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CSL to raise INR 1,400-1,500 cr through IPO 25 March 2017

Cochin Shipyard Limited (CSL), India’s largest largest public sector shipyard, is planning to raise about INR 1,400-1,500 crore through an initial public offering (IPO) and has filed initial papers with the marker regulator.

On completion of a successful IPO, CSL will become the first of five state-owned shipbuilding companies to be publicly listed. In November 2015, the Cabinet Committee on Economic Affairs has approved the share sale in CSL.

The company has filed the Draft Red Herring Prospectus (DRHP) with SEBI on Friday

. The IPO comprises 33,984,000 equity shares consisting of a fresh issue of 22,656,000 equity shares and an offer for sale of...

Govt. approves INR 2,029 cr project for JNPT channel expansion 24 March 2017

The Cabinet Committee on Economic Affairs (CCEA), Chaired by the Prime Minister Narendra Modi has approved fresh estimates of the project Deepening and Widening of Mumbai Harbour Channel and JN Port Channel (Phase-II).

The cost of the project will be INR 2029 crore excluding the Service Tax.

The entire project cost will be funded through internal resources of JN Port Trust (JNPT) with market borrowing, if necessary.

The project includes the existing channel to be widened from presently 370 m to 450 m for straight reach, channel to be extended from existing 33.5 kilometer (km) to 35.5 kms.

The draft of the channel will be increased from existi...

IWAI raises INR 340 cr through infrastructure bonds 23 March 2017

The Inland Waterways Authority of India (IWAI) has raised INR 340 crore through its maiden bond issue from the market.

The fully serviced government of India bonds were privately placed with banks and financial institutions on March 1, 2017.

The Finance Minister, in his Budget speech 2016-17, had announced mobilization of extra budgetary resources through issuance of bonds to support infrastructure projects.

He had said, "To augment infrastructure spending further, government will permit mobilization of additional finances to the extent of INR 31,300 crore by NHAI, PFC, REC, IREDA, NABARD and Inland Waterways Authority through raising of bonds duri...

Move to hike Vallarpadam handling charges opposed 23 March 2017

The decision of DP World to hike terminal handling charges at Vallarpadam from April 1 has not gone down well with the Cochin Port Trust (ChPT).

Maintaining that it would hurt the trade badly, the port management is of the view that volumes at Vallarpadam Terminal can grow only if competitive tariffs are ensured, especially when cargo from the secondary hinterland are targeted.

The frequent increase in terminal handling charges is creating a negative sentiment among the ICTT customers, which may prevent growth and even result in diversion of some traffic.

The port trust noted that THC at ICTT was increased by 4.5% last November. The port users have rais...

VO Chidambaranar port handles record volume of cargo till March 17 22 March 2017

VO Chidambaranar (VOC) port in Tuticorin has surpassed previous financial year’s cargo handling volume of 36.85 million tonnes (MT) on March 17 with 14 days left before the end of current financial year.

Up to March 17, the port handled 36.91 MT, a 4.77% growth when compared with same period last year, says a press release from VOC Port Trust.

Cargo that contributed to the record performance includes coal, wheat, limestone, phosphoric acid, fertiliser, fertiliser raw material, construction material and containerised cargo.

The release said that the port also created a record in container traffic by handling 6.13 lakh twenty foot equivalent units (...

Containers start to move at port 21 March 2017

Import boxes finally started leaving the confines of Kolkata Dock System (KDS) and Haldia Dock Complex (HDC) of Kolkata Port Trust (KoPT) on Monday, albeit at a very slow pace.

The directorate of revenue intelligence (DRI) and the department of customs had stopped movement of containers from these port facilities over the weekend after an alert on the movement of fake notes and sophisticated arms from foreign shores.

S Balaji Arun Kumar, deputy chairman, KoPT said that "Containers unloaded on Monday weren't allowed to leave but we are now moving out those cleared on Saturday. There is no congestion as yet. We can sustain for two more days at this pace.&rd...

GE Shipping adds Suezmax Tanker 20 March 2017

Great Eastern Shipping Company (G E Shipping) has taken delivery of Jag Leena, a secondhand Suezmax crude carrier.

In December 2016, the company inked contracts with Panama-based Bretta Tanker Holdings to buy two vessels including Jag Leena. According to data provided by VesselsValue, Jag Leena, previously known as Eugenie, was purchased for USD 36.4 million.

The 157,700 Deadweight Tonnage (dwt) tanker was built by South Korean shipbuilder Samsung Heavy Industries (SHI) in 2010.

Including Jag Leena, G E Shipping’s fleet currently stands at 43 vessels, comprising 28 tankers and 15 dry bulk carriers with an average age of 9.56 years and a total tonn...

Ennore port sees rise in cargo volume 18 March 2017

Kamarajar port in Ennore is expected to handle nearly 2.25 lakh automobile units, including cars and trucks, for year ending March 31, the highest ever automobile volume handled in the port in a year.

Till March 16 of the current fiscal, the port handled 2.12 lakh automobile units as against 1.98 lakh units in the same period last year, a 7% growth, says a press release from Kamarajar Port Limited.

The release said that the port commenced export/import of automobiles through a dedicated general cargo berth from September 2010. Cumulatively, the port has so far handled 11 lakh cars, of which Nissan Motor alone exported over 7 lakh cars.

The release said ...

Kandla Port crosses 100 mt mark on March 15 16 March 2017

Kandla Port Trust crossed the 100-million tonne (mt) mark in cargo handling as at 0700 hrs on March 15, 2017, i.e. 17 days ahead, achieving an increase of over 5% as compared to last year despite the overall sluggish trend.

The total throughput was 100.28 mt as of 7 am on Wednesday. The break-up of the cargo was as follows: Dry cargo - 33.84 mt; Liquid cargo (Kandla) - 12.37 mt; and Liquid cargo (Vadinar) - 54.07 mt.

The major contribution in this increase was crude oil and POL at Vadinar that recorded an increase of around 3.7 mt, more than 1 mt in liquid cargo at Kandla, and about 0.50 mt in other dry cargoes.

As regards dry cargo, there was an increa...

Container cargo handling at KoPT crosses 6 lakh TEU 16 March 2017

The Kolkata Dock System has seen good growth in container cargo handling.

A release issued by KoPT said, On March 12 container throughput crossed 6 lakhs TEU ( twenty foot equivalent units), which is an all-time high record for Kolkata dock. In 2015-16 KDS handled nearly 5.78 lakhs TEU.

Cargo handling in the current fiscal is likely to be to the tune of 6.25 lakh TEU.

“The figures could be achieved despite the grave operational constraints of low navigational draft in the river, unavoidable ship detentions due to lock operations of the impounded dock and tide dependence in ship movement, which are all unique to the river port,” M.T. Krishna ...

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