Sept 01, 2010 (LBO) - The Sri Lankan bourse has tightened rules on disclosure requirements in relation to related party transactions of listed firms, saying in a statement that some transactions need immediate disclosure.
The Colombo Stock Exchange said that from September 01, 2010 listed firms would have to make immediate disclosure of related party transactions exceeding 10 percent of the equity or five percent of the total assets, whichever is lower.
The stock exchange said the Securities and Exchange Commission, the capital markets regulator, had directed the CSE to amend the listing rules on disclosure requirements in relation to related party transactions of listed firms.
"The SEC views transactions which cumulatively or individually exceed 10 percent of equity or five percent of the total assets of the company as price sensitive and important to shareholders," the statement said.
"As such, an immediate disclosure of such transactions is required."
Disclosures required are details of investments and amounts due from related parties, including date of transaction, name of related party and relationship with the party, amount and terms of the transaction, and its rationale, the statement said.
The move came in the wake of mounting concern over delays in disclosures that gave rise to fears of abuse or manipulation under the previous rules.
The CSE also said that under its continuing listing requirements listed firms would have to disclose in their annual reports related party transactions exceeding 10 percent of the equity or five percent of the total assets, whichever is lower along with details.
Recurrent related party transactions in the ordinary course of business could be estimated and grouped together although any deviations from the original announcement would have to be disclosed immediately, the CSE said.
source - www.lbo.lk
Wednesday, September 1, 2010
Sri Lanka Tourism Another update - From Colombo to Galle: A Sri Lankan travel revival
Sri Lanka has overcome 25 years of war and a devastating tsunami and is once again a terrific spot for those in search of some subcontinental wildlife, cuisine and a welcoming culture
Not in the travel brochures
Weaving south from Colombo to Galle, the roadside is littered with the hollowed-out shells of buildings, grave sites, memorials and photos of the tsunami victims. A family huddles around a tombstone and a teenage girl in a pink shiny dress stands forlorn. These are not the images in the travel brochures. Nor are they the only scenarios witnessed. On arrival at the airport, fellow passengers pile into vans with their luggage and fridges. As odd as this sounds, the airport is a duty-free haven for white goods and demonstrates Sri Lanka’s industrious side, a strength that propels them forward and beyond their hardships.
The power of outages
Fridges aside, maintaining cool temperatures is a battle due to regular power outages. There is a brand of bottled water called “Cold” but simply willing the water to chill isn’t enough in the insane humidity. Sweaty tourists battle with greasy hair and skin, especially after an Ayurveda treatment using gallons of massage oil. Add a ride in a breezy tuktuk and its a beauty crisis. Throw out that mirror and flop down on a beach instead; Unawatuna Beach in Galle is always a popular choice.
Trek to the Cultural Triangle spanning from Kandy (116 kilometers north east from Colombo) to Polonnaruwa (140 kilometers northeast of Kandy) to Anuradhapura (100 kilometers northwest of Polonnaruwa). There is a round ticket that can be purchased at the town museums or entrances of these sites or at the Colombo Cultural Triangle Office (11 Independence Ave, Colombo, tel. 011 267 9921) or the Cultural Triangle Office in Kandy (Palace St, tel. 222 2661). The World Heritage City and the hill-top capital of the Central Province is Kandy and hosts the Tooth Relic of the Buddha in the Sri Dalada Maligawa, the holiest shrine in the Buddhist world. Sri Lanka’s ancient capital Anuradhapura reveals Sri Lanka’s former glory with its massive dagobas (domes), the sacred Bo Tree (the world’s oldest recorded surviving tree) and architecture dating back to the third century B.C.
The grand medieval capital of Polonnaruwa showcases the well-preserved ruins of palaces, imposing Buddha sculptures, monastic complexes, and a massive artificial lake called the Sea of Parakama. Sixty-seven kilometers east of Polonnaruwa is the sacred complex of Sigirya, an enormous rock that rises 200 meters with palace ruins on the top and luscious gardens at its foot. Heading 116 kilometers south of Colombo is the fort town of Galle, famous for its Dutch-colonial buildings, artisans, and its tres chic reputation. Unscathed by the tsunami and with continued foreign investment, the fort houses some of the country’s most prized real estate.
