• 2024 February 12 13:48

    Shipping Corp of India sees earnings decline amid privatization plans

    In its third quarter, the State-owned Shipping Corp of India (SCI) reported a decrease in earnings, largely attributed to weaker performance in its tanker and liner sectors. Despite this, the company's share price has been on the rise following updates on its ongoing privatization efforts.

    Net earnings for the three months ending on December 31st plummeted to INR 1.32 billion ($15.9 million), compared to INR 2.4 billion in the same period last year. Revenue also saw a decline, dropping to INR 13.4 billion from INR 14.9 billion.

    Tanker pre-tax profits fell sharply from INR 3.5 billion to INR 1 billion, while bulkers remained stable at INR 263 million. However, container shipping experienced a larger loss, increasing to INR 942 million from INR 713 million in 2022.

    Despite these challenges, SCI's share price surged to an all-time high of INR 291 last week after reports emerged regarding the completion of a listing for its Shipping Corporation of India Land and Assets (SCILA) spin-off within a month. This divestment of non-core assets is a significant step towards the government's plan to sell off its 63.75% stake in SCI.

    Additionally, SCI is preparing to rejuvenate its fleet through a planned sale-and-purchase drive. The company intends to acquire five vessels, including a VLGC, an MR tanker, a container ship exceeding 9,000 teu, a platform supply vessel, and an anchor-handling tug supply vessel, signaling the end of an informal freeze on acquisitions during the privatization process.

    With approval from the state for these purchases to be completed by March 31st, SCI is poised to enhance its fleet and navigate the evolving maritime landscape.




2024 February 26

18:06 Cetus Maritime merge with Nachipa Corp
17:32 HD Korea Shipbuilding wins US$1.08 bln order for LNG ships
17:17 Asian shipping companies to face over €1 bln in emissions costs under new EU regulations
16:57 Panama Canal’s revenue up 14.9% to $4.968 bln in 2023
16:24 DP World and Masdar partner to drive renewable power for port operations
14:59 Singapore's Seatrium announces loss of $1.4 bln in 2023
14:24 Euronav orders two eco-friendly bitumen tankers
13:52 Vopak advances Singapore's bunkering hub with new biofuel capacity
13:22 Germany's Mukran LNG terminal starts trial operations
12:42 Glomar Offshore reduces CO2 emissions by 28% with transition to sustainable biofuel
12:22 Oil tanker shortage exacerbates global petroleum trade disruptions amid Red Sea attacks
11:48 QatarEnergy to boost global LNG production with new North Field West project
10:29 European Commission clears acquisition of Bollore Logistics by CMA CGM

2024 February 25

15:46 Mitsubishi Shipbuilding completes basic design of ammonia fuel supply system for marine engines under development by WinGD
14:33 Final tender for technical support opens for aids to navigation maintenance in Australia
13:18 HII launches Virginia-class submarine Massachusetts at Newport News Shipbuilding
12:07 IMO agrees new guidance for safe transport of plastic pellets on ships
10:25 ​QatarEnergy names the first carrier of its LNG expansion fleet

2024 February 24

15:17 CMA CGM announces RRI03 from North Europe & the Mediterranean to/via USA, Canada & Mexico
14:31 Hanwha Ocean seals $256 million deal to build VLCC pair
12:38 New cable layer joins Boskalis fleet following major conversion
10:33 Port of Rotterdam adopts Green Award verification for new EU shipping sustainability incentives
09:57 MPA selected 11 proposals to advance electric harbour craft designs in Singapore

2024 February 23

15:57 Vitol and EOG Resources enter into long-term gas supply agreement indexed to Brent pricing
13:47 PortNews’ top headlines, Jan 19-26
12:06 BOEM approves construction and operations plan for empire wind’s offshore wind project
10:40 Clear early policy decisions needed to prevent the UK's energy transition stalling, says DNV

2024 February 22

18:04 United Maritime Corporation expands fleet with new bulk carrier
17:42 Euroseas reports Q4 and FY 2023 results
17:16 Scrubber savings up to 13 bln USD amid IMO2020 regulations implementation
16:14 HD Korea Shipbuilding secures 172.4 bln-won order for two LPG carriers
15:51 Baltic Sea Action Plan Fund allocates EUR 1 mln to 10 new environmental projects
15:24 The first Norsepower Rotor Sail funded by German Government to be fitted on Baltrader’s new cement carrier
14:45 HD Hyundai Marine Solution bags deal for LNG carrier re-liquefaction
14:13 Eastern Pacific Shipping partners with bound4blue for first wind-assisted propulsion system installation
13:42 Baker Hughes lands multi-year well construction services contract with Petrobras
13:32 MABUX: Bunker Weekly Outlook, Week 08, 2024
13:20 Unifeeder launches new direct service linking Aruba and Curaçao with Colombia
12:43 The use of Nextlogic at the Port of Rotterdam leads to a 20% reduction in port waiting times
12:21 Vitol Bunkers takes delivery of first biofuel barge in Asia
11:43 Galveston LNG Bunker Port joins SEA-LNG coalition
10:58 Liberian bulk carrier banned from Australian ports
07:39 Container shipper HMM receives an A- score from Carbon Disclosure Project

2024 February 21

18:00 SBM Offshore receives ExxonMobil Ruby Supplier Award for offshore operations
17:25 ZeroNorth and Alpha Ori Technologies close deal to form a new company
17:06 SeaLead and Blue Water Line launch Gulf India Express service
16:34 Auramarine signs agreement with Yiu Lian Dockyards and Guangzhou Jihai Shipping Material for the implementation and uptake of methanol dual fuel systems
16:12 VARO and Orim Energy to scale-up sustainable shipping fuel capabilities
15:34 Biden to sign executive order on US port cybersecurity
15:11 EDGE Group and Fincantieri form joint venture
14:57 Allseas completes infield pipelay scope for BP's GTA LNG project offshore Mauritania and Senegal
14:11 BYD to expand fleet with seven new car carriers by 2025
13:47 Hanwha Ocean sales jumped 52.4 percent on-year to 7.4 trillion won in 2023
13:24 Cavotec signs two-year service agreement with APM Terminals at Port of Tanger Med
12:19 Russian grain exports exceeded 66 million tonnes worth almost $16.5 billion in 2023
11:07 Gasunie and Storag sign agreement for large-scale hydrogen storage in Germany
10:58 Dual-fuel methanol design of offshore wind turbine installation vessel from Yantai receives ABS approval
10:29 NYK places first order with Japanese shipyard for offshore wind industry crew transfer vessel

2024 February 20

18:07 Armada Technologies announces contract with CoolCo for a hull air lubrication installation
17:40 AIDA Cruises launches the largest modernization program in its fleet
17:24 ROVOP partners with Boskalis to deliver integrated subsea solutions throughout the energy industry
16:35 Port of Rotterdam total cargo throughput down 6.1% to 438.8 million tonnes in 2023
15:36 EST-Floattech secures a €4 million investment from 5 investors
15:14 South Korea strengthens export restrictions on Russia and Belarus
14:41 Glander International Bunkering and Asyad Shipping partner for AI-driven sustainable shipping solutions
14:12 Danaos adds two methanol-ready container ships to fleet
13:58 Some stranded Russian Sokol oil cargoes begin to move to China, India
13:35 HD Korea Shipbuilding wins 322.8 bln-won order for 2 ammonia carriers
12:43 RINA approves performance prediction software for wind-assisted ships
10:55 Forth Ports orders two new pilot boats