Aurelius Backs Ardent Buyout
Alternative direct lender AURELIUS Finance Company has provided financing to support the buy-out of emergency management and offshore decommissioning company Ardent from co-owners Svitzer, a global towage operator, and Crowley Holdings, a holding company of international marine and logistics services provider Crowley Maritime Corporation.The deal will see Ardent’s senior management team acquire a shareholding in the company. The financial terms of the deal have not been disclosed…
Clarke Joins Seaspan Shipyards as CFO
Seaspan Shipyards (Seaspan) has announced the appointment of James Clarke as Chief Financial Officer (CFO). With more than 15 years of senior finance experience in engineering and industrial environments Mr. Clarke brings his strong background in strategic finance to Seaspan’s growing shipbuilding and ship repair operations.Clarke joins Seaspan from the Houston, Texas, office of SNC Lavalin where he was the Chief Financial Officer and Senior Vice President of Finance for the Oil and Gas Division with operations in the Americas, Middle East, and Australia.
DryShips Installs Scrubbers on 7 Vessels
Greek diversified owner and operator of ocean going cargo vessels DryShips announced that further to its plan to future proof its fleet, it has completed the dry-docking, installation of ballast water treatment systems (BWTS) and scrubbers on 7 vessels.DryShips has incurred approximately $26.1 million of total costs and 300 off-hire days future Proofing of the its fleet."Within 2020, we expect to continue to execute our plan to upgrade additional vessels and we expect to incur approximately 843 off-hire days for a total estimated cost of $65.8 million…
LPG Tanks Arrive at Port of Richards Bay
Transnet National Ports Authority’s (TNPA) Port of Richards Bay welcomed the arrival of four new 5650-ton liquefied petroleum gas (LPG) storage bullets on Thursday, September 12th on board the vessel XIN LU.The bullets are for the 22,600-ton capacity mounded LPG facility which is being developed at the port by Bidvest Tank Terminals (BTT), a unit of the Bidvest Group. The terminal will store LPG on behalf of independent LPG specialist Petredec, which ships the fuel from the US and the Middle East.Construction began in October 2018 and the facility is expected to become operational in 2020…
Sovcomflot, NYK Pact on Financing 2 LNG Carriers
Russian maritime shipping company specializing in petroleum and LNG shipping Sovcomflot (SCF Group) and NYK Line have announced that they have signed a new $176 million non-recourse credit facility for eight years with three leading international banks.The banks are: Sumitomo Mitsui Banking Corp. of Japan (through its German subsidiary, SMBC Bank EU AG); Société Générale of France; and Shinsei Bank of Japan. The agreement was reportedly signed through joint venture companies belonging…
CMA CGM Appoints Casanova Deputy CFO
The CMA CGM Group announced the appointment of Olivier Casanova as Group Deputy Chief Financial Officer.He will also serve as CEVA Logistics’ Chief Financial Officer.Casanova is a graduate from HEC. He started his career in 1991 as an investment banker then became Managing Director at SG Warburg/UBS in Paris and London. He joined Thomson in 2002 where he held various positions, notably as CFO of the Displays & Components Division and then Deputy CFO of the Group before being appointed Head of Strategy and Marketing.
SFI Acquires Three VLCCs From Hunter Group
Bermuda-based ship-owning and ship chartering firm Ship Finance International Limited (SFL) has agreed to purchase three very large crude carriers (VLCCs) from Norwegian investment company Hunter Group. The 300,000 dwt oil tankers are currently being constructed by South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME). Hunter Group placed the order for the VLCCs last year. SFI will pay almost $60 million for each tanker and a total of $180 million for all three.
