DP World Returns to Full State Ownership
Dubai is to take full control of port operator DP World in a deal with a $13.9 billion valuation that will help the company at the center of the emirate's 2009 debt crisis to repay some of its borrowings.DP World, which operates ports around the world from Hong Kong to Buenos Aires, will take on $8.1 billion in debt to finance the deal in which Port and Free Zone World, part of state investment vehicle Dubai World, will acquire the 19.55% of Nasdaq Dubai listed shares for $2.7 billion.Port and Free Zone World already owns 80.55% of DP World ordinary share capital.
NLE, Liebherr-Russland Pact on Port Equipment
NCSP Group, Europe's third largest port operator in terms of cargo turnover, its subsidiary Novorosleseksport (NLE AO) will receive port equipment from Liebherr-Russland OOO.Dmitry Korchnev, General Director at NLE AO, and German Ignatov, Director of the Port Equipment Department at Liebherr-Russland OOO, signed a contract on purchase of two ship-to-shore cranes (STS) with a capacity of 65 tons for loading and offloading of 20, 30, 40 and 45 feet ISO containers from a vessel to shore and back.The SPS cranes delivery is scheduled for 2021…
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…
Rio Tinto Hires CFO Stausholm from Maersk
Major miner Rio Tinto named Jacob Stausholm, formerly CFO of Danish shipping company A.P.
Caterpillar Names Bonfield CFO
Caterpillar Inc. announced today its board of directors has appointed Andrew Bonfield as chief financial officer (CFO) effective September 1, 2018. Bonfield will succeed Brad Halverson, whose retirement became effective May 4, 2018.Bonfield brings more than three decades of financial expertise to the role, most recently serving as Group CFO and board member of National Grid plc, a British multinational electricity and gas utility company.Prior to Bonfield's eight years at National Grid, he was CFO at British confectionary company Cadbury plc.
Attollo Offshore Joins ELITE
Attollo Offshore, an offshore marine operator, has announced it has joined London Stock Exchange Group’s (LSEG) international business support and capital raising ecosystem, for high growth companies, ELITE. The Aberdeen-based company, renowned for its superior management of assets required for late field life, rig-less well intervention, plug and abandonment and offshore wind projects across Europe, opened the London market on Wednesday 8 November. The Stock Exchange was opened by Aberdeen MP…
Abu Dhabi Ports and Gulf Marine Services Announce New Partnership
Abu Dhabi Ports – the master developer, operator and manager of ports and Khalifa Industrial Zone in the Emirate ― has signed a contract with Gulf Marine Services (GMS) that will see the creation of a state-of-the-art facility at Zayed Port where GMS will construct and maintain its offshore support vessels that serve the region’s oil and gas industry. Zayed Port in Abu Dhabi city―a regional hub for the cruise industry, and general and bulk cargo―will lease the new facility to GMS for three years.
NYK Selected for FTSE4Good Index
The FTSE4Good Index is a leading indicator used by investors who place importance on corporate social responsibility and sustainability. Approximately 800 global companies from 25 countries around the world are listed in the FTSE4Good Global Index as of July 2015, and 176 of those companies are Japanese. NYK’s environmental activities were seen as particularly noteworthy and led to this13th consecutive recognition. NYK also has been selected for a number of SRI indexes, including the Dow Jones Sustainability Asia / Pacific Index (USA) and Morningstar (Japan).
MOL Membership of FTSE4Good Index Continues
Mitsui O.S.K. Lines, Ltd. today announced that the company continues to meet the inclusion criteria and remains a valued member of the FTSE4Good Index Series: the world's major Environmental Social and Governance (ESG)/Responsible Investment (RI) index (MOL have been selected since 2003). In the end of July 2015, the FTSE Group, owned by the London Stock Exchange, notified us the certificate that we, MOL, are a constituent company in the FTSE4Good Index Series after a thorough assessment process.
