to connect all berths completed The Paradip
Port Trust (PPT) has completed the construction of nearly 8 km
of concrete roads in the port area connecting all the 13 berths
costing Rs. 11 crores. One more berth is under construction. The
road connectivity between various berths was poor and had posed
many problems for the trucks moving bulk cargoes in the port area,
leading to spillage and pollution.
NMMT
to allow use of transit sheds New Mangalore
Port Trust (NMPT) has permitted the use of "transit sheds" within
the dock without the compulsory deployment of port labour. The
NMPT move has been welcomed by the Association of New Mangalore
Port Stevedores and the New Mangalore Port C&F Agents Association
and seeks to activate the use of 19,254 square metre of covered
area within the port, which had been in disuse because of the
earlier requirement that only 'port labour' could be employed
in the facilities in the port area.
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News on Shipbuilding
Hyundai
to build two VLCCs for SCI The board of directors of Shipping
Corporation of India (SCI) have reportedly approved the price
bid of $ 65.2 million submitted by Hyundai and has forwarded the
proposal to the Shipping Ministry for final approval. The South
Korean shipbuilder has emerged as the lowest bidder for building
the 3,00,000 dead weight tonne vessel. The proposal for acquisition
of the two VLCCs has however, been opposed by the Ministry of
Disinvestment, with the SCI disinvestments plan in an advanced
stage. The SCI's plan to acquire the two VLCC vessels is aimed
at meeting the requirement of Indian Oil Corporation (IOC) and
Reliance Industries Ltd., the two major importers of crude oil.
On an average, two to three VLCC vessels for IOC and about 6-7
VLCC vessels in case Reliance call on the Indian coast. All these
vessels are foreign-flagged ones and there is no Indian flag VLCC
vessel at the moment.
Cochin
Shipyard to expand training services The Cochin Shipyard
Limited (CSL) is planning to further expand the training facilities
at its Marine Engineering Training Institute, by including courses
in fire fighting. CSL is planning to set up an exclusive complex
at an ideal location along the water front, where necessary mock-up
unit and other fire fighting equipment will be set up. The training
scheme is being formulated in accordance with the IMO standards
and is accredited with ISO-9001 quality standards.
News on Logistics
Government
to extend 90 % grant to IWT projects The Central government
will extend 90 per cent grant to state governments wanting to
take up inland waterway projects. The Central government has sought
assistance from World Bank and Asian Development Bank (ADB) for
undertaking inland waterway projects. The ADB had initiated technical
assistance of $1.125 million towards appointment of consultants
for updating studies and preparation of IWT investment projects,
before sanctioning of assistance. The government's inland waterway
transport (IWT) development policy has sought to extend a number
of concessions for the private sector initiatives in taking up
IWT projects inland water. The government intends to develop the
IWT mode through plan assistance and private sector participation.
Inland vessel Building Subsidy of 30 per cent on the cost of building
inland vessel is given to shipyards, while for encouraging ownership
of inland vessels, the government is allowing higher depreciation
rate for inland vessel operators and levying reduced customs duty
on import of some equipment and machinery related to IWT sector.
CONCOR
operates exclusive export rake to Haldia Container Corporation
of India (Concor) has for the first time operated an exclusive
export rake to Haldia from the Tughlakabad ICD, to move 50 export
containers for shipment to Chittagong port in Bangladesh. The
boxes handled so far by Concor were brought by its domestic rakes
from Tughlakabad to Cossipore ICD and then moved to Haldia port.
Transworld, the ocean carrier has entered into an arrangement
with Concor, with the responsibility for land transportation of
the boxes from various ICDs in North India to Haldia dock for
shipment to Bangladesh.
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