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Sunday, May 19, 2019

Finance News

Pic: Torvald Klaveness

Klaveness Combination Carriers to List in Oslo

Norway's Klaveness Combination Carriers (KCC) has raised 350 million Norwegian crowns in a private share placement, valuing the shipping firm at 2.27 billion crowns ($259.57 million) ahead of an Oslo stock market listing on May 22.Following the successful private placement, KCC has declared two options for the construction of the seventh and eight CLEANBU combination carrier with Jiangsu New Yangzi Shipbuilding Co., Ltd in China.The two newbuilds are scheduled for delivery in January and February 2021. Following the declaration, the KCC fleet will grow to 17 vessels within 1st quarter of 2021.

Mjølner, MID-SHIP Partner for Product Solutions

Mjølner Shipping Holdings LLC and MID-SHIP Capital LLC has announced the expansion of their joint venture with the launch of their second fund, Mjølner Product Solutions LLC.Mjølner Shipping Holdings LLC (“Mjølner”) and MID-SHIP Capital LLC (“MID-SHIP”) has announced the successful closing of a product tanker-focused investment fund, Mjølner Product Solutions LLC (“Product Solutions”), a Marshall Islands company.Product Solutions was formed to provide investors with efficient…

Image: Clipper Bulk

Clipper Bulk Axes 40 Staff

International dry bulk shipping company Clipper Group  has launched a comprehensive restructuring involving a large number of layoffs, especially at the company's Copenhagen headquarters.The dry bulk carrier announced a series of initiatives to strengthen its business platform amid continued weak markets.Initiatives include agreements to strengthen the company’s financial position, downsizing of organization and office network, other cost savings, changes to Senior Management as well as a more focused market approach…

Pic: Port of Marseille Fos

Marseille Fos Names MD

Former port of Le Havre managing director Hervé Martel has started work as interim managing director of the Marseille Fos port authority following his nomination by the French transport minister. His appointment is now due to be officially ratified by the leading French port’s supervisory board. Martel joins the executive board in succession to Christine Cabau Woehrel, who left in March on completion of her five-year term to re-join Marseille-based CMA CGM as director of assets.Meanwhile Marc Forneri has been re-elected for a second five-year term as supervisory board chairman.

Engine Room Wall (Photo: Advanced Mechanical Enterprises)

'Sea the World' Reveal At Huizenga Center

South Florida’s marine industry is a $12 billion/year economic engine that provides the region with 142,000 careers and jobs. With an aging workforce and a unique skill set, the maritime community is facing a workforce that’s aging out with skilled labor being very hard to find. To assist, Advanced Mechanical Enterprises/AMESOLUTIONS.COM, and 23 marine industry companies have joined forces with Junior Achievement of South Florida.On May 1, 2019, Junior Achievement of South Florida will unveil the Marine Industry Storefront…

PHOTECTOR Unveils Corporate Rebrand, Senior Hires

PHOTECTOR, previously known as PEIR, today announced a corporate rebrand and several new key senior hires.“We are excited about the corporate rebranding of PHOTECTOR, strategic actions that go far beyond a name change from PEIR,” said Tom Burke, CEO of TCompanies, parent company of PHOTECTOR. “These changes comprise a new brand identity that includes website and mobile app and user experience enhancements, as well as several key senior level new hires to move PHOTECTOR forward.

Peter Voser (Photo: ABB)

Voser Steps in as Interim CEO at ABB

ABB Chief Executive Ulrich Spiesshofer has quit the Swiss industrial group as the board and major shareholders look for a speedier turnaround at the maker of industrial robots and supplier of factory automation.Spiesshofer’s abrupt exit follows the launch of the biggest overhaul in ABB’s 31-year history to reposition the company more toward digital industries and agreeing to activist shareholder demands to sell its power grids business.But the latest revamp by the former management consultant failed to revitalize ABB’s stock…

Sandra Goranovic (Photo: Crowley)

Crowley Shipping Promotes Goranovic

Crowley Maritime Corp. has announced that Sandra Goranovic has been promoted to vice president of finance and accounting for its Crowley Shipping business unit.In her expanded role as part of the Crowley Shipping leadership team, Goranovic will direct the business unit’s finance and accounting strategies, practices and planning. She will continue reporting to Rob Grune, senior vice president and general manager.Her responsibilities include analysis of the business unit profits…

Captain Dwain E. Hutchinson (Photo: BMA)

BMA Appoints Hutchinson as MD, CEO

The Bahamas Maritime Authority (BMA) announces the appointment of Captain Dwain E. Hutchinson as its Managing Director and Chief Executive Officer. Captain Hutchinson succeeds Commodore Davy F. Rolle, who stepped down as Director last year.Captain Hutchinson is a proud Bahamian from Nassau, New Providence island, where he completed his tertiary education before commencing his maritime studies in Scotland at Glasgow College of Nautical Studies. Qualified with a UK Master Mariner (Unlimited) STCW Certificate of Competency…

Pic:  DNV GL

Singapore Remains Top Maritime Capital

Singapore has been ranked the world's top maritime capital for the fourth consecutive time in the Leading Maritime Capitals of the World (LMC) report. The Leading Maritime Capitals report for 2019 is with fresh insight on which maritime metropolises provide the best support for companies in shipping and related services.Criteria include soft and hard infrastructure and access to world-class talent and services – all key components that maritime businesses need to thrive in their chosen locations.Singapore maintained its top position at the head of the 15 leading maritime capitals.

