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News on Ports
Port
Trust brought under IT purview For
the first time, the Visakhapatnam Port Trust will come under Income
Tax net following waiver of exemption effected by Finance Act
2002, as per the directives issued by the Chief Commissioner of
Income Tax for the region. As per the directive all the local
authorities, excluding municipal corporations would have
to pay Income Tax. The Vishakapatanam Port authorities have been
asked to furnish the financial details pertaining to the
last three years and pay the Advance Tax by September 15. The
IT authorities have also sought to bring the Dock Labour Board,
under the purview for irregularities in filing returns.
Malpe
harbour phase II by October The phase II of Malpe fisheries
harbour near Udupi is likely to be commissioned by October. The
project originally scheduled for commissioning by March 2000
and estimated to cost Rs 11.96 crore has seen cost escalation
to Rs 19 crore due to delay in implementation. The Karnataka state
fisheries department initiated the project in early 1997 to provide
infrastructural facilities to offshore deep-sea fishing operations
but subsequently there were delays due to change in harbour design
and slower tendering process. So far, Rs 16.5 crore has been spent
on the project, now nearing completion. The project when
completed will ease congestion and accommodate around 1,500 mechanized
fishing boats. Currently, 800 mechanized boats are operating from
Malpe harbour. The facilities being created under the project
include 520 metre long wharf, three jetties with length of 140
metres each and 140 metre long berthing jetty, apart from two
1,500 sq. metre auction halls.
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News on Shipping
War-risk
premium on case-by-case basis International Underwriters'
Association (IUA) has stated that all ships visiting the western
Indian ports will face paying a war-risk premium from June 18
but the additional charge will be on a "case-by-case basis".
IUA move to impose a war-risk premium had been decided by the
London Joint Hull Committee, which brings together representatives
of the Lloyd's of London and the underwriting industry. The IUA
spokesman said the war-premium would apply to Indian ports north
of 18 degrees north longitude and west of 73 degrees east.
These include the major west coast ports of Kandla, Mumbai, Nhava
Sheva ports.
Mercator
Line to expand tanker fleet
Mercator
Lines (MLL) is reportedly planning to acquire tankers, either
of the Aframax or Suezmax variety, to double the size of its fleet.
The company, which has a sizeable share of the Mumbai's lighterage
operations market, has already acquired five tankers in the
last six months, to expand its operations. The company has also
announced its results for 2001-02, with an impressive 130 per
cent jump in net profit to Rs 7.5 crore (Rs 3.3 crore), and a
100% jump in income from operations to Rs. 56 crore, despite what
is otherwise regarded as a bad year for shipping companies. The
company has major oil companies like Indian Oil and Reliance Petrochem
as its clients for lighterage operations.
GE
Shipping Q4 net slips, FY01-02 profit up by 17 per cent Great
Eastern Shipping saw a 43.6% fall in net profit (after provision
for deferred tax) for the fourth quarter ended March 31, '02,
down from Rs 54.6 crore to Rs 30.8 crore. Similarly, total revenues
for the quarter nose-dived to Rs 2,58.1 crore (Rs 354.9 crore).
For the year as a whole, the company posted a net profit
of Rs 207.5 crore (after provision for deferred tax), an increase
of 17% compared with the previous year. This is the highest net
profit the company has ever recorded. Revenues stood at Rs 1,196.4
crore, a growth of 3.6%. The board has recommended a dividend
of Rs 4 per share (Rs 2.75), accounting for an overall outflow
of Rs 76.2 crore.
Tuticorin-Colombo
ferry service to start by August
An
inter-governmental group comprising senior officials from India
and Sri Lanka is currently finalizing the arrangements for launching
the proposed Tuticorin-Columbo passenger service from August.
The group would consult with the port officials from Tuticorin
and Colombo for creation of necessary amenities. The Tuticorin
Port Trust has prepared a Rs. 125 crore scheme for the creation
of amenities for passengers and is contemplating further up gradation
of facilities like passenger rest rooms at the port, customs &
emigration clearance, transportation of passengers and baggage
from berth to passenger amenity hall, based on the type of passenger
vessels that are likely to be operated. The planned service is
expected to be operated thrice a week and the frequency could
be increased subsequently depending on the passenger traffic throughput.
SCI
to retain its stake in Greenfield ventureThe board
of directors of Shipping Corporation of India (SCI) which met
on June 18 has decided to continue to be associated with Greenfield
Shipping Company, while rejecting requests from consortium partners
to further pump in additional $ 33 million as its share of bridge
loan for holding a 20 per cent stake in the LNG shipping venture.
The SCI board also decided against making any provision in the
company books for an amount equivalent to its equity investment
of $11 million due to erosion in the joint venture’s equity
following the revaluation of LNG Laxmi at $160 million. The board
took the view that it was too early to provide for erosion in
the value of the 1,37,000 cubic metre LNG tanker built originally
for Dhabol Power Company (DPC) for transporting LNG from Oman.
Japan’s Mitsui OSK Lines and the government of Sultanate
of Oman, the other consortium partners had asked SCI to contribute
$ 33 million as its share of a bridge loan to retire the original
senior loan of $ 110 million taken from a consortium of banks
led by ANZ Investment Bank to fund the construction of LNG Laxmi.
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