FSL Appoints New Independent Director
FSL Trust Management Pte. Ltd. (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), has announced the appointment of Michael J. Oliver to its Board of Directors. Mr. Oliver has more than 40 years of international experience in the banking and financial services industry. He joined the London Branch of Commerzbank AG in 1986 and served as its Regional Board Member for Asia Pacific in Singapore from 2001 to 2005 before his retirement. As Regional CEO, he was responsible for Commerzbank branches in Hong Kong…
NordLB Back to Profit
Although the crisis is not over in all segments, Germany's second-largest marine lender, Nord LB, said its shipping loan portfolio turned a corner in the first quarter after several years of hefty losses, says a report in Reuters. The net profit of the company jumped up 70 percent in the first quarter as commission and lending income rose and as a one-off accounting gain boosted results. NordLB witnessed a turnaround in its shipping unit, earning 23 million euros compared to a pretax loss of 72 million euros a year earlier.
Tognum Secures Long-term Financing
Tognum has recently concluded an agreement with a bank consortium for a revolving credit line of €300 million. The credit line has a term of five years. In addition to Commerzbank as the coordinator, seven other banks are involved. Tognum will redeem the consortium financing that was agreed during the IPO in 2007 accordingly in the next few days. In the last few months, Tognum also received loans totalling €200 million for research projects from the European Investment Bank (EIB). In addition, KfW IPEX-Bank will finance R&D activities amounting to €50 million.
DryShips Debt Agreement
DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced that it has signed an agreement with Commerzbank and West LB on waiver terms for $70 million of our outstanding debt. This agreement is subject to customary documentation. George Economou, Chairman and Chief Executive Officer, commented: "We are pleased to have reached an agreement with Commerzbank and West LB.
Contargo Rolls out New Service from Rotterdam and Basel
Contargo AG has launched a new rail shuttle service to the German town of Weil am Rhein on the Swiss border. This creates a direct connection between the port of Rotterdam and the important industrial areas around Basel. Three times a week, the container train travels from the DUSS Terminal in Weil am Rhein (Tuesdays, Thursdays and Saturdays) to Rotterdam and vice versa (Mondays, Wednesdays and Fridays) in a mere 18 hours. In Rotterdam the shuttle will stop at the CTT Pernis Terminal.
Commerzbank Slashes Ship Finance Portfolio
The German lender Commerzbank is making money in tough market as it sheds another $1.2bn of ship loans. For the first time ever, Commerzbank's shipping portfolio stands at less than EUR 10 billion, according to the third quarter interim report, in which the German bank presents a profit of EUR 207 million. The Exposure at Default (EaD) was reduced over the second quarter of 2015 in the areas of Commercial Real Estate (CRE) and Ship Finance by EUR 5.1 billion. Therefore, the EaD…
Trans Global Projects Celebrates 30 Years
International logistics solutions provider Trans Global Projects Ltd (TGP) celebrates its 30th anniversary in 2018. TGP was founded on January 4, 1988 by Julian Clarke, Nick Harsant and Colin Charnock, who is the Group’s managing director. Headquartered in the U.K., TGP’s service portfolio comprises activities such as project logistics management, supply chain management, ship chartering, aviation logistics, logistics consultancy and procurement, which are delivered through a network of 20 offices across the world.
AG Recruits New Broking Teams
LLOYD’S broker Alston Gayler (AG), a specialist in marine, energy and liability insurance and reinsurance business, is pursuing a drive to recruit leading professionals as it seeks to expand its business base. AG managing director Robert Alexander says, “AG is firmly established as a highly respected insurance and reinsurance intermediary in its specialist areas of operation. But the risk landscape is changing, arguably faster than at any time in recent history, and insurance service providers must change with it.
Hammel Named to RENK Executive Board
RENK AG’s supervisory board has appointed Christian Hammel as executive board member for production and administration. Hammel is currently a member of the executive board responsible for finance at MAN Truck & Bus Österreich AG. After studying business administration at the University of Regensburg, he held various management positions at Sixt AG and at MAN Truck & Bus AG. He has been working at MAN since 2004. Hammel will succeed Ulrich Sauter on August 1, 2015, who will be leaving the company on July 31 for health reasons after almost 20 years on the executive board.