Aberdeen Pupils Peek into Subsea Oil & Gas Technology
Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving seat of a remotely-operated vehicle (ROV) simulator. The Tullos Primary visit to i-Tech was organised by EnQuest as part of the company’s ongoing commitment to encouraging youngsters to consider a career in the oil and gas industry. Around 20 primary five pupils were shown why ROVs are increasingly becoming pivotal to the critical path of subsea operations during the tour at i-Tech…
Saltire Energy CEO Honored for Entrepreneurial Spirit
Mike Loggie, Chief Executive of Saltire Energy, a supplier of drilling tools to the offshore oil and gas industry, has been announced as the overall winner of the EY Scotland Entrepreneur Of The Year Awards 2015. Winners were announced at a black tie ceremony at Gleneagles Hotel on Thursday, June 25. Loggie was chosen from among 25 Scottish business leaders to claim the top accolade, and will go onto represent Scotland at the EY UK Entrepreneur Of The Year final in October 2015. Koggie established Saltire Energy in 1986 and has since grown the company into a group of three subsidiaries.
Saltire Energy CEO Shortlisted for Entrepreneur of the Year Award
Chief Executive of Aberdeen-based Saltire Energy, Mike Loggie, has been shortlisted as a regional finalist in the EY Entrepreneur Of The Year Awards 2015. The annual EY awards, recognize business leaders from across the world that have shown the passion, vision and drive to succeed. Winners will be announced at the regional Awards Dinner for Scotland on June 25. The judging criteria will include entrepreneurial spirit, innovation, personal integrity and strategic direction. Mike…
Clarkson PLC Enters FTSE 250
On Monday 13 April 2015, Clarkson PLC entered the FTSE 250 index on the London Stock Exchange. This marks a significant moment in both Clarksons 163 year history and 18 years of trading on the exchange. In thanking all staff for their hard work and committment to the company Andi Case, CEO Clarkson PLC said: "Despite challenging global markets, recent years have seen "Team Clarksons" expand, develop and shape our unique client offer. We are now a world leading integrated shipping and offshore services group with over 1400 people operating across 48 offices in 20 countries"
CFO of Genel Energy to Retire
Julian Metherell has informed the board of Directors of Genel Energy plc of his intention to retire from the Company, with effect from the close of the Annual General Meeting on 21st April 2015. Julian Metherell's successor as Chief Financial Officer will be Ben Monaghan, who is currently the Head of Europe, Middle East and Africa oil and gas investment banking at J.P. Morgan. Ben has worked in the oil and gas team at J.P. Morgan for the last twenty years and has been involved…
BP's 3Q Interim Dividend for 2014
The Directors of BP p.l.c. announced that the interim dividend for the third quarter 2014 would be US$0.10 per ordinary share (US$0.60 per ADS). This interim dividend is to be paid on 19 December 2014 to shareholders on the share register on 7 November 2014. The dividend is payable in cash in sterling to holders of ordinary shares and in US dollars to holders of ADSs. A scrip dividend alternative will be made available for this dividend allowing shareholders to elect to receive their dividend in the form of new ordinary shares and ADS holders in the form of new ADSs.
David Smith Appointed CFO of Rolls-Royce
Rolls-Royce announced today that David Smith has been appointed as Chief Financial Officer and a Director of Rolls-Royce Holdings plc. He takes up his new role with immediate effect, replacing Mark Morris who has decided to leave the company after 27 years, serving most recently as Chief Financial Officer since January 2012. David Smith joined Rolls-Royce earlier this year, and is currently Chief Financial Officer of the Aerospace Division. David spent the first 25 years of his…
Afren Sacks CEO, 3 Other Execs
Shares in the company rose as much as 6.6 percent on Tuesday morning, which an analyst said was mainly on the conclusion of the review and that the incidents would not affect Afren's operations. The probe also found that seven more current and former employees also received payments and Afren said it had begun disciplinary action against these employees. Afren said it would start legal proceedings against founder and CEO Osman Shahenshah, COO Shahid Ullah and associate directors Iain Wright and Galib Virani to recover money related to the payments.
Managing Shipping & Risk with New Variables
Outside investors and other variables change the way that shipping firms manage risk. Investable assets include ships, freight and even the hedging of bunkers. "Shipping is now an investable asset,” was an important observation by analyst Tyler Rosenlicht, a research analyst at investment fund packager Cohen & Steers, speaking at the recent Capital Link conference on master limited partnerships (MLP) – a vehicle increasingly seen in shipping deal structures. Traditionally, shipping was a closed self-regulating game where everyone knew each other and therefore reputation mattered.
