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Still adding to position. I mentioned in the past that I thought the realisable net value of the company (x debt + saipem contract) is around 17p. I see shipbuilding booming in Asia, fabrication yards in Europe and USA gearing up for a wind bonanza and the potential for huge defence spending now that geo-political events have put the world at greater risk.
INFA is a huge disappointment, I grant you, it is however, possibly a golden nugget waiting to be discovered. Boris and NI government are a total crock of s--t. The world seems to have reached the lowest point ever for political ability. Just when you think it can't sink any lower, it takes your breath away with incompetence or corruption.
I am expecting to see two RNSs within the next couple of weeks. Firstly there is the RNS to cover the issue of equity for the next instalment of the purchase price for Appledore. In view of the recent share price performance I would expect the number of shares to be in the region of 1.5m. The second RNS is more speculative and that is we might see a contract RNS in a bid to bolster the share price I would expect to see this next week.
Fill your boots Stokey with this : -
https://www.ecex.co.uk/all-you-need-to-know-about-en-1090-and-structural-steel/
It tells you all you need to know about what EN 1090 and ISO3834.
It's basically the regulatory requirements to confirm the big metally stuff that's being bulit is built correctly and is fit for purpose.
Just seen this post on LinkedIn https://www.linkedin.com/posts/harlandwolff_quality-qualitymanagementsystem-activity-6834081231521615872-C-W6. Does anyone know what the qualifications refer to. Looks like something is going on going by the welding n the picture. The text of the post is
Our Belfast Quality team recently visited our Appledore site to assist with welder qualification training to ISO9606 - completing an internal gap analysis audit in preparation of the EN1090 execution class 3 and ISO3834-2 comprehensive quality extension of scope audit
They've been selling this down for weeks now , definitely need some news imho
The next scheduled update from INFA is the end of September. On the financial side I would be looking for a quarter on quarter increase in revenues. This would be based largely on income from Saipem starting in August. I would also hope that we get some information on a site by site basis. We have not heard anything about Arnish other than we have a General Manager.
Before then I am going to Belfast I will try and get some photos or video of the shipyard.
Hi All,
Just a reminder of the last e-mail I received from DAERA which was on the 21st July 4 weeks yesterday & I may now send another follow up e-mail.It seems to me that DAERA are able to delay as long as they like in order to delay a judicial review response from INFA if the answer is no.
It is all very frustrating !!!!!!
PS I am now showing Hold.
Wed, Jul 21, 2021 8:30 am
DAERA Marine Licensing Team (MarineLicensingTeam@daera-ni.gov.uk)
To:you + 1 more Details
Good morning Mr XXXXXX,
I acknowledge receipt of your email.
Please be advised that your query regarding timeframes for making a decision has been drawn to the attention of the Minister.
Regards,
Marine Licensing Team
Hi mcadder - I understand your frustrations & I now find that my top up last week was too soon as the SP has dropped again.
I cannot afford to Sell at all costs so will just wait but my average is now 45p hopefully the SP will have recovered by the end of the year when I will need the funds for a planned extension.I have for now given up on INFA & no longer expect news in the short term unlikely in the next couple of weeks. Good luck whatever your decision.
I'll give JW another couple of weeks to pull something out of the bag here once and for all otherwise I'll be pulling everything out that I have in here even if it is at a loss and put it into something that will actually make me a decent ROI.
It's clear to me that the N.I minister's do not want Islandmagee to happen otherwise we would have had at least some indication long ago if the green light was to be given. I fear that they are trying to allow as much time as possible to pass by in the hope that they may find more justification to say no (whether that be environmental, political or with the hope that they believe there may be less of a need for it as time goes by) who knows? I may be wrong but that is the sense I am getting here about what could be going on.