Volvo Acquires a Quarter Holding in Deutz
AB Volvo finalizes acquisition of shares in Deutz AG to increase its shareholding in Deutz AG from 6.7% to just over 25%. In total, AB Volvo has acquired 22,117,693 shares from Same Deutz-Fahr Group for an amount of EUR 130 million. The transaction makes AB Volvo the largest shareholder in Deutz AG. Deutz AG has been a strategic supplier of medium duty engines to the Volvo Group for more than a decade. Earlier this year, AB Volvo and Deutz AG signed a non-binding memorandum of…
Anthony and Nicolás Remain on Hapag-Lloyd Board
Hapag-Lloyd AG has announced the continuity in the executive management - Anthony J. Firmin remains COO and Nicolás Burr remains CFO. The Supervisory Board of Hapag-Lloyd AG extended the Executive Board contracts of Anthony J. Firmin (COO) and Nicolás Burr (CFO) by two years until 30 June 2019 and 29 February 2020 respectively. “In this important phase involving the upcoming closing and subsequent integration of UASC, we are counting on continuity in the executive management.
Horst Binnig to Succeed Dr. Gerd Kleinert as Rheinmetall CEO
Horst Binnig was appointed CEO of Rheinmetall Automotive's parent company KSPG AG and will take over beginning January 1, 2014. As Executive Board member of Rheinmetall AG, he will also represent the interests of the automotive sector within the Rheinmetall Group. From the start of 2014 and in both these positions he is succeeding Dr. Gerd Kleinert who after 13 years of successful activities in the Rheinmetall Group is stepping down from his CEO position and enetering retirement.
Vitol Returns for $8 Bln Loan Refinancing
Geneva-headquartered energy and commodities trader Vitol has signed an US$8bn loan refinancing of credit facilities agreed in October 2016, the company announced on Wednesday. The revolving credit facility, which is used for working capital and general corporate purposes, comprises a three-year tranche and a 364-day tranche. The three-year tranche totals over US$7bn. ABN AMRO Bank, Commerzbank, Credit Agricole CIB, HSBC Bank and ING Bank were active bookrunners on the transaction.
Rickmers Sells Vessel to Survive
Rickmers Maritime Trust has completed the sale of a vessel in connection with the settlement of senior loan facilities that German lender Commerzbank's Singapore branch extended to a unit of the trust. "The Trustee-Manager wishes to announce that the sale of the “India Rickmers” vessel has been completed. The Trustee-Manager will update its noteholders and unitholders if there are any further developments," Rickmers Trust Management Pte. Ltd., in its capacity as trustee-manager of Rickmers Maritime has announced in a statement.
Stolt-Nielsen Board Elects a New Director
The Board of Directors of Stolt-Nielsen Limited has announced the election of a new director, Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd AG. The Board of Directors of SNL received approval at the Company's Annual General Meeting in April of 2015 to fill two vacancies. With the addition of Habben Jansen as a director, the SNL Board now has six members, four of which are independent. Habben Jansen has served as Chief Executive Officer of Hapag-Lloyd AG, one of the world's largest container shipping companies…
MPC Brings in Peter Ganz for Shipping
Former Hapag-Lloyd CFO Peter Ganz has joined the top management team of the Hamburg asset and investment manager MPC Capital AG's shipping business with effect from 1 January 2016. As a member of the extended Management Board the 48-year old Business Administration graduate will be in charge of the company's shipping activities. Until last year Ganz served as CFO of Hapag-Lloyd AG for six years. In that role he was deeply involved in the successful restructuring of Hapag-Lloyd, primed the company for operating on the capital market and thereby secured financing for additional growth.
Hapag-Lloyd Names Haeser Next CCO
Container shipping line Hapag-Lloyd AG’s supervisory board has appointed Thorsten Haeser as a new executive board member in charge of Hapag-Lloyd’s global sales activities as chief commercial officer (CCO). Haeser, a law graduate, is currently managing director of Versatel GmbH, a company owned by United Internet AG. Prior to that, he held various management positions at Sixt AG, Telefonica O2 and VIAG Interkom. Haeser will take up his new position in Hamburg on October 1, 2015.
