Latest news with #VLGC
Time of India
03-08-2025
- Business
- Time of India
D-G Shipping crackdown, shipbuilding tensions & port concessions: What was important in the week gone by!
Advt Advt India's bid to grab a larger slice of the seafarers required by the global shipping industry has, of late, been dented by reports of unapproved private entities offering competency certificates that does not fit with the training and assessment standards set by India following a structured programme of examination, assessment and certification, as per a global treaty known as the STCW Convention adopted by the International Maritime Organisation (IMO).The Indian seafarers were lured by authorised as well as unauthorised manning agents to take up assignments on foreign flagged ships without adequate scrutiny of the fraudulent certificates issued to curb the fraudulent practices, India's Directorate General of Shipping issued an order on July 18, banning Indian seafarers holding certificates issued by the maritime administration of countries that are not recognised by India from sailing on foreign flagged order, though, sparked widespread protests over fears that it would render thousands of seafarers jobless and led to a court August 1, the day when the Bombay High Court heard the petition filed by a couple of seafarers, the D G Shipping issued a new order prohibiting foreign governments, maritime administrations, agencies, institutions, or representatives from conducting maritime training, including online or distance learning accessible in India, leading to issuance of seafarers' competency certificates under the STCW Convention, without its prior written new order strikes at the very root of the malaise and is not seen as overtly hitting the seafarers, some of whom might have wittingly or unwittingly fallen for the trap, in their desire to get jobs on board ships, and took a shortcut to attain competency certificates. It also seeks to rectify the situation by asking the unauthorised private entities to fall in line with Indian Infra reported in detail the moves by D G Shipping aimed at ensuring that India becomes a bigger supplier of quality crew to the global shipping other significant developments of the week, we reported that Prime Minister Narendra Modi 's ambitious plans for India's shipbuilding industry are facing resistance from local fleet owners due to reasons explained in this that hasn't deterred policy makers from finalising the technical specifications for constructing so-called Very Large Gas Carriers (VLGC's) India's oil and gas giant, ONGC Ltd, is scouting for local shipyards to build so-called Platform Supply Vessels that are used to support oil and gas drilling operations along the Nayara Energy is being squeezed from all sides as the latest round of sanctions by the EU on the refiner based in Gujarat has forced a couple of Indian ship owners to back out of contracts for hauling petroleum products along the coastET Infra also reported how the Andhra Pradesh government led by N Chandrababu Naidu facilitated a key captive port facility for the integrated steel plant proposed by ArcelorMittal Nippon Steel India by tweaking the concession agreement for the Kakinada Gateway Port Let us know what stood out most this week and how we can make your infra brief even more insightful.
Time of India
30-07-2025
- Business
- Time of India
India prepares groundwork for constructing Very Large Gas Carriers locally
Advt Advt By , ETInfra The government is laying the groundwork for constructing five so-called Very Large Gas Carriers (VLGCs) locally with a Ship Technical Advisory Committee set up by an inter-ministerial Joint Working Group (JWG) finalising the technical specifications of the vessels that are used to haul Liquefied Petroleum Gas (LPG).'The Ship Technical Advisory Committee (STAC) has finalised the technical specifications of the VLGC to be built at Indian shipyards at a meeting on Tuesday. It will be submitted to the JWG soon to take the plan forward,' said a source briefed on the costs some $120-125 million to build a 93,000 cubic metre VLGC from scratch in the current STAC had done a similar exercise previously for building Medium Range (MR) finalisation of the VLGC technical specifications comes in the wake of opposition from the Indian National Shipowners' Association (INSA), a lobby group for local fleet owners, on constructing MR tankers has told the government that there are an adequate number of MR tankers operating under the Indian flag to meet the requirements of the oil companies. Hence, it suggested that the government could look at 'other sectors and segments' of shipping where India is facing a shortfall such as VLGCs. India, according to INSA, has more than 30 MR tankers in its fleet against the requirement of some 18 such ships by the state-run oil companies.'INSA is against building ships locally. For some strange reasons, they prefer to buy second hand ships from abroad,' the source said.'INSA doesn't want the MR tankers to be manufactured here. They are saying you go for VLGC because there is no requirement for MR tankers,' the source stand was not acceptable to the government.'Today there may be no requirement for MR tankers but by the time these tankers are built by 2030 there will be a requirement plus there will be an increase in business after five years. Who is going to fill this gap,' the source 21 of the more than 30 MR tankers operating under the Indian flag are old and have to be replaced over the next 5 years. Who will build the ships and when will India create shipbuilding facilities,' he said.'INSA has a single agenda: to buy second-hand vessels from abroad. That is why they are looking to block the construction of MR tankers locally. So, much work has been done, including finalising the technical specifications of the MR tankers, which was submitted to the government. Even then they are not in favour of building MR tankers here,' the source is said to be one of the reasons why Indian Oil Corporation Ltd (IOCL) has delayed floating a tender to buy 10 MR tankers from Indian yards, for which the Prime Ministers' Office (PMO) had set a June 15 deadline.'The PMO gave a clear order, whatever it may be, to float the tender by 15 June,' the source top brass of the Ministry of Petroleum and Natural Gas is understood to have told a JWG meeting in early June about the deadline set by the PMO and wanted the tender process to be the state-run oil companies dithered on the way forward citing high project costs and other issues, a top MoPNG official is believed to have said at the JWG meeting that the order has come from the PMO and the tender has to be oil companies were categorically told by the MoPNG that even if the costs are high, to treat it as a 'strategic project' for the country and take approval from its board for any waivers ahead of floating the tender.'Still, they haven't done it,' the source said.A JWG meeting scheduled for June 23 had to be postponed as Indian Oil Corporation, the common nodal agency for issuing the tender on behalf of the oil companies, could not meet the June 15 deadline on floating the this time, INSA got into action and told T K Ramachandran, Secretary, Ministry of Ports, Shipping and Waterways that India 'require VLGC, not MR tankers', according to a source with knowledge of the discussions.
