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Tuesday, April 23, 2019

Luxembourg News

Pic: Subsea 7 S.A.

Subsea 7 Buys-back Shares

With the market looks upbeat, Luxembourg-based subsea services vessel owner Subsea 7 announced a share buy-back programme."Reflecting Subsea 7’s strong financial and liquidity position and improving market outlook as well as a rebalancing of cash returns to favour share repurchases, the Board of Directors authorised a new share repurchase programme of up to USD 200 million," said a press release from the subsea engineering, construction and services company serving the offshore…

(Photo: DFDS)

DFDS: New Intermodal Link Between Sweden and Turkey

Denmark-headquartered shipping company DFDS is offering a new connection between Sweden and Turkey following its recent acquisition of Turkish company UN Ro-Ro.Through the Sweden – Turkey intermodal connection now in effect, the carrier offers connections from Gothenburg in Sweden to Trieste in Italy, Patras in Greece and Pendik, Ambarli and Mersin in Turkey.By connecting the existing DFDS network in northern Europe with the new routes in southern Europe and the Mediterranean Sea, DFDS is capable of offering transportation of cargo from North to South and back.

London P&I Club Setting up Cyprus Office over Brexit

British ship insurer London P&I Club is setting up a new subsidiary in Cyprus to ensure continued access to trade in the European Union in case Britain loses single market access, the group told Reuters on Friday.Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector."We have … chosen Cyprus to establish our new post-Brexit EU subsidiary, and we are currently going through the process of setting it up and obtaining the necessary license," London Club said in a statem

MT High Trust. Photo: © Robert Weber, Marinetraffic.com

d'Amico International Shipping Sells MT High Trust

Luxembourg-based d’Amico International Shipping announced that its operating subsidiary d’Amico Tankers signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Trust for a consideration of US$ 29.5 million. The marine transportation company operating in the product tanker market said that High Trust is a 49,990 dwt medium-range product tanker vessel, built in 2016 by Hyundai-Mipo, South Korea. Thistransaction allows d’Amico Tankersto generate at the vessel’s delivery around US$ 11.9 million in cash…

MV Celine. Photo: Dublin Port Company

World's Largest Short Sea Ro-Ro Vessel Named in Dublin

MV Celine, the world’s largest short sea Ro-Ro ship, will today be christened in a ceremony at Dublin Port with guest of honour, An Taoiseach, Leo Varadkar TD, Godmother to the new ship, Geraldine O’Reilly, and the port’s chaplains. The formal ceremony is a long-held tradition intended to bring good fortune to the ship and involves breaking a champagne bottle against the hull as the ship is christened. To mark today’s occasion, new Irish music commissioned by Dublin Port and performed by John Sheahan of the Dubliners and Colm Mac Con Iomaire of the Frames will premiere at the ceremony…

M/v Melia. Photo: Diana Shipping Inc

Diana Shipping TC Contract for Melia with United

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with United Bulk Carriers International S.A., Luxembourg, for one of its Panamax dry bulk vessels, the m/v Melia. The  global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$12,000 per day, minus a 5% commission paid to third parties, for a period of minimum s 17 months to maximum 20 months. The charter is expected to commence on April 20, 2018.

Image: Danish Shipping

EU Member States Ask to End Crippling Reporting Formalities for Ships

Led by Denmark, 13 EU Member States have called on the Commission to present an ambitious proposal on revising the Reporting Formalities Directive. Danish Shipping strongly supports the ambition to sufficiently eliminate the huge administrative burdens on maritime carriers in the EU. The current directive introduced the concept of National Single Windows as a way to harmonise reporting obligations from ships to a single electronic system in each Member State but failed to harmonise data requirements or the mechanisms for sending them thus creating more burdens on maritime carriers in EU.

Photo: ​d’Amico International Shipping S.A.

D'Amico Announces Sale & Lease Back of MR Vessel

D'Amico Tankers (Ireland) signed a memorandum of agreement and bareboat charter contract for the sale and leaseback of the MT High Freedom, a 49,990 dwt medium-range product tanker vessel, built in 2014 by Hyundai-Mipo, South Korea for a consideration of US$ 28.0 million. D'Amico Tankers is an operating subsidiary of d’Amico International Shipping S.A., an international marine transportation company operating in the product tanker market. This transaction allows d’Amico Tankers to generate around US$ 13.4 million in cash…

Image: Britannia P&I

Ship Insurer Britannia Sets Up Subsidiary for EU

Following Britain’s decision to leave the European Union, British ship insurer Britannia plans to set up a subsidiary in Luxembourg, Reuters reported. It is to ensure it can continue to trade in Europe, the company said. According to company data Europe accounts for over 40 percent of Britannia’s global business. The report said that insurers are making contingency plans because when Britain leaves the EU on March 29, 2019, they could lose “passporting” rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities.