The mother of nature
Those seeking an interlude with Mother Nature’s creatures have a plethora of national parks and wildlife sanctuaries hosting the illusive leopard. However, there are regular sightings of elephants, monkeys, squirrels and butterflies throughout any journey on the island, and on occasion hedgehogs can be seen walking on leads by their owners.
On the road from Colombo to Kandy is the Pinnawela Elephant Orphanage, which is a breeding ground and orphanage for wild elephants, and plays host to the largest herd of captive elephants in the world.
* Yala National Park, Monaragala, Kataragama
* Kosgoda Turtle Conservation Project, Galle Rd (beachside) just north of Kosgoda, tel: 091 226 4567
* Pinnewala Elephant Orphanage, Rambukkana Rd, Kegalle
Sweet, sweet foodie goodness
Karuna at Sonja's Health Food Restaurant, cooking extraordinaire with her teacher and mother.
This land of tea bushes offers a cuisine so fresh and tasty that foodies from all over the world are clambering to learn how to reproduce the curries in their own kitchens. Cooking schools demonstrate the difference between Indian and Sri Lankan curries, which have a larger spice base and use subtler cooking methods. As quoted by chef Peter Kuruvita of Flying Fish fame in Sydney, “To eat Sri Lankan food with utensils is like making love through a straw.” Learning how to eat with only your right hand is a practiced craft but once mastered, you won't want to go back.
* The Green Cabin (authentic Sri Lankan cuisine at an absolute bargain), 453 Galle Road, Colombo tel: 011 258 5511 or 011 259 1841
* The Gallery Cafe (recommendation: Black Pork Curry), 2 Alfred House Rd, Colombo, tel: 011 258 2162, www.paradiseroadsl.com
* The Fort Printers (fine chic dining), 39 Pedlar St, Galle Fort, Galle, tel: 091 224 7977
* Mama’s Galle Fort Roof Cafe (casually tasty with lovely views), 76 Leyn Baan St, Galle Fort, tel: 091 222 6415
* Dream House (Italian food at its best at local prices) Unawatuna Beach, Galle, tel: 091 438 1541
Cooking classes
* Karuna at Sonja’s Health Food Restaurant, Unawatuna Beach Road, Unawatuna, Galle, tel: 077 961 5310
* Many hotels & guesthouses run culinary shopping and cooking tours
Shopping Sri Lanka
* Paradise Road Gallery, 2 Alfred House Rd, Colombo 3, tel: 011 258 2162, www.paradiseroadsl.com
* Barefoot Gallery, 704 Galle Rd, Colombo 3, tel: 011 258 0114, www.barefootceylon.com and 41 Pedlar St, Galle, tel: 091 222 6299
* Odels Department Store, 5 Alexandra Place, Colombo 7, tel: 011 268 2712, www.odel.uk
* Exotic Roots, 32 Church St, Galle, tel: 091 224 5454
* Arts & Craftexport, 228/2 D. S. Senanayake Veediya, Kandy, tel: 081 222 2644
Capital gains in Colombo
Despite the unsavory stigma associated with Colombo, its worth looking beyond its woeful traffic, strong military presence and rumored corruption as the capital is brimming with culture. Offering plentiful dining options, it’s mandatory to have high tea or a cocktail at sunset at the Galle Face Hotel. Across the road, the Galle Face Green heaves at dusk over the weekends as kites frolick in the breeze. Shopping zealots will notice the mall culture hasn’t caught on -- yet. Department stores, galleries, and gem shops are bountiful and the adventurous shopper will lose themselves in the Pettah Bazaar.
Despite Sri Lanka’s petite size, traveling by road is slow due to poor road conditions, invigorating hairpin turns and dodging the odd cow or two. There are trains between Colombo, Kandy, Anuradhapura and Galle and the planned domestic flight schedule and new highways will reduce some traffic congestion and traveling times, as well as opening up areas that haven’t been available to tourists until very recently, like Jaffna, Trincomalee, and their surrounds.
Sri Lanka can be visited year round and the monsoon season hits the south from June to October and from December to April in the north. Regardless of the time of year, the weather is hot and steamy, the sun is harsh and never go anywhere without water and sunscreen.
