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Sunday, 21 June 09
MERCATOR TO BUY 3 BULK VESSELS
.jpg) Mercator Lines, India’s second-largest private shipping company, is expanding its capacity and is set to acquire three gearless post-Panamax bulk carriers totalling 277,000 dead-weight tonnage (DWT) on a charter basis.
Company sources said the investment would be around Rs 500 crore for this additional expansion of vessels. DWT refers to how much mass or weight of cargo that a ship can carry.
This development comes at a time when the shipping industry has been grappling with weak spot freight rates on a year-on-year basis in both dry and tanker segments.
For instance, in the tanker segment like Suezmax, freight rates are currently at $2,580 per day compared with $84,790 per day a year earlier, say senior industry officials. Mercator has attempted to offset this difficult operating environment by going in for long-term contracts with its key customers.
As with all its other dry bulk acquisitions, these additional vessels will also be under its Singapore-listed subsidiary Mercator Lines (Singapore). Out of the three vessels proposed to be acquired, two are from the New Yangzijiang Shipyard in China, which will remain with Mercator until 2014. The third vessel is from Sungdong Shipyard, South Korea and will be on a charter with Mercator until 2020. The existing capacity of the company’s dry bulk fleet is approximately 1.2 million DWT.
Mercator’s own fleet currently comprises 1.2 million with a combined capacity of 1.37 million DWT, 12 dry bulkers with a combined capacity of 898,000 DWT, four dredgers with a combined capacity of 31,854 cubic metres (CBM) and a 350 feet oil jack-up rig.
Mercator has diversified its revenue stream, including coal mining in Indonesia coupled with its dredgers which are on a long-term lease and its recent acquisition of oil rigs. A combination of long-term contracts and a diversified revenue stream helped Mercator Lines’ consolidated operating income , including that of its Singapore subsidiary, touch Rs 2,210.5 crore in FY09 compared with Rs 1,477 crore for FY08 translating to a 50% growth.
The profit after tax (PAT) stood at Rs 467 crore which was a 30% growth. It is estimated that Mercator generates nearly 45-50% of its revenues in FY09 from long-term contracts. Also, the company generated nearly 11.5% of its topline in FY09 from non-shipping activities.
Source:EconomicTimes(http://economictimes.indiatimes.com/News/News-By-Industry/Transportation/Shipping--Transport/Mercator-to-buy-3-bulk-vessels/articleshow/4642329.cms)
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Sunday, 28 June 09
INDIA CEMENTS TO INVEST RS 1,500 CR OVER 2 YEARS
Chennai-based India Cements is planning to invest around Rs 1,500 crore over the next two years for setting up a greenfield project in Rajasthan, po ...
Saturday, 27 June 09
HEAVY CONGESTION AT AUSTRALIAN PORTS REACHING ALL TIME HIGH TO 120 SHIPS IN EAST COAST AUSTRALIA - VISTAAR SHIPPING
COALspot.com (Singapore): The market this week was a bit soft and the BDI was down by almost 10 pct and closed at 3,703 points.
The drop in BDI i ...
Friday, 26 June 09
INDONESIA INVESTORS EYE BHP BILLITON COAL PROJECT
About four Indonesian investors are interested in taking over a coal project owned by BHP Billiton Ltd, a senior government mining official said.
...
Friday, 26 June 09
SOUTH AFRICA'S CONSULTING GROUP OPENS OFFICES IN CHINA, INDONESIA
Consulting engineering company SRK Consulting has opened new offices in Asia to cope with the growing demand for its services in the region.
The ...
Friday, 26 June 09
RUSSIA MECHEL TO DELIVER 2 MLN T COKING COAL TO ASIA
Russian steel and coal producer Mechel said on Thursday it had signed contracts to deliver about 2 million tonnes of coking coal concentrate to unna ...
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- Offshore Bulk Terminal Pte Ltd, Singapore
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- Energy Development Corp, Philippines
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- GAC Shipping (India) Pvt Ltd
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- Energy Link Ltd, New Zealand
- Electricity Generating Authority of Thailand
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- Samtan Co., Ltd - South Korea
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- Karbindo Abesyapradhi - Indoneisa
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- Minerals Council of Australia
- Tamil Nadu electricity Board
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- Thiess Contractors Indonesia
- Parliament of New Zealand
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- London Commodity Brokers - England
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- Indian Oil Corporation Limited
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- Australian Commodity Traders Exchange
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- Africa Commodities Group - South Africa
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- Sical Logistics Limited - India
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- Thai Mozambique Logistica
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- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
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- Indian Energy Exchange, India
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- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
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- PTC India Limited - India
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- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
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- Orica Australia Pty. Ltd.
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- Banpu Public Company Limited - Thailand
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- Baramulti Group, Indonesia
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- IEA Clean Coal Centre - UK
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- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Maheswari Brothers Coal Limited - India
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- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
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- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
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- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
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- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
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- Siam City Cement PLC, Thailand
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- Globalindo Alam Lestari - Indonesia
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- Gujarat Electricity Regulatory Commission - India
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- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
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- Kepco SPC Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- CNBM International Corporation - China
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- Bangladesh Power Developement Board
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- OPG Power Generation Pvt Ltd - India
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- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- The Treasury - Australian Government
- Australian Coal Association
- Petron Corporation, Philippines
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
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- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
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- Savvy Resources Ltd - HongKong
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
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