Hapag-LLoyd Board Member Leaving
Jesper Praestensgaard, responsible for Global Markets & Global Accounts is to leave the company in June 2013. Hapag-Lloyd announce that the executive board member will be leaving the Company at his own request in June in order to take on new challenges. “Hapag-Lloyd would like to thank Jesper Praestensgaard for his dedication during this time and would like to wish him all the best for the future, both privately and professionally,” says Dr Jürgen Weber, Chairman of the Supervisory Board of Hapag-Lloyd AG.
ThyssenKrupp Sells Shipyards to SIAG Schaaf
According to a Sept 29 report from Reuters, ThyssenKrupp AG (TKAG.DE) is selling part of its civil shipyards as the economic downturn hits shipbuilders around the world. German trade union IG Metall said late on Monday ThyssenKrupp is selling the Emden shipyards on the North Sea coast to SIAG Schaaf Industrie AG. (Source: Reuters)
German Nuclear Power Extension Threatens Offshore Wind Funding
According to a September 6 report from Bloomberg, the German government’s plan to extend the phase-out of nuclear power risks hampering investment in offshore wind turbines. Utilities including E.ON AG and RWE AG may cut their investment in the industry to compensate for a tax of $3.9b a year they will be charged, said an analyst at Bloomberg New Energy Finance. The levy on nuclear-plant operators is meant to support renewable energy. (Source: Bloomberg)
Crude Falls Below $114 as Iraq Supply Fears Ease
U.S. Brent crude dipped below $114 a barrel on Monday as worries about disruptions to Iraqi crude supplies began to look overdone given that exports have so far been unaffected by a Sunni Islamist insurgency. Brent was down 90 cents at $113.91 by 1336 GMT, off an intraday high of $115.66. U.S. crude for August delivery was down 54 cents at $106.29, after touching $107.45 earlier in the session. The July contract expired on Friday. Traders and analysts said that the rally had faltered as the market was becoming desensitised to the news out of Iraq.
Awards for Fugro Geotechnical Engineers
Two members of Fugro’s geoconsultancy team have won international awards – one recently presented in London, UK and the second in Regina, Canada. Dr. Kokkuen Lee, Principal Engineer at Fugro Advanced Geomechanics (Fugro AG), received the David Hislop Award from the Institution of Civil Engineers (ICE). His paper ‘Bearing capacity on sand overlying clay soils,’ published in ‘Géotechnique’ and coauthored with Winthrop Professor Mark J. Cassidy and Winthrop Professor Mark F. Randolph…
DryShips Pricing of Convertible Senior Notes
DryShips Inc. (NASDAQ: DRYS) a global provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced the pricing of its previously announced public offering of convertible senior notes. The offering size was increased from $300m to $400m. The sale of the convertible notes is expected to close on November 25, 2009, subject to customary closing conditions. The convertible notes, which are being issued at a price equal to 100% of their face value, will have an interest rate of 5%.
HSH Nordbank to Exit First Ship Lease
HSH Nordbank AG's subsidiary Godan GmbH, the controlling unitholder of First Ship Lease Trust (FSL Trust), is looking to divest all its shares in FSL Holdings, the sponsor of the trust, reported Business Times. The report quoted FSL Trust as saying that Godan GMBH is in discussion with shortlisted strategic investors for a potential sale of all of its shares in FSL Holdings. FSL Holdings also owns all shares of the trustee-manager of FSL Trust through FSL Asset Management Pte Ltd.
TGP Appoints Roehl as CEO Europe
Joerg Roehl has joined the Trans Global Projects Group (TGP) as CEO for Natco Switzerland AG with the overall responsibility for Europe with effect from 1 April 2017. The international project logistics company TGP Ltd has offices around the world and is headquartered in the United Kingdom. Natco Switzerland AG, an international forwarding agency, has been part of the TGP Group since 2015 and is based in Ruemlang/Zurich. Joerg Roehl has over 25 years of experience in the maritime and logistics industries.
Rickmer's Group Worth $740 Million
Following last month’s news that Singapore Based Rickmers Maritime Trust is to be wound up, Rickmers Holding AG released a statement on April 19 reporting that an understanding had been reached regarding restructuring of the Rickmers Group. It is understood that sole shareholder Bertram Rickmers will reduce his shareholding to below 25 percent, while the remaining 75 percent will be taken by lenders and bondholders. The value today of the Rickmers Group (a Rickmers Holding AG subsidiary) sits at $740 million, according to VesselsValue.