UK Risks Losing Edge in Maritime Services
Britain's position as a top hub for maritime services is being eroded by competition, a loss of shipping finance business and the removal of tycoon-friendly tax breaks, a report said, deepening uncertainty for its financial sector as Brexit nears.The UK has been a pivotal global shipping centre for centuries, especially the City of London, and has dominated marine insurance, ship broking, shipping finance and other maritime services.These contribute $5.6 billion a year to Britain’s economy…
Grindrod Sells NWK Stake
South African freight and logistics company Grindrod signed an agreement to sell its 20.3% stake in grain services provider NWK to NWK Holdings for R204-million (USD 14 million).According to the press release, the sale is subject to the fulfillment of conditions precedent which is expected to be concluded by the end of the last quarter of 2019.During August 2019, Grindrod announced as part of its strategic review process, its intention to dispose of certain non-core businesses which included its agricultural investments in NWK and Senwes.Said Andrew Waller…
MSC Germany Appoints Nils Kahn as MD
The global container shipping MSC Germany S.A. & Co. KG is reallocating the responsibilities at the top of the company.Accoridng to a press release the current Deputy Managing Director Nils Kahn, will take the lead for the German market as of 1st September 2019.Nils Kahn takes over the position from Dittmar Vösterling, who will remain the Senior Director for Germany, Austria, Czech Republic and Slovakia at MSC.This personnel change has been well-considered and prepared for a long time…
APM Terminals Mumbai Goes Online
At APM Terminals Mumbai it is now possible to submit Additional Service Requests (ASR) via its online Customer Service Portal. Replacing a manual process, this new automated process is quicker, simpler and more transparent for customers.Around 20 import and 20 export services can now be requested online, ranging from priority delivery, seal fixing, and inter-terminals transfers to early or late gate-ins, empty container storage and break-bulk handling.Requests for additional services are activated immediately, removing the need to allow for 24 hours processing.
CMA CGM will not use the Northern Sea Route
Ahead of the G7 meeting at Biarritz from August 24-26, French President Emmanuel Macron, accompanied by Economy and Finance Minister Bruno Le Maire, Minister of Labour Muriel Pénicaud, and Deputy Minister for the Ecological and Inclusive Transition Brune Poirson, this afternoon has invited to the Elysée Palace representatives of the shipping industry including global leader CMA CGM.On this occasion, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, will…
'Green' Focus for Citigroup's Shipping Finance Chair
Citigroup's veteran shipping finance banker Michael Parker is to become chairman of the bank's shipping & logistics business, a role which will include bolstering the lender's environmental focus in the sector, Citi said on Thursday.In June, Citi was among a group of leading banks who signed up to environmental commitments known as the "Poseidon Principles."These will for the first time integrate efforts to cut CO2 emissions into banks' decision making when providing loans to shipping companies.The initiative highlights how businesses are having to respond to moves by investors around the worl
Vista Shipping to Finance Product Tankers
Hafnia Tankers, a member of BW Group, and shipyard-affiliated leasing company CSSC (Hong Kong) Shipping have formed a joint venture named Vista Shipping to finance and operate product tankers.A term loan facility of USD 111 million is intended to be used to finance four LR1 newbuildings. A banking consortium consisting of KfW IPEX-Bank, Societe Generale Hong Kong Branch and OCBC Singapore participate with 33% each as lenders at the term loan facility and have reached financial close.KfW IPEX-Bank acts as Facility Agent, Sinosure Agent and Security Agent.
S&P Revises Danish Ship Finance Outlook
The global provider of benchmarks and investible indices, Standard & Poor’s (S&P) has affirmed the ‘BBB+’ Issuer Credit Rating on Danish Ship Finance and revised the outlook to ‘Stable’ from ’Negative’." We are revising our outlook on Danmarks Skibskredit to stable from negative and affirming the 'BBB+/A-2' issuer credit ratings," it said.S&P justifies the revision with the company’s reduction in nonperforming exposures and robust capitalization and liquidity, which would reduce…
INSIGHTS: John F. Reinhart, CEO, Virginia Port Authority (VPA)
John F. Reinhart is the CEO and executive director of the Virginia Port Authority (VPA). He is responsible for the broad programmatic areas of business development and growth, strategic marketing, finance, and operations of Virginia’s marine terminal facilities: Virginia International Gateway, Newport News Marine Terminal, Norfolk International Terminals, Portsmouth Marine Terminal, Richmond Marine Terminal and the Virginia Inland Port.Under his leadership, the goal has been to…
Glencore's Shipoil to Digitalize IMO 2020 Ops
The Greece-based global bunker fuel and marine lubricants trader Shipoil has appointed Inatech, a unit of Glencore, to digitalize its trading and supply operations as part of a strategy to prevent new low-sulphur emissions rules from 2020 eating into profits.Shipoil offers worldwide bunker supply. The company, based in Piraeus, has been expanding its operations, most recently in the Mediterranean and Middle East.Inatech’s energy trading and risk management (ETRM) system for the bunker industry uses cloud-based computing to reduce operational and counterparty risk…
Global Trade Center Stage at Poland’s Maritime Conference
The biggest annual gathering of Poland’s maritime industry leaders, the Maritime Economy Forum Gdynia is unveiling its program.The day-long event, now in its 19th year, takes place on October 11 in Gdynia, featuring 30 speakers with 600 senior figures from Poland’s maritime sector and around the world expected to attend.Forum chairman Slawomir Kalicki said the conference will see a morning session examine some of the biggest issues facing the international maritime sector, worth an estimated $3-$6 trillion a year, from an EU, Baltic Sea and Polish perspective.