Where to stay
Accommodation can be hit and miss with refurbishments often still in the planning stages and quirky plumbing is common. With architects opting for tropical modernism, air conditioners battle with the humidity in rooms that are at one with nature. Those flush with cash will flock to boutique hotels while those on a leaner budget should opt for guest houses, which also usually serve authentic Sri Lankan cuisine.
view full article
source & photo credit - www.cnngo.com
Retailers move Seylan Merchant Bourse makes good Monday’s losses
"Turnover was healthy with business generated by JKH, DFCC, Seylan Merchant Bank, Distilleries and Asia Capital," Asmath Iqbal of John Keells Stockbrokers said. "Retail play was evident in Seylan Merchant".
JKH with 2.3 million shares done between Rs.263 and Rs.266 gained Rs.2.40 to close at Rs.266 generating the day’s top turnover of Rs.608.5 million.
Brokers said that one big parcel of 2 million shares was among the quantity traded. There was unconfirmed speculation that the Insurance Corporation was the seller and there was foreign buying.
DFCC with nearly 0.7 million shares done was down Rs.3.80 to Rs.325 on a trading range of Rs.325 to Rs.330.
Retailers ran Seylan Merchant Bank where over 65.4 million shares were traded between Rs.2.70 and Rs.3.30 dropping 30 cents to close at Rs.2.70.
"Heavy retail activity on Monday moved this stock up around 10%," brokers said. "It lost about the same today."
Distilleries with 1.1 million shares done between Rs.139 and Rs.146 was up Rs.5.30 with some punters taking the view that the government pay back on the Insurance Corporation’s repossession was imminent.
Other stocks showing volume included Asia Capital (about 2.6 million shares), LB Finance (about 0.6 million shares), Seylan Merchant Bank (non voting – over 28.4 million shares), Vallibel Finance (nearly 1.2 million), NDB (over 0.2 million) and The Finance (nearly 1.2 million). All these counters other than Seylan Merchant (X) were gainers with the LB Finance up a substantial Rs.11.10.
Sierra Cables announced that it was merging with its subsidiary, Alucop, while Lanka Tiles announced that the strike at its factory had ended yesterday with a Collective Agreement signed.
Brown & Company announced a dividend of Rs.1.30 per share XD from September 8 and payment on September 20 while E.B. Creasy announced a dividend or Rs.3 per share XD from October 1 after September 30 AGM and with payment on October 11
source - www.island.lk
Sri Lanka bourse up 1 pct after month-end settlement
* Market up 1 pct; diversified, oil palm shares lead rise
* Investors buy large caps after month-end settlement
* Rupee down on importer dlr demand; cenbank raises band
COLOMBO, Aug 31 (Reuters) - Sri Lanka's benchmark share index rose on Tuesday led by diversified and oil palm shares as investors snapped them up after month-end settlements, traders said.
Sri Lanka's main share index .CSE rose 1.02 percent or 57.24 points to 5,658.01. It hit an all-time high of 5,679.14 on Aug. 20. Shares in market heavyweight and top conglomerate John Keells Holdings JKH.CM jumped 0.9 percent to 265.30 rupees.
The index is Asia's best performer with a 67.1 percent gain so far this year, although analysts have said the bourse is overheated with retail investors speculating heavily and ignoring fundamentals.
Turnover was at 2.9 billion rupees ($25.6 million), around five times the 2009 daily average. Foreign investors sold a net 68.9 million rupees' in shares and have overall sold a net 11.4 billion rupees so far this year.
The rupee LKR= closed at 112.77/79 a dollar, weaker from Monday's 112.68/70 on importer demand for dollars, while the central bank raised the dollar trading band by 10 cents to 112.40/80, dealers said.
FACTORS TO WATCH:
- Whether annual inflation picks up after data shows a rise following a five straight falls
- Tax reforms promised by the government
- Market reaction to proposed constitutional changes, seen to give more power to the country's president.
source - www.reuters.com/article
* Investors buy large caps after month-end settlement
* Rupee down on importer dlr demand; cenbank raises band
COLOMBO, Aug 31 (Reuters) - Sri Lanka's benchmark share index rose on Tuesday led by diversified and oil palm shares as investors snapped them up after month-end settlements, traders said.