Yahoo
15-07-2025
- Business
- Yahoo
Dorian LPG (LPG): Among the Energy Stocks that Gained This Week
The share price of Dorian LPG Ltd. (NYSE:LPG) surged by 9.17% between July 7 and July 11, 2025, putting it among the Energy Stocks that Gained the Most This Week. An aerial view of a VLGC docked in port, surrounded by cranes and roadways. Dorian LPG Ltd. (NYSE:LPG) is a liquefied petroleum gas shipping company and a leading owner and operator of modern very large gas carriers. As of the close of July 11th, Dorian LPG Ltd. (NYSE:LPG) has gained more than 25% over the last month following a recovery in the global energy industry, particularly due to a tariff truce between China and the United States. American LPG specifications are particularly attractive for Chinese PDH plants, so the recent trade developments between the two countries mark a strong tailwind for the industry. Dorian LPG Ltd. (NYSE:LPG) remains bullish on the future of the industry, with Chairman and CEO John Hadjipateras stating in the company's Q4 earnings call: "We are confident in the long-term fundamentals of LPG demand, which are underpinned by growing petrochemical and residential consumption, particularly in Asia and by infrastructure expansions in the U.S., which will support steady growth in NGL output." Despite falling short on estimates in both profits and revenue, Dorian LPG Ltd. (NYSE:LPG) announced a dividend of $0.50 per share in May, totaling $21.3 million, reflects its commitment to returning capital to shareholders. While we acknowledge the potential of LPG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: 10 Best Nuclear Energy Stocks to Buy Right Now and The 5 Energy Stocks Billionaires are Quietly Piling Into. Disclosure: None.
Yahoo
14-07-2025
- Business
- Yahoo
Dorian LPG (LPG) Surged This Week. Here is Why.
The share price of Dorian LPG Ltd. (NYSE:LPG) surged by 9.17% between July 7 and July 11, 2025, putting it among the Energy Stocks that Gained the Most This Week. An aerial view of a VLGC docked in port, surrounded by cranes and roadways. Dorian LPG Ltd. (NYSE:LPG) is a liquefied petroleum gas shipping company and a leading owner and operator of modern very large gas carriers. Dorian LPG Ltd. (NYSE:LPG) received a boost after the company updated its financial and operational outlook for the quarter ended June 30 and declared an irregular cash dividend of $1 per share, returning just over $40 million to its shareholders. The cash distribution is payable on or about September 6 to all shareholders of record as of the close on August 10, 2025. Following the recent gains, the share price of Dorian LPG Ltd. (NYSE:LPG) has surged by over 14% since the beginning of 2025. While we acknowledge the potential of LPG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the . READ NEXT: 10 Best Nuclear Energy Stocks to Buy Right Now and The 5 Energy Stocks Billionaires are Quietly Piling Into. Disclosure: None.
Time of India
09-07-2025
- Business
- Time of India
India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts
As one of the world's largest offshore energy exploration efforts, India is set to explore more than 2.5 lakh square kms area under the Open Acreage Licensing Programme (OALP) Round X, Minister of Petroleum and Natural Gas, Hardeep Singh Puri , said on Wednesday. 'We are ready! For entering a new era of energy… In the field of oil and gas exploration and production, there are no longer obstacles, only possibilities,' the minister said in a post on X. In this regard, Hardeep Puri attended a meeting of the Offshore Energy Cluster in Bergen, Norway. 'The bold decision taken by PM Narendra Modi on the 'no go' area is not only enhancing the country's energy strength but also preparing India to lead a major transformation in the energy sector,' said the minister. The union minister also met Kristian Sorensen, CEO of BW-LPG which is the world's leading owner and operator of LPG vessels, owning and operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over 4 million CBM. 'The company is among the leaders in LPG shipping, accounting for 20 per cent of LPG imports into India. In our meeting in the Norwegian capital Oslo, we discussed ways of further strengthening the collaboration between BW-LPG and Indian energy companies,' said Hardeep Puri. Meanwhile, the oil and gas blocks being offered under the OALP has already garnered attention from global and domestic energy players, and Round X is expected to set new benchmarks for participation and investment. The Petroleum Ministry has invited feedback and suggestions on Draft Petroleum and Natural Gas Rules, Model Revenue Sharing Contract (MRSC) and Petroleum Lease before July 17, 2025 as part of the country's focus to accelerate the oil and gas sector. Hardeep Puri is slated to engage with ministers, officials and industry leaders at 'Urja Varta 2025' at Bharat Mandapam on July 17 in the run-up to India's Round X of exploration and production bidding for oil and gas blocks, which is the biggest globally.