Image: Maersk

Maersk Mulls Trade Financing Growth in India

Shipping major AP Moller-Maersk Group's export-import (exim)-focused trade finance arm Maersk Trade Finance is targeting a 33 percent loan disbursal growth at $200 million in 2019 in India.The trade financing solution arm of Danish business conglomerate said that it disbursed a total of USD 0.7 billion globally till date since its inception in 2015, with over 150 million in India in the year 2018, a 53% Y-o-Y increase as compared to 2017.Vipul Sardana, Global Head of Maersk Trade Finance said “Indian SME sector continues to play a significant role in India's economic development.

Pic: MOT Singapore

Fitch Bullish on Asia-Pacific Ports

Revenue stability and capex plans are the main drivers of credit rating differences among Asia-Pacific ports, according to a new Fitch Ratings report. Leverage and debt structure also set apart the ratings.Revenue stability, due to strong volume or price attributes, and resilience is underpinned by each port's importance to the economy and the strength of its catchment area, along with its competitive position.Volume stability benefits from diverse throughput and limited customer concentration; reliance on a single commodity can increase volatility.

File Pic: Navios Maritime Containers

Navios Names Two Directors

Monaco-based seaborne shipping company Navios Maritime Containers  announced the appointment of Stefan Kuch and Vasilios Mouyis to its Board of Directors.The owner and operator of container ships informed that Kuch has over 32 years of experience in finance and ship finance, having served in senior leadership positions in the shipping division of Commerzbank AG, one of Germany’s leading financial institutions.He also served as Managing Director of Hanseatic Ship Asset Management GmbH, a vessel-owning company within the Commerzbank Group.

Pic: Maersk Line

Maastricht Maersk Makes Maiden Call to Rotterdam

Maastricht Maersk, the latest next-generation Triple-E vessel known for improved energy efficiency and environmental performance, has arrived for the first time to Rotterdam on her westbound voyage from Asia.Welcoming  the maiden voyage of the most modern vessel in the fleet to Rotterdam, Bo Lindberg Andersen, Benelux Countries Manager at Maersk said: "The Dutch name of the new vessel is a symbol of our long-lasting and mutually beneficial relationship with The Netherlands and local customers.

Rebecca Hofmann Photo:  OOC Oil & Gas Blockchain Consortium

Oil, Gas Majors Join Blockchain Consortium

A group of seven major oil and gas companies, including ExxonMobil Corp., Chevron Corp. and ConocoPhillips, announced a partnership to establish the first industry blockchain consortium in the United States.With several use cases across the industry value chain, the consortium intends to conduct proofs of concept with this emerging technology in 2019, said a press release from OOC Oil & Gas Blockchain Consortium.The OOC Oil & Gas Blockchain Consortium was founded to advance industry blockchain technology learnings for the purpose of driving industry standards…

Photo: NYK

NYK Bags Environment Award

Tokyo-headquartered shipping and logistics company Nippon Yusen Kaisha (NYK) has received the Ministry of Environment Award in the Japan Green Innovation Department at the Japan Green Bond Awards sponsored by Japan’s Ministry of the Environment, which is promoting green bond to address environmental issues.A ceremony was held on March 1 and attended by Katsuya Nakano, general manager of NYK’s Finance Group, said a release from the global transportation company.The Japan Green Bond Awards recognize outstanding initiatives in the issuance of green bonds…

Photo: Schmidt Ocean Institute

A SmallSat AUV Network

There’s more to a global network than satellite links, and yet sat-linked remote operations experts can heap huge scientific and technological gains on the world. That’s what’s happening in the background — a smallish network of the best scientists from around the world are orchestrating the communications and robotics that’ll yield groundbreaking achievement in the networked use of autonomous underwater vehicles, or AUVs.If you contact Professor Kanna Rajan, as we did, he’ll tell you he’s not the world’s foremost “drone” researcher…

Ocean Cay (Artist's rendering of the MSC custom built island, the Ocean Cay MSC Marine Reserve.)