Sri Lanka's main share index .CSE rose 1.02 percent or 57.24 points to 5,658.01. It hit an all-time high of 5,679.14 on Aug. 20. Shares in market heavyweight and top conglomerate John Keells Holdings JKH.CM jumped 0.9 percent to 265.30 rupees.
The index is Asia's best performer with a 67.1 percent gain so far this year, although analysts have said the bourse is overheated with retail investors speculating heavily and ignoring fundamentals.
Turnover was at 2.9 billion rupees ($25.6 million), around five times the 2009 daily average. Foreign investors sold a net 68.9 million rupees' in shares and have overall sold a net 11.4 billion rupees so far this year.
The rupee LKR= closed at 112.77/79 a dollar, weaker from Monday's 112.68/70 on importer demand for dollars, while the central bank raised the dollar trading band by 10 cents to 112.40/80, dealers said.
FACTORS TO WATCH:
- Whether annual inflation picks up after data shows a rise following a five straight falls
- Tax reforms promised by the government
- Market reaction to proposed constitutional changes, seen to give more power to the country's president.
source - www.reuters.com/article
Janashakthi Insurance the most profitable insurer in 1st half 2010
Janashakthi Insurance PLC (JIPLC) has become the most profitable insurer among the all quoted insurance companies.
Janashakthi recorded a Profit after Tax of LKR 145.4 Mn for the first half 2010. This is a remarkable achievement, given the nature of the industry which has 19 players competing.
Managing Director of Janashakthi Insurance PLC, Prakash Schaffter said "Irrespective of fierce competition in the market with a large number of players and challenging economic conditions, we have managed to record the highest profit quantum".
"This was mainly due to the company's strategy to focus on the bottom-line while offering a wide array of insurance products and services with unmatched benefits to policyholders, exceptional service standards which helped us to retain our existing customers, together with timely settlement of claims which amounted to over LKR 2.6 Bn in 2009 and LKR 1.6 Bn during the first half of 2010. The total claims incurred have increased by LKR 413 Mn as against the same period of last year", he said.
The Managing Director further said, "Compared to the same period of 2009 the company has experienced a decline in Profit after Tax in spite of being the most profitable listed insurer. This was a result of heavy claims incurred during this period in the category of natural disasters due to the recent floods where over 400 claims were intimated."
"During the review period our flagship brand Janashakthi Full Option has shown a steady growth of 7% which is the highest growth among the top 3 players in the motor insurance market in revenue. The company's Life Insurance business grew marginally by 0.8% whereas the Non-Motor business recorded a decline of 0.4% mainly due to our consolidation efforts to make the General Insurance business profitable by discouraging loss making product lines."
"Our proven track record undoubtedly enabled us to build confidence among the general public. Janashakthi Insurance has the highest stated capital among Public Quoted Insurance Companies, amounting to over LKR. 1.49 Bn, which is over 7.5 times the statutory requirement. The company is also backed by a rapidly accumulated asset base of over LKR 11 Bn, LKR 4.1 Bn in government securities and is the only insurer to acquire a state-owned insurance company. Janashakthi Insurance PLC also has an extensive Island wide branch network of over 100," Schaffter added General Manager Sales & Marketing Ravi Liyanage said, "During the year 2010, our focus will be to extend the benefits of our flagship brands such as Janashakthi Full Option, Janashakthi Life Unlimited, Janashakthi Awaranaya and further introduce a number of innovative products in keeping with the current economic and consumer preferences. Janashakthi will further enhance the deployment of technology to enable faster service delivery and to empower our sales force to serve our customers better."
source - www.dailymirror.lk
Janashakthi recorded a Profit after Tax of LKR 145.4 Mn for the first half 2010. This is a remarkable achievement, given the nature of the industry which has 19 players competing.
Managing Director of Janashakthi Insurance PLC, Prakash Schaffter said "Irrespective of fierce competition in the market with a large number of players and challenging economic conditions, we have managed to record the highest profit quantum".
"This was mainly due to the company's strategy to focus on the bottom-line while offering a wide array of insurance products and services with unmatched benefits to policyholders, exceptional service standards which helped us to retain our existing customers, together with timely settlement of claims which amounted to over LKR 2.6 Bn in 2009 and LKR 1.6 Bn during the first half of 2010. The total claims incurred have increased by LKR 413 Mn as against the same period of last year", he said.
