BMW looking for larger slice of SUV market

first_imgAs India’s love for sport utility vehicles (SUV) revs into top gear, German luxury carmaker BMW on Thursday launched its new SUV, X1, in India priced between Rs 22 lakh to Rs 29.9 lakh (ex- showroom Delhi). The car will be available in both petrol and diesel variants.While the petrol version will be available at Rs 22 lakh (ex-showroom, pan-India), the diesel variant will have two options, priced at Rs 23.9 lakh and Rs 29.9 lakh (ex-showroom, all-India), respectively.The diesel variant of X1 has an engine with power of 177 brake horse power (BHP) and torque of 350 Nm ranging from 1750 to 3000 rpm. The petrol engine gives a power of 150 BHP with a torque of 200 Nm at 3600 rpm.BMW claims that the diesel variant takes 8.3 seconds to attain a speed of 100 kmph, whereas the petrol variant takes 10.4 seconds. All X1 variants have six speed automatic gearboxes.BMW already has two SUV models in India ‘X3’ and ‘ X5’. This SUV will be positioned below them.Last year, the Indian auto market saw as many as half a dozen new SUV launches, including many high- end luxury SUVs.These include Audi Q7, Hyundai Santa Fe, Tata Aria, whereas Audi had earlier launched Q5.French auto major, Renault, too, is planning to launch SUV Koleos in the Indian market in mid- 2011.The price will be a major advantage for the firm. This compact SUV will not only divert some traffic from its German counterparts but will also be pitched against Toyota Fortuner priced at ` 19.64 lakh, Nissan X- Trail ( Rs 21.7-26 lakh), Hyundai Santa Fe ( Rs 21-23 lakh) and the Mitsubishi Outlander (Rs 20.25 lakh).advertisementThis is the cheapest car from the BMW stable in India so far. The firm said it will assemble X1 from its Chennai plant and has invested about ` 180crore to boost the production. BMW has taken over the top position from its arch- rival Mercedes- Benz. According to the latest Society of Indian Automobile Manufacturers figures, BMW sold 5,345 units against 5,109 units sold by Mercedes- Benz during January- November this year.The company is quite bullish about the response of its new SUV in the India market.”We already have 1,000 orders for the BMW X1 and we are sold out for the first quarter of the next year. We expect the X1 to be the biggest volume model for BMW in India,” Andreas Schaaf, president, BMW India said.”India is still a growing market, it is not yet matured and we are creating a market with the launch of new vehicles. If the market continues to grow at 25 per cent, in ten years time India will be among the top 10 markets of BMW globally,” Schaaf said.last_img

CCTV for Bog Walk Gorge

first_imgMotorists using the flood-prone Bog Walk Gorge in St. Catherine will soon be provided with a reliable early warning system to alert them to dangerous conditions in the area.State Minister in the Ministry of Transport, Works and Housing, Hon. Richard Azan, has said that the National Works Agency (NWA) will be installing closed circuit television (CCTV) cameras and radios in the gorge at a cost of some US$273,000.He made the announcement during his Sectoral Debate presentation on Wednesday, June 5, in the House of Representatives.Mr. Azan said the system “will enable real time detection of and response to emergency conditions such as flooding and major accidents within the gorge; facilitate real time video monitoring of control gates before, during and after an emergency event.”He also noted that motorists and nearby communities will be provided with early warning of potential flooding within the gorge and advanced notice of closure of the roadway.“I am pleased to announce that this system is being realised through a public/private partnership, which brings together funding from the Government of Jamaica (GOJ) and the Inter-American Development Bank (IDB), with support from telecommunications companies FLOW, Digicel and LIME, through the provision of access to their fibre optic links and communication towers,” Mr. Azan announced.He noted that the project is being supported by the Office of Disaster Preparedness and Emergency Management (ODPEM), the police and the Ministry of Finance and Planning.Mr. Azan also informed that the Ministry will move to improve road signage and markings across the island with the installation of 500 traffic signs and 225 linear kilometres of road marking lines.In addition, the NWA will be undertaking the construction of a 1.5-kilometre multi-use path for pedestrian and bicycle traffic along the Norman Manley Boulevard, in Negril, Westmoreland at a cost of US$275,000.Other projects will include the construction of sidewalks and medians within the Papine circle, St. Andrew, costing US$400,000; and the installation of cables, to be used instead of guard rails, in selected areas around the country, at a cost of US$985,000.“The cable system will allow us a higher degree of flexibility in terms of being able to re-use materials even after an accident. The cables, unlike the traditional guardrails can be salvaged and re-used, even after an accident. This will save us millions,” Mr. Azan noted.Contact: Andrea Brahamlast_img read more

Another Bulker Handed Over to GOGL

first_imgzoom Dry bulk shipping company Golden Ocean Group Limited (GOGL) has taken delivery of one more secondhand bulker bought in March this year within a 16-vessel deal.The ship in question is the 81,500 dwt Q Ioanari which will now be renamed Golden Ioanari.Q Ioanari was built at South Korean Hyundai Mipo shipyard in 2011. Its market value currently stands at USD 19.47 million, VesselsValue’s data shows.Of the 16 vessels acquired, 14 were bought from subsidiaries of Quintana Shipping, and two ice class Panamax vessels from subsidiaries of Seatankers, an affiliate of Hemen Holding, the company’s largest shareholder. Under the terms of the agreement, the company would issue in aggregate 17.8 million consideration shares and assume debt of USD 285.2 million.Golden Ocean said it has issued 1.3 million consideration shares to Quintana Shipping and associated companies in exchange for the vessel.Following this transaction, the company’s issued share capital is USD 6,116,149.1 divided into 122,322,992 issued shares, each with a nominal value of USD 0.05.Q Ioanari is the seventh bulker from the batch delivered to the company so far. Earlier this week, Q Myrtalia and Q Shea were handed over to GOGL. Additionally, Q Kennedy and Q Amreen joined the company’s fleet in early May. Last month, Q Sue and Q Kaki were also delivered to GOGL.last_img read more

Castor Maritime Charters Out Panamax to Oldendorff Carriers

first_imgzoomIllustration. Image Courtesy: PxHere under CC0 Creative Commons license Cyprus-based dry bulk shipping company Castor Maritime has entered into a time charter contract with Germany’s Oldendorff Carriers for Magic P, a Panamax vessel. The charter commenced on March 12, 2019.The gross charter rate is USD 11,250 per day, for a period of a minimum of five up to a maximum of about eight months. For the first 30 days, the daily gross rate is USD 9,000, according to the company.Castor Maritime said the employment is anticipated to generate approximately USD 1.6 million of gross revenue for the minimum scheduled period of the time charter and could reach USD 2.6 million should employment be extended to its maximum period.Built in Japan in 2004, Magic P has a deadweight of 76,453 tons. Previously known as  Silver Freedom, Magic P has a market value of USD 9.4 million, VesselsValue’s data shows.Castor Maritime provides shipping transportation services through its ownership of the dry bulk vessel. The company’s vessel is employed primarily on medium-term charters and transports a range of dry bulk cargoes, including such commodities as coal, grain and other materials along worldwide shipping routes.last_img read more