Study: Few Women in Greek Maritime Companies
Findings of the fifth Annual Review of the Hellenic Observatory of Corporate Governance (HOCG) about the presence of the Women in the Board of Directors (BOD) of Greek Maritime Listed Companies show that women hold less than 5% of BOD positions, and a remarkable high 76.5% of maritime companies do not have any women in their BOD at all. According to the HOCG findings, 95.7% of the BOD members are men since they possess 292 from the 305 BOD positions that were created in the sector for the period 2001-2012.
Topaz Appoints New Chief Financial Officer
Topaz Energy and Marine, a global offshore support vessel owner with key operations in the Middle East and Caspiantoday announced the appointment of PernilleFabricius as Chief Financial Officer. Mrs. Fabricius’career spans 25 years and she joins Topaz from her position as CFO of DAMCO, a global logistics division of the A.P. Moller-Maersk Group. DAMCO has revenues of approximately EUR 3,5bn and circa 20,000 employees in over 100 countries. Mrs. Fabricius has held significant international executive positions in her previous career…
Maritime London Delegation to Head for Athens
Maritime London will be leading a delegation of British maritime professionals to Athens, Greece, next month. The high level group will present to an audience of shipowners at the British Ambassador’s Residence on 17 June, 2013. The delegation will be accompanied by UK Shipping Minister, Stephen Hammond, and Sir Alan Massey, Chief Executive of the UK Ship Register. Maritime London chief executive Doug Barrow said: “The Greek British maritime relationship has always been strong and I’m delighted that we have government recognition of the importance that Greek shipowners play in the UK economy.
New Safety Milestone for EnQuest
EnQuest PLC, the largest UK independent production company in the UK North Sea, has reached a new North Sea safety milestone by recording five years free of Lost Time Incidents (LTIs) on drilling operations in the Thistle field. The LTI achievement covers a period of major operational activity which saw EnQuest bring Thistle drilling back online to drill its first new wells in 20 years. EnQuest’s drilling team, supported by a KCA Deutag drill crew, an Aker well services crew and a range of other offshore contractors have taken Thistle from a rig upgrade through to rig start up…
MOL Again Earns Listing on SRI Indices
Mitsui O.S.K. Lines, Ltd. was selected for inclusion in the world’s major socially responsible investing (SRI) indices — the FTSE4Good Global Index Series and the Dow Jones Sustainability Indexes (DJSI). This month, the FTSE Group, owned by the London Stock Exchange, announced its selections for the FTSE4Good Global Index Series, and U.S.-based Dow Jones named companies for the DJSI Indexes, after a thorough assessment process. Companies chosen for these indices must meet international criteria for social responsibility in areas such as corporate governance…
China Shipyard Short of Cash
Dongfang Shipbuilding Group Co., Ltd. (Zongyang) the largest private shipyard in Anhui is preparing to sell off part of its assets, or intends to recapitalize. In early May 2007, Zhejiang Dongfang Shipbuilding Group Co., Ltd. took note of Zongyang's unique resources along the Yangtze River and decided to found a shipyard in Zongyang. On December 6 of that year, Dongfang Shipbuilding Co., Ltd. with a total investment of 10.8 billion Yuan was founded. Chen Guojun, the only 22-year-old son of " Wenzhou shipping tycoon" Chen Kaotong, was appointed as the general manager.
Dongfang Shipbuiliding Shares to Trade
According to a report on www.rttnews.com, Dongfang Shipbuilding Company Limited intends to seek admission of its shares to trading on the AIM market of the London Stock Exchange. Dealings are expected to commence on AIM on 18 August 2011. Dongfang diversified into shipping, owning and operating six 9,000 dwt chemical tankers and one 9,200 dwt chemical tanker, out of Singapore and Hong Kong. The Group currently has about 530 full time employees across the two businesses. The Group has recently moved into the production of 3,200 DWT chemical stainless steel vessels.
Globus Maritime Limited Reports Financial Results
Globus Maritime Limited (NASDAQ: GLBS), a dry bulk shipping company, reported its unaudited consolidated operating and financial results for the three-month period ended March 31, 2011. The Company also declared a quarterly cash dividend of $0.16 per share for the three-month period ended March 31, 2011. This is the third quarterly cash dividend declared by the Company’s Board of Directors since the listing of its common shares on the NASDAQ Global Market in November 2010. Prior to listing on the NASDAQ…