As for the shipbuilding side of things what a disappointment from a shareholder point of view this has been. JW mentioned at the last placing months ago that the company was on the verge of a transformational change! And so far the only transformational change to occur is the drop in SP from 54p to 32p upon announcement of the last placing and an almost 50% further drop to 17.50p. If another placing were to be announced at this stage for whatever reason I would not be looking forward to how low that placing price would be.
I've defended this company many times and held the faith as many others have done but for me if nothing improves in the next couple of weeks I'll be off and I won't be back no matter what.
Next week we will see two cargo ships arriving at Methil. As previously mentioned the Geervliet will be docking on the 27 August. Then on the 30 August the Greta will be arriving. I note that the Beautrident is still in port. All information is taken from here https://www.vesselfinder.com/ports/GBMTH001
Mr Wallace ?, thanks for link Stokey
Just seen this article about when a guarantee is a demand guarantee and when it is a see to guarantee in the context of a shipbuilding contract. It may be useful for INFA in the future. https://www.lexology.com/commentary/shipping-transport/united-kingdom/wikborg-rein/shipbuilding-contract-dispute-demand-or-see-to-it-guarantee?utm_source=Lexology%2bDaily%2bNewsfeed&utm_medium=HTML%2bemail%2b-%2bPro%2bEmbed%2b-%2bGeneral%2bsection&utm_campaign=Lexology%2bsubscriber%2bdaily%2bfeed&utm_content=Lexology%2bDaily%2bNewsfeed%2b2021-08-19
Never say never Bubble as Carnival have a LNG cruise liner which is a start
https://www.maritime-executive.com/article/carnival-cruise-line-s-first-lng-fueled-ship-departs-on-maiden-voyage
Some have been built but it appears to be a long way in the future
https://www.h2-view.com/story/worlds-first-liquid-hydrogen-powered-ship-delivered/
Interesting LSE03, next ships ??
Thank you for the reply TheEast
Multiple dockings makes good sense to me as it seems quite a few subcontractors are involved so a strong possibility .
Guess we also have Appledore as another option.
Also agree it would be great to see.
GLA OT
Northern Ireland 300 new jobs for Hydrogen buses
https://www.thetimes.co.uk/article/wrightbus-to-create-300-jobs-to-build-zero-emission-buses-jtqqfzjd3
Hi Oldtramp,
I imagine Belfast is highly inefficient for single ship dry dockings due to the sheer size.
Would be nice to get 2-4 docked at once, but of course that'd bring resource issues for us in terms of being able to work on several ships at once, and we'd still need to be able to turn them around as good as quickly as a single ship.
Certainly something that would be great to see though!
Ships run on hydrogen?, storage in salt caverns ,gets more interesting each week how these ships maybe built imho
Thanks for the reply BP
Guess it is down to individual shipyards and size of ships. The reason i asked it would appear because of Covid a large backlog of dry docking has occurred with each ship having to dry dock every 5 years for a maritime " MOT" it should be a bit of a boom time for dry docks
oldtramp,
I worked for a company that held the agency for several dry docks, although this was not my area, so I have absolutely no idea as to the costs involved in docking a vessel, sorry. The company subsequently dropped all yards, as there had been no money in the model for many years.
Good afternoon BP you seem to have a good knowledge of docks ?
Do you know how much it costs to put a ship into Dry dock per day ?
stokey12,
The installation was carried out by MJR, not H&W - Belfast merely provided the garage space.
Great post stokey12 - I see H&W are quoted - 'The replacement of the ballast control system is the second to be successfully delivered by MJR for Stena Line and was carried out on their Stena Hibernia vessel earlier this year whilst in dry dock at Harland and Wolff’s Belfast yard.'
Just seen this https://bdaily.co.uk/articles/2021/08/16/mjr-power-and-automation-announces-second-successful-project-delivery-for-world-leading-ferry-operator the skills learnt doing this might help with gaining similar work in the future.
LSE03 ref 09.24 post Thanks for this perhaps somebody can explain how the strategy can be world leading when every other nation has already published their strategy.