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IMC Maritime Newsletter May 26, 2010

(Full Newsletter can be downloaded here: http://imcbrokers.files.wordpress.com/2010/05/imc_maritime_newsletter_05262010.pdf)

Singapore Battles Oil Spill; MISC Shares Decline
Singapore is stepping up efforts to prevent an oil slick from reaching its shores after a tanker, owned by a unit of MISC Bhd., collided with a bulk carrier near the world’s busiest container port.

Tug regains control of barge west of Astoria
The Coast Guard says a barge that had been drifting loose in the ocean near the mouth of the Columbia River is back under control.

Aban Offshore approves $ 400mn fund raising
The company has approved fund raising of USD 400 million through issue of FCCBs, GDRs, ADRs etc and QIP of upto Rs 2500 crore.

Drifting dredging pipe from causes Yarmouth boat crash
Two fishermen were injured on Parker River early yesterday afternoon when their boat ran over an unmarked pipe left over from a dredging project.

Kenya gets the go ahead to train maritime staff
Kenya has finally been admitted to the International Maritime Organisation (IMO) white list. This means that the country will now be able to train seafarers who can work in foreign going vessels

Somalia pirate attacks up from last year
Pirates have stepped up their attacks off the coast of Somalia this year despite a large international naval flotilla designed to protect merchant shipping in the Horn of Africa region.

BAM Will Consider Possible Sale of Van Oord Stake in Summer
Dutch construction company Royal BAM Group NV reported a 19% rise in first-quarter net profit as profitability at most of its units improved, but revenue dropped 13% as market prospects remain uncertain.