Shipping & Logistics

Recent Posts

GE Shipping’s operating profit up by 4%, but 17% up sequentially

Great Eastern Shipping Co.’s operations in the June 2011 quarter (Q1) were affected by a slump in the global shipping market. Margins suffered as revenues grew at a lower rate than costs did.

Net profit (after minority interests) fell by 5.4%, despite higher other income and lower interest costs, which were offset by depreciation and a higher tax incidence.

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ABG Shipyard makes big investment plans

ABG Shipyard is asking its shareholders to approve Rs 800 crore of investments and Rs 1,750 crore of corporate guarantees. That is a sizeable investment for the company which had a net worth of about Rs 1,080 crore as of March 31 2010. The company’s debt position as of March 31 2009 was Rs 1,771 crore. It has not indicated how it proposes to fund the investments but is taking shareholder approval because they exceed the limits approved under corporate law. Continue Reading →

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Pipavav Shipyard loses $36mn shipbuilding order

Ship-builder Pipavav Shipyard announced the loss of a $36mn (Rs 165 crore) contract to build a Panamax vessel. The company said that Setaf sas, a French company, cancelled its order for building a 75,000 dwt panamax vessel. The vessel, to be delivered in 2009, was delayed because a Goliath crane required during construction was not built on time. Chinese workmen needed to install the crane were not available due to the change in government policy on issuing visas to Chinese workers.

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