Cruise Building: Growing, Cleaner and Not Always Bigger

2019 will be the biggest year ever for new ship introductions.The ships are coming. Cruise Lines International Association (CLIA) suggests that in the coming year 18 new ships are on order for CLIA cruise lines. The next few years will see the arrival of new cruise giants at PortMiami and Port Canaveral. But first they will need giant terminals.The Global Impact of Cruise LinesCLIA estimates 30 million travelers will cruise next year, up six percent from 28.2 million in 2018;…

The AIDAnova underway

Inside Cruising’s LNG Plunge

Back when most owners were still debating how to handle the 2020 sulfur cap, or whether the deadline would even stick, Carnival forged ahead with a massive bet on LNG for cruise-ship propulsion. That early move is now starting to pay off.AIDAnova, the first cruise ship to ever be powered at sea by LNG, set sail on its maiden voyage from Tenerife in the Canary Islands on December 19, 2018. Speaking with Maritime Logistics Professional six weeks later, Carnival Corporation senior vice-president of maritime affairs Tom Strang gave his early verdict: LNG works.“It’s good news.

Pic: CMA CGM

IMO 2020 to Cost USD10bln

The new 0.5% sulfur cap on fuel content for the global maritime industry means the container-shipping industry will need to offset up to $10 billion in incremental costs, starting Jan. 1, 2020, when the cap is slated to take effect, said a study.IMO 2020 regulations is promulgated by the United Nations’ International Maritime Organization (IMO).The new report by the global consulting firm AlixPartners also finds that the new fuel rule could expose carriers on just eastbound Asia…

Alison Henriksen (Photo: V. Group)

V. Group Appoints New CFO

Marine support services provider V.Group has appointed Alison Henriksen to the position of chief financial officer, effective immediately. Henriksen takes over the position from Rod Day, who has served as interim chief financial officer since August 2017.In addition to her new role as CFO, Henriksen will serve as a member of V.Group’s board of directors, joining the group’s governing body which includes V.Group CEO Ian El-Mokadem and chairman John Pattullo.Henriksen joins V.Group from Compass Group PLC…

 Pic: GasLog Partners

GasLog Acquires Glasgow

The liquefied natural gas (LNG) carriers  operators GasLog Partners and  GasLog announced that the Boards of Directors of both companies and the Conflicts Committee of GasLog Partners have approved entering into an agreement for the Partnership to purchase from GasLog 100% of the shares in the entity that owns and charters the GasLog Glasgow.According to a press release from the company, the aggregate purchase price for the Acquisition will be $214 million, which includes $1 million for positive net working capital balances to be transferred with the vessel.

Photo credit: ACP

Moody's Upgrades Panama Canal Rating

Moody’s Investors Service upgraded the 20-year $450 million Senior Unsecured Bonds issued by the Panama Canal Authority (ACP) to A1 from A2, with a stable outlook, based on the waterway's strong performance since the expansion's inauguration.Moody's noted that the Expanded Canal has increased overall tonnage and attracted new market segments, contributing to the waterway's strong performance. According to Moody's, "stronger cash flow generation coupled with a relatively low leverage…

Photo:Cosco Shipping Ports

Cosco Intros Guangzhou Supply Chain Platform

The global ports operator Cosco Shipping Ports signed investment agreement of Cosco Shipping Ports Supply Chain Project with Guangzhou Nansha Economic and Technology Development Zone Commercial Bureau.The Cosco Group company said that it plans to develop phase I of terminal extended business in the land near Nansha Stevedoring Corporation Limited of Port of Guangzhou and Guangzhou South China Oceangate Container Terminal Company Limited, in order to develop port supply chain platform…

Pic: Navig8 Chemical Tankers Inc.

Navig8 in Sale, Leaseback Pact with China Bank

Navig8 Chemical Tankers  entered into sale and leaseback agreements with ICBC Financial Leasing for four ships.The tanker company focuses on the maritime transportation of Chemicals worldwide said in a press release that the net proceeds from the transaction of four of the Company’s IMO2 37,000 DWT Interline coated tankers  were $94,710,000.A portion of the proceeds was utilized to repay existing loans used to finance the Vessels’ newbuilding contracts under the multi-bank loan facility announced by the Company on February 3…

Gary G. Nelson, executive director of Washington State’s Port of Grays Harbor, and AAPA’s chairman of the board for the 2019-20

AAPA Elects Nelson as 2019-2020 Board Chair

The American Association of Port Authorities (AAPA) has elected Gary G. Nelson, executive director of  Washington State’s Port of Grays Harbor, to serve as the association’s chairman of the board for the 2019-20 activity year that begins in October.Mr. Nelson is slated to be installed as chairman for a one-year term on the final day of AAPA’s 2019 Annual Convention, set for Oct. 12-15, in Norfolk, Va. He will assume the AAPA chairmanship from William D. Friedman, president and chief executive officer for Northeast Ohio’s Cleveland-Cuyahoga County Port Authority…