The Managing Director further said, "Compared to the same period of 2009 the company has experienced a decline in Profit after Tax in spite of being the most profitable listed insurer. This was a result of heavy claims incurred during this period in the category of natural disasters due to the recent floods where over 400 claims were intimated."
"During the review period our flagship brand Janashakthi Full Option has shown a steady growth of 7% which is the highest growth among the top 3 players in the motor insurance market in revenue. The company's Life Insurance business grew marginally by 0.8% whereas the Non-Motor business recorded a decline of 0.4% mainly due to our consolidation efforts to make the General Insurance business profitable by discouraging loss making product lines."
"Our proven track record undoubtedly enabled us to build confidence among the general public. Janashakthi Insurance has the highest stated capital among Public Quoted Insurance Companies, amounting to over LKR. 1.49 Bn, which is over 7.5 times the statutory requirement. The company is also backed by a rapidly accumulated asset base of over LKR 11 Bn, LKR 4.1 Bn in government securities and is the only insurer to acquire a state-owned insurance company. Janashakthi Insurance PLC also has an extensive Island wide branch network of over 100," Schaffter added General Manager Sales & Marketing Ravi Liyanage said, "During the year 2010, our focus will be to extend the benefits of our flagship brands such as Janashakthi Full Option, Janashakthi Life Unlimited, Janashakthi Awaranaya and further introduce a number of innovative products in keeping with the current economic and consumer preferences. Janashakthi will further enhance the deployment of technology to enable faster service delivery and to empower our sales force to serve our customers better."
source - www.dailymirror.lk
Shareholders approve CLPL Rights Issue
The rights issue comprised the issue of 12.5 million ordinary shares at a reasonable and fair price of Rs 73 per share together with 12.5 million warrants executable in 2011, 25 million warrants executable in 2014 and a further 25 million warrants executable in 2015 at exercise prices of Rs 102, Rs 118 and Rs 142 per share respectively.
The new shares shall rank pari passu with the existing Ordinary Shares of the company and will be entitled to any dividends declared after the final allotment of shares.
The proceeds from this Rights Issue of shares is expected to enhance the capital of the company in line with the expected increase in the level of its operations and will be utilized for further expansion and modernization of the manufacturing units of CLPL, purchase of 51 percent controlling stake and 8.31 percent stake in South Asia Textile Industries (Pvt) Ltd. and Dankotuwa Porcelain PLC respectively, and for investments possibly in publicly listed as well as private companies in Sri Lanka.
The investments will be in distressed companies which have potential to be revived and made profitable within a reasonable period of time with the introduction of capital, financial discipline, controls and management guidance.
"The rights issue will help to take CLPL to greater heights by way of expansion of our facilities and modernization of the factory whilst exploring lucrative new business opportunities internationally in line with our mission to be the leader in the industry", said CLPL Chairman Lalith Heengama. "CLPL also has plans to diversify and invest in other lucrative and growing industries with significant potential in order to achieve our strategic corporate objectives", he said.
source - www.dailynews.lk
Tile industry performing well
Lanka Walltile General Manager Niranjan Jayawickreme said the tile industry is performing well due to the increased demand in the domestic market and the construction industry picking up.
With the developments taking place in the Northern and East and the hotel industry expanding have helped the tile industry to gain growth this year.
The tile industry was not affected as much as the tableware industry as the demand increased within the country.
Jayawickreme said there is an increase of 10 percent in tile sales compared to last year.
"Unlike other years the advantage this year is that most of our products have gone to the market soon after the production process with lesser stocks kept in factories," he said.
The factories are working to full capacity to cater to the increasing demand in the local market. However, there is a scarcity of raw materials especially for wall clay in the industry largely due to the limited mine licenses.
"Apart from the main markets Europe and North America, we are focusing on new markets such as Australia, Far East Asian countries and India while taking the advantage of the Free Trade Agreement (FTA)," Jayawickreme said.
