Job Search
 
 
  CV Search
 
 
  News
BDI conducts the demolition activity
  
Storing oil on board VLCCs could be losing its appeal soon
  
Deployment The Transpacific Trade Steps Up To The Plate
  
Taking Stock Of Oil Inventories
  
Shipping industrys recovery hinges on global economy, even more now than ever
  
 
 

Maritime News

India: Shipping companies hit hard by high interest rates

Shipping companies have reported a poor second quarter on the back of a drastic fall in charter rates and high interest charges and bunker cost. While leading private players – Great Eastern Shipping Company (GE Shipping) and Mercator Lines, net profit fell 84-87 per cent, country’s largest company Shipping Corporation of India (SCI) has plunged deep into red.

The state-run SCI reported a Rs 140.60 crore loss compared with a Rs 250 crore profit same quarter last year. GE Shipping profits fell 84 per cent to Rs 27.31 crore, while Mercator Lines profits fell 87 per cent to Rs 6.68 crore during the quarter.
Bidyut Kumar Mondal, director finance of SCI, told Financial Chronicle that the higher cost of bunker oil and depreciation of Indian currency were aided by the overall economic gloom. “The depreciation of rupee against dollar has lead to a notional loss of Rs 126 crore this quarter. Otherwise our actual loss would not have been more than 14 crore.”
“I think overall the market would continue to be same during the third quarter as well since I do not see any change in the freight rates for the bulk and the linear segment, which constitute the majority of our revenues,” Mondal said.
The bunker cost was higher during the quarter as bunker oil prices rose more than 49 per cent also the quantity of oil used was higher since voyage charter was more than time charter during the period, he said.
Mumbai-based Mercator, formerly Mercator Lines, saw a saving grace in the coal mining and trading business which contributed around Rs 435 crore to the overall revenues where shipping division contributed Rs 295.83 crore down from Rs 357.03 crore same quarter last year.
On Tuesday, Mercator’s shares plunged as much as 7 per cent, touching the monthly low of Rs 22 before closing down 1.48 per cent at Rs 23.30 a piece.
On Tuesday, SCI shares were down 6.06 per cent to Rs 62.80 on BSE. It was the 52-week low for SCI exactly a year back the stock touched a 52-week high of Rs 179.90 on November 15, 2010. The stock fell around 4 per cent on Monday.
GE Shipping, which sees maximum revenues coming from the tanker and the bulk divisions, said that the tanker market remained under pressure due to subdued driving season in US and uncertain macroeconomic environment in the oil exporting countries.


Date: November 17, 2011                                                             Source: My Digital Fc

 

 News
  Storing oil on board VLCCs could be losing its appeal soon
  Deployment The Transpacific Trade Steps Up To The Plate
  Taking Stock Of Oil Inventories
  Shipping industrys recovery hinges on global economy, even more now than ever
  Veniamis Says Hellenic Shipping Industry Faces Most Challenging Environment Ever as Shipowners Union Celebrates 100 Years of Existence
  Shipping industry mulls billions in extra costs as sulfur cap looms
  VLCC tanker prices down by 15 since the end of 2015 as Ship Owners Turn to Dry Bulkers
  Giant ore carriers set to play a bigger role in the global shipping fleet China embraces valemaxes
  Orders for newbuildings could pick up soon, as prices keep on falling from growing shipbuilder pains
  Mediation as a way to resolve disputes in the shipping industry
Read More

 Featured Company
ADARSH SHIP MANAGEMENT,India S S offshore,India BLUE CRYSTAL MARINE SERVICES PVT. LTD,India
CORPORATE MARITIME SERVICES,India SBM Marine Services Pvt. Ltd.,India MAERSK ,India
Aquarius International,India Oceans Pride Marine Services Pvt. Ltd.,India RAMAN MARITIME ACADEMY PVT. LTD.,India
SeaJobhunt,India APAC Marine Services Pvt. Ltd,India AET Shipmanagement (India) Pvt. Ltd,India
Admiral Marine Service Pvt. Ltd,India Helm Shipping Management Private Limited,India SHRI MAHAVIR MARINE SERVICES PVT LTD,India
Ind-Aust Maritime Pvt. Ltd,India Bridgeview Maritime Pvt.Ltd,India Calm Seas Shipping and Maritime Services Pvt.ltd,India
Ad Ship Management pvt. Ltd,India Tristarr Maritime And Shipping Private Limited,India

Copyrights © 2012 seajobhunt.com
Terms and Conditions  -   Sitemap  -   Private Policy  -   FAQ  -   Contact Us
Site By : Pheunix