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Adani Ports To Take Majority Stake in Krishnapatnam Port
Adani Ports and Special Economic Zone Limited (APSEZ), India s largest port developer, operator and part of the Adani Group, has decided to acquire a controlling stake in Krishnapatnam Port Company Ltd (KPCL).
As informed, the 75 percent stake will be bought from the existing shareholders of KPCL for INR 135.7 billion (USD 1.9 billion).
Located in the southern part of Andhra Pradesh coastline, Krishnapatnam Port is the second-largest private sector port in India after Mundra. In FY 2019, the multi-cargo facility handled 54 MMT.
"APSEZ will target to enhance cargo volume at KPCL to 100 MMT in around 7 years and will double its EBIDTA in around 4 years," Karan Adani, Chief Executive Officer and Whole Time Director of APSEZ, said.
This acquisition is also expected to accelerate APSEZ s stride towards 400 MMT by 2025.
"(T)his acquisition would accelerate our stride towards FY2025 vision of handling 400 MMT of cargo. Given the … infrastructure and the … hinterland catered by KPCL, this acquisition will not just increase our market share to 27% but also add remarkable value to our pan-India footprint," Adani further said.
The transaction, subject to regulatory approvals, is planned to be completed in 120 days, according to the port operator.
The purchase follows APSEZ s acquisitions of other two ports in the country, Dhamra and Kattupalli ports, in 2014 and 2018, respectively.Posted On:6-Jan-2020
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Fifth Newbuild Joins 2020 Bulkers
Norwegian shipowner and operator 2020 Bulkers has taken delivery of Bulk Shenzhen, the fifth of eight 208,000 dwt Newcastlemax newbuilds.
The 223,000 cbm ship was delivered to its owner by China s New Times Shipbuilding.
Under an agreement signed in October 2019, the bulker will commence an 11-13 month index-linked time charter with ST Shipping, a subsidiary of Glencore, on January 9, 2020.
As explained, the index-linked rate reflects a significant premium to a standard Capesize as a function of higher cargo intake and lower fuel consumption. The vessel will also earn an additional premium related to the fuel cost saving from the scrubber.
2020 Bulkers has five vessels in operation and three Newcastlemax drybulk vessels under construction in China. One bulker is planned for delivery in January 2020, and the remaining two vessels are expected to be delivered by May 2020.Posted On:6-Jan-2020
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Korean Register Names Its New Chairman & CEO
The Korean Register (KR) has appointed Hyung-chul Lee as its 24th Chairman & CEO.
Hyung-chul Lee takes the helm at joined KR after over 30 years of service in the classification society, holding various senior roles, including head of Statutory Service and head of Overseas Business Development Team, head at several key regional offices, as well as the head of KR s London branch office and head of KR s Seoul branch office.
He joined KR in 1988 and has until now held the position of Executive Vice President of KR.
"I am honoured to be elected as Chairman & CEO of KR. Next year, the Korean Register will celebrate its 60-year anniversary and I will do my utmost to ensure that KR continues to uphold its commitment to make a unique contribution to the international maritime industry to promote safe shipping and clean environment."
"Today the industry is facing significant environmental, economic and technological challenges. I look forward to leading KR, as we provide specialist advice and tailored services, and apply the best technology and strong practical solutions to serve our customers and act as a reliable supporter contributing to the success of the wider international maritime industry."
The 24th Chairman & CEO s term began on 23 December 2019 and runs for three years until 22 December 2022.Posted On:6-Jan-2020
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New quay cranes add capacity at Fujairah Port
Fujairah Terminals, wholly owned by Abu Dhabi Ports, has announced the arrival of two new quay cranes at Fujairah Port as part of expansion plans.
The Post Panamax ship-to-shore cranes were purchased from Shanghai Zhenhua Heavy Industries, China and will provide the capability to handle close to an additional 500,000 TEUs (twenty-foot equivalent units).Posted On:6-Jan-2020
Credits: www.bunkerportsnews.com |
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Suez Canal revenues increase slightly in 2019 - statement
Suez Canal revenues increased slightly to $5.8 billion in 2019 compared with $5.7 billion in 2018, its authority said in a statement on Saturday.
The canal kept its transit toll unchanged in 2020 for all types of vessels except dry bulk vessels and liquefied petroleum gas (LPG) carriers which will increase by 5% compared with 2019, it added.Posted On:6-Jan-2020
Credits: www.bunkerportsnews.com |
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Container handling in 2019: Dhaka ICD posts 14pc growth, Ctg port 7.0pc
The Dhaka Inland Container Depot (ICD), the biggest container terminal in the country, has recorded container traffic of over 95,000 twenty-foot equivalent units (TEUs) in 2019, which is an all-time high, according to a statement of the ICD.
On the other hand, the Chittagong port, the prime sea port of the country, posted a 7.0 per cent growth in container handling last year, port sources said. The port usually registers a double-digit growth year on year.Posted On:6-Jan-2020
Credits: www.bunkerportsnews.com |
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Egypt s Suez Canal Authority announces 5% toll increase for LPG and dry bulk carriers
The Suez Canal Authority (SCA) issued on Saturday the toll prices for the year 2020. SCA Chairman Osama Rabie said Suez Canal transit tolls for all types of carriers shall remain fixed, except for dry bulk carriers and liquefied petroleum gas (LPG) carriers, the tolls of which will increase by five percent starting April 2020.Posted On:6-Jan-2020
Credits: www.bunkerportsnews.com |
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Three seafarers kidnapped, four security personnel killed, in Nigerian pirate attack.
Pirates have kidnapped three seafarers and killed four security personnel onboard a dredger off Forcados terminal in Nigeria.
The latest in a spate of violent pirate attacks in the Gulf of Guinea the Nigerian dredger Ambika was reported to have been boarded by armed pirates on 2 January at the mouth the Ramos river around 9nm east of Forcados Terminal.Posted On:6-Jan-2020
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