"Sri Lankan ceramics are second to none in the world. Local industrialists have built goodwill for its brand image in the global arena, which is strong enough to stand among other ceramic products in the export market," he said.(CdeS)
source - www.dailynews.lk
Reserves close to US $ 6 billion More space for economic activities:
Charumini DE SILVASri Lanka’s total foreign reserves are close to exceed the US $ 6 billion, Central Bank Governor Ajith Nivard Cabraal told Daily News Business.
This is mainly due to factors such as favourable response from the foreign investors, increased remittances, increased export proceeds and tranches of the International Monetary Board (IMF) Stand-By-Agreement.
The foreign reserves of the country have recorded a 15 percent growth compared to the end of 2009, which was US $ 5.2 billion.
“There is a tremendous growth in foreign reserves during the first half of this year compared to the corresponding period of 2009. The lowest foreign reserves of US $ 1.2 billion were recorded in March last year,” he said.
Having a large amount of foreign reserves assures and provides confidence to the public that the banking regulator has the ability of repaying the loans, imports and on due time as well, Cabraal said.
The majority of the foreign remittances were from Sri Lankan migrant workers in the Middle-East, which accounts for 60 percent while 20 percent are from the European countries.
The remaining remittances were recorded from North America, Australia and Far East Asian countries.
The Central Bank expects foreign remittances will further expand by the end of this year.
He said the position of the foreign reserves is very strong.
“Putting all these aspects together we think that the monetary policy that has been put in place is a bit relaxed and the interest rates have been brought down. This will support investors and business with more space for economic activities.
The Governor said they are confident that the positive trends and factors will soon set the environment of the country’s foreign reserves to exceed the US$ six billion.
“This will ensure Sri Lanka the impetus and the momentum for the economy to grow and stabilize well,” the Governor said.
source - www.dailynews.lk
Janashakthi Insurance profits down, but sets record
Managing Director of Janashakthi Insurance PLC, Prakash Schaffter said, "Irrespective of fierce competition in the market with a large number of players and challenging economic conditions, we have managed to record the highest profit quantum".
"This was mainly due to the company’s strategy to focus on the bottom-line while offering a wide array of insurance products and services with unmatched benefits to policyholders, exceptional service standards which helped us to retain our existing customers, together with timely settlement of claims which amounted to over Rs. 2.6 billion in 2009 and Rs. 1.6 billion during the first half of 2010. The total claims incurred have increased by Rs. 413 million as against the same period of last year", he said.
The Managing Director further said, "Compared to the same period of 2009, the company has experienced a decline in profit after tax in spite of being the most profitable listed insurer. This was a result of heavy claims incurred during this period in the category of natural disasters due to the recent floods where over 400 claims were intimated".
"During the review period our flagship brand Janashakthi Full Option has shown a steady growth of 7% which is the highest growth among the top 3 players in the motor insurance market in revenue. The company’s Life Insurance business grew marginally by 0.8% whereas the Non-Motor business recorded a decline of 0.4% mainly due to our consolidation efforts to make the General Insurance business profitable by discouraging loss making product lines".
"Our proven track record undoubtedly enabled us to build confidence among the general public. Janashakthi Insurance has the highest stated capital among Public Quoted Insurance Companies, amounting to over Rs. 1.49 billion, which is over 7.5 times the statutory requirement. The company is also backed by a rapidly accumulated asset base of over RS. 11 billion, Rs. 4.1 billion in government securities and is the only insurer to acquire a state-owned insurance company. Janashakthi Insurance PLC also has an extensive Island wide branch network of over 100", Schaffter added.
source - www.island.lk
"This was mainly due to the company’s strategy to focus on the bottom-line while offering a wide array of insurance products and services with unmatched benefits to policyholders, exceptional service standards which helped us to retain our existing customers, together with timely settlement of claims which amounted to over Rs. 2.6 billion in 2009 and Rs. 1.6 billion during the first half of 2010. The total claims incurred have increased by Rs. 413 million as against the same period of last year", he said.
The Managing Director further said, "Compared to the same period of 2009, the company has experienced a decline in profit after tax in spite of being the most profitable listed insurer. This was a result of heavy claims incurred during this period in the category of natural disasters due to the recent floods where over 400 claims were intimated".