Goltens Appoints Seth as President
The Goltens Worldwide group of companies has announced the appointment of Mr. Sandeep Seth as President. Seth first joined Goltens in 2002 and has steadily climbed the ranks, serving in positions of progressively increasing responsibility. Seth will continue to serve as a member of the Board of Directors.Seth has most recently served as the Vice President Asia Pacific and Vice President Finance of Goltens Worldwide. In these positions, he has overseen the operational, business development and financial aspects of the organization in the Asia Pacific region.
Fitch Affirms Panama Canal 'A' Investment Grade
For the fourth consecutive year, Fitch Ratings has affirmed the Panama Canal's 'A' investment grade rating with a stable outlook for its long-term issuer default rating and its senior unsecured notes.The credit rating agency noted that the Panama Canal is "an underlying asset that is critical not only for Panama, but for international commerce, as demonstrated by its stable volume performance, solid competitive position, and well-diversified cargo mix," causing the Panama Canal volume profile to exhibit high levels of resilience.In addition…
Wellard Delays Livestock Carrier Repayment
Australian meat and livestock distributor Wellard said that it has extended ship finance repayment schedules for two of its vessels, the 12,665 GT Ocean Ute and the 33,774 GT Ocean Drover.The live cattle exporter said in a press note that it has reached a conditional agreement with Ruchira Ships Limited to extend by 24-28 months the repayment schedules for the above mentioned vessel duo until December 2021.Originally, AUD 20 million was due to be paid between now and December 2019.Ruchira effectively provides vessel finance on each of these vessels through a sale and leaseback contract.
EIB Invests in Low-Emissions Outboard Engines
The European Investment Bank (EIB) has signed a EUR 14 million venture loan agreement with Sweden’s Cimco Marine AB to co-finance its innovation and growth investments.As per the unsecured credit facility agreement, the EIB will finance up to 50 percent of Cimco’s development of a new family of diesel outboard engines, inter alia a 3 liter, 6- cylinder twin turbo BMW diesel engine with a number of power outputs between 200 hp and 300 hp."The total facility is split into three tranches of EUR 4 million (A)…
Navios Containers Appoints Tsironi CFO
Navios Maritime Containers L.P. (NASDAQ: NMCI) appointed Erifili Tsironi as Chief Financial Officer of Navios Containers. Tsironi previously served as Co-Chief Financial Officer of Navios Maritime Acquisition Corporation since December of 2018 and as Chief Financial Officer of Navios Maritime Midstream Partners L.P. from its inception in 2014 until December 2018.She has more than 17 years of experience in banking focusing on ship finance. Before joining Navios Maritime Midstream Partners L.P., she was Global Dry Bulk Sector Coordinator and Senior Vice President at DVB Bank SE. Mrs.
García Joins the SENER
SENER has hired Luis García Jiménez as its Director of Corporate Development. This post is essential to the growth and development of the SENER Group, and reports directly to the CEO, Jorge Unda.From his new position, Luis García will be in charge of analyzing, organizing and coordinating medium- and long-term opportunities involving mergers, acquisitions and investments. He will also participate, together with the CEO and the directors of SENER's different divisions, in defining…
FarSounder Hires Minogue
FarSounder has announced Richard Minogue as Office & Finance Administrator. He will work closely with the CEO on accounting, corporate contracts, and human resources, in addition to providing administrative support to the FarSounder team.Minogue joins FarSounder with a background in human resources and finance. Much of his career has been at Brown University where he developed his skills supporting the School of Engineering.
Crowley Announces Additional Promotions
Crowley Maritime Corp. announced new leaders in its Solutions group to support the continuing focus and growth in its government service offerings. This enhanced alignment will leverage commercial best practices in the transportation, energy and technology sectors to drive innovation and value for customers in the public sector.Chris Goss has been promoted from director to vice president of business development, to lead contract capture and proposals, and expeditionary logistics…