Adani Ports Q4 profit up 41%
Adani Ports and Special Economic Zone (APSEZ), India’s largest private multi-port operator, reported a 41.45 percent surge in its consolidated net profit to INR 1,314.19 crore (USD 188.4million) for the quarter ended on March 31, 2019.However, its revenue fell 3.15 percent to INR 31 billion, said a stock exchange annoucement. Its coal volumes rose 30 percent year-on-year during the quarter, while the cargo volume increased 19 percent.The company also reported a record cargo throughput of 54 million metric tonnes in the three months ended March, according to the filing.
IOC to Acquire 50% Stake in Mundra Terminal
India's state-owned Indian Oil Corporation Ltd. on Friday said it will acquire up to 50 percent stake in Adani Group-backed Gujarat State Petroleum Corp (GSPC) Mundra LNG import terminal in Gujarat for an estimated INR 756 crore (USD 118 million). According to the Press Trust of India, GSPL LNG is a joint venture of Gujarat State Petroleum Corp and Adani Enterprises. Adani and GSPC are equal partners in GSPL LNG. The board of India’s largest oil firm gave “in-principle approval for acquiring up to 50% equity in GSPL LNG Ltd…
India to be Global Hotspot for Cruise Shipping
The government of India is working on a policy to make India a global destination for cruise shipping and efforts are on to identify such circuits, besides a slew of steps, to boost infrastructure, Shipping Minister Nitin Gadkari has said. According to a report by Press Trust of India, a high-level task force has been appointed and top global consultants are drawing up blueprint for it. Five circuits each are being identified for international and domestic cruise services and a report is likely by May this year.
Petronet Plans LNG Terminals in Sri Lanka and Bangladesh
India’s biggest player in liquefied natural gas (LNG) Petronet LNG Ltd has plans to establish a 5 million tonne LNG terminal in Bangladesh and 1million-tonne terminal in Sri Lanka. The Bangladesh terminal is in addition to 3.5 mt terminal that the country is looking to set up at Matar Bari in Moheshkhali Island of Cox’s Bazar district or Anwara, Chittagong, for which Petronet is one of the firms that has been shortlisted. "Bangladesh has huge unmet gas demand particularly to power generation.
Shipping Corp Seafarers on Hunger Strike
Around 200 seafarers with Shipping Corporation of India (SCI), the country's largest shipping company, are on a hunger strike (industrial action) since Saturday over wages and arrears. According to a Press Trust of India report, these seafarers, deployed on 15 vessels owned and operated by the Centre, launched their strike demanding revised wages in accordance with the clauses of National Maritime Board Indias agreement. These seafarers have also approached the National Union of Seafarers of India (NUSI) for its intervention.
India to Add Eight Major Ports
As part of its aggressive plans for port-led development, Union Shipping and Ports Minister Nitin Gadkari said he is looking to add eight major ports to the already existing 12, according to a report by Press Trust of India. "We are planning to add eight new major ports, including the three already announced - at Wadhwan in Maharashtra, Sagar in Bengal and Colachel in Tamil Nadu," he said. India currently has 12 major ports and three more are being developed, one each in Maharashtra, West Bengal and Tamil Nadu. The total cost of the three upcoming ports is about Rs 25,000 crore.
Sri Lankan Minister Visits Goa Shipyard
Sri Lanka's Minister of State for Defence Ruwan Wijewardene visited the Goa Shipyard Limited (GSL) at the Vasco town, located around 40 kms from Panaji in India and inspected Sri Lankan ships under construction, the Press Trust of India reported. He inspected the progress of the two Advanced Offshore Patrol Vessels (AOPV) being built for Sri Lanka Navy at Goa Shipyards. Wijewardene held discussion with GSL Chairman and Managing Rear Admiral Shekhar Mital along with the shipyard officials on the progress of the ship building process.
GAIL Postpones $7-bn LNG Ship Tender, Again
GAIL India has deferred a USD 7-billion tender for hiring nine newly-built ships to ferry liquefied natural gas (LNG) from the US by one month. Bids for the tender were to close on February 29 but now have been extended to March 31. The state gas utility is seeking 9 LNG ships of cargo capacity of 1,50,000-1,80,000 cubic metres to help transport LNG it has tied up from Sabine Pass and Cove Point LNG projects in the US, with supplies slated to start from December 2017. Press Trust…
India to Launch Anti-sub Vessel INS Kavaratti
India is all set to launch the last of the four anti-submarine warfare (ASW) class stealth corvettes INS Kavaratti, reports Press Trust of India. Kavaratti, which is 90 percent indigenous, is the last of four ASW class stealth corvettes being built for the Indian Navy under Project 28. The other three ships of the same class are INS Kamrota, Kadmattt and Kiltan. Designed by the Directorate of Naval Design and built by Garden Reach Ship Builders and Engineers, the contract for the construction of four P28 ships was signed in June, 2012, with the project priced at Rs 7,800 crore.
China Lures India with Deep Sea Mining Cake
A week before Indian Prime Minister Narendara Modi is set to visit the country, China said it was ‘eager to cooperate’ with India on deep sea mining in the Indian Ocean, reports Press Trust of India. China's sweetheart deal is to break through India's resistance to its attempt to access the Indian Ocean. It is offering India an opportunity to participate in joint seabed mining in the ocean, where large deposits of gold and silver have reportedly been discovered. "With quickening oceanic development and increasing mineral exploration in the Indian Ocean…
India: Mormugao Port bets Big Projects
India government-owned Mormugao has lined up ambitious approx $500 million projects that include capacity augmentation schemes as part of its expansion plans. Mormugao Port Trust (MPT), the Centre-government owned major port at Goa has plans to award nine major projects for expansion, entailing an investment of Rs 3,141 crore, says Press Trust of India. According to MPT Chairman Cyril C George, these projects would be implemented as soon as the approval from Ministry (Road, Transport, Highways and Shipping) are awarded.