"During the review period our flagship brand Janashakthi Full Option has shown a steady growth of 7% which is the highest growth among the top 3 players in the motor insurance market in revenue. The company’s Life Insurance business grew marginally by 0.8% whereas the Non-Motor business recorded a decline of 0.4% mainly due to our consolidation efforts to make the General Insurance business profitable by discouraging loss making product lines".
"Our proven track record undoubtedly enabled us to build confidence among the general public. Janashakthi Insurance has the highest stated capital among Public Quoted Insurance Companies, amounting to over Rs. 1.49 billion, which is over 7.5 times the statutory requirement. The company is also backed by a rapidly accumulated asset base of over RS. 11 billion, Rs. 4.1 billion in government securities and is the only insurer to acquire a state-owned insurance company. Janashakthi Insurance PLC also has an extensive Island wide branch network of over 100", Schaffter added.
source - www.island.lk
Colombo Dockyard delivers Greatship Ramya
Colombo Dockyard PLC (CDPLC) delivered the second vessel of a series of four 78m Multipurpose Platform Supply Vessels (MPSV) with a 3200 deadweight capacity for the Greatship Global Offshore Services Pvt Limited of Singapore.
The delivered Vessel was designed by Seatech Solutions International (S) Pte Ltd of Singapore in collaborative consultation with the Owner and the Builder, Colombo Dockyard. The role of the Vessel is to support offshore oil and gas fields on a twenty-four (24) hour per day basis and has an endurance of about 35 days and a cruising range of about 9200 nautical miles. An outstanding speed of 13.8 knots enables the Vessel to get to the desired location around the world as quickly as possible, minimizing downtime. The Vessel is built for operation in un-restricted waters and is capable of undertaking multi-purpose roles such as transportation of pipes, fresh water, diesel, methanol, bulk cement, stores, equipment, moving men, materials between platforms and shore.
Good maneuverability and station keeping is achieved by using twin controllable pitch propellers, twin rudders and transverse bow and stern thrusters. Twin maneuvering consoles are fitted in the wheelhouse stations, forward and aft with "joy-stick" controls. The Vessel being equipped with advanced dynamic positioning (DP AA) system assures safe and more efficient operations while working in close proximity to oil platforms/ rigs, even under the most harshest weather conditions. Being equipped with a fully automated bridge layout with alarm monitoring systems for single man bridge operation, the vessel is classed with "NAV1" notation.
The Vessel has a larger accommodation area for 50 persons as against the 24 persons in the previous Anchor Handling Tug Supply Vessels. These accommodation areas are well-appointed and are aesthetically designed and built. Special attention has been paid to noise and vibration levels and crew comfort onboard the vessel, thereby meeting compliance to ‘CAC3’ notation of the classification society.
Among another feature that was added to this Vessel was the application of the ‘Intersleek’, the very latest innovation in foul release coatings. Intersleeks exceptionally smooth, low friction surface prevents organisms attaching on to the Vessel’s hull, saving the Owner, time and money at sea. The specialized coating not only reduces the fuel costs but also has a positive impact on the environment and has durability up to 10 years.
The Vessel is also classed with "In Water Survey" denoting the vessel could be operated without being dry-docked for 5 years. Due to this, surveying the underwater parts of the Vessel could be carried out while the Vessel is still afloat instead of having to dry dock the Vessel for examination of the under water areas, as is conventionally done. This is a huge saving for the Owner. In addition, the Vessel is also equipped with Tail Shaft monitoring system (SCM) which is a huge advantage for the Owner in his quest for monitoring of temperature and condition in the tail shafts.
In addition to the dry bulk carrying capability, the vessel is also capable of carrying methanol, which is a low flash point liquid. In order to prevent any fire risks, a special deck foam fire fighting and prevention system has been installed for safety.
The Vessel has been designed, constructed and outfitted complying with the latest rules and regulations applicable to a Vessel of this type and size. The plan approval and survey during construction was performed by the Lloyds Register of Shipping.
Over the past few years, Colombo Dockyard operating in joint collaboration with Onomichi Dockyard Company Limited of Japan, has accumulated a wealth of experience in building Vessels for the offshore sector requirement and is now well experienced and geared to meet any kind of requirement that may arise in the offshore oil exploration activities being carried out in the Sri Lankan waters and offer its expertise.
source -www.island.lk
Subscribe to:
Posts (Atom)