Photo: ENMC

Arjen Uytendaal Suceeds Francis Vallat as President of ENMC

Francis Vallat, originally co- founder and 1st Vice-President of the European Network of Maritime Clusters (ENMC), which was created in 2005 in his Paris office, and current Chairman since 2011, decided to resign from his chairmanship on the occasion of the annual meeting which was held in Elsinore, Denmark from October 25th to 26th. After six years at the head of the network, he thinks it is time to give a younger highly reputable maritime personality a chance to allow new ideas and blood into the ENMC.

Tomi Gardemeister, CEO and President, Evac Group

EVAC to be Acquired by Bridgepoint

Evac is to be acquired by private equity group Bridgepoint. Headquartered in Espoo, Finland, Evac was established in 1979 and to date has successfully completed over 20,000 marine, 2,000 offshore, and 2,000 building projects for customers around the world. The company has offices in Brazil, China, Finland, France, Germany, South Korea, Norway, Sweden, and the USA, as well as representatives in more than 40 countries. Since 2014 Evac has been owned by the IK VII Fund. In the course of the fund’s ownership…

Brexit Prompts Ship Insurers to Mull New Outposts

U.K.-regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU's financial market, industry sources involved say. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs - marine insurers owned by shipping firms - could further weaken other parts of its multi-billion pound shipping services sector.

Francesco Maria di Majo is Counsel in the corporate group, based in Rome Photo WFW

Majo Appointed President of Civitavecchia, Gaeta and Fiumicino Port Authority

International law firm Watson Farley & Williams (“WFW“) is delighted to announce that Rome corporate Counsel Francesco Maria di Majo has been appointed president of the prestigious Port Authority of Civitavecchia, Gaeta and Fiumicino (Lazio Region, Italy). The appointment was confirmed today by Minister of Infrastructure and Transport Mr Graziano Delrio, following approval from the Italian Chamber of Deputies’ Transport Commission on 15 November 2016. The Port Authority of Civitavecchia…

AKD to Open Office in Luxembourg

Benelux law firm AKD said it intends to open an office in Luxembourg to meet growing demand for integrated, international legal services in stable jurisdictions. AKD’s new office in Luxembourg will expand its corporate, tax, banking and finance, and investment funds practices. This step is part of AKD’s international growth strategy and allows the firm to support its clients with local offices throughout the Benelux region. With over 220 lawyers, civil-law notaries and tax advisors, AKD is the internationally focused legal and tax firm for any business dealing with the Benelux countries.

Photo: UK Chamber of Shipping

Brexit – What Does it Mean for Shipowners' Club?

“Uncertainty” has been a very well used word over the past week, following the result of the EU Referendum. The uncertainty that exists in British and European politics is only matched by the uncertainty that exists in British and European economics. What we do not yet know is quite how the UK and EU passporting/trade agreements will be settled following the UK’s exit from the EU. We also do not yet know how regulation will apply post exit. With so many unknowns, it is no surprise…

Photo: ENMC

Maritime Cluster Concept Blooming Across Europe

Given the success of the first meeting he had in 2015 with the chairmen of the national maritime clusters forming the ENMC, Commissioner Vella expressed the wish to reiterate this high-level forum every year. In that spirit, the 2016 two-hours meeting took place in Luxembourg last week in the presence of eleven maritime clusters from Belgium, Bulgaria, Finland, France, Italy, Luxembourg, Poland, Portugal, Spain, the Netherlands and the United Kingdom. Main topics of the agenda discussed with Commissioner Vella were the follow-up of the International Ocean Governance…

Limassol Port . Pic: Cyprus Ports Authority

Cyprus Picks Consortiums to Run Limassol Port

Cyprus has announced the names of successful bidders who will undertake three sectors of operations at the eastern Mediterranean island's primary port of Limassol. The first – comprising Germany’s logistics company EuroGate International, Cyprus’s Interorient Navigation Company and East Med Holdings, based in Luxembourg – will run the port’s container terminal. DP World Limited (majority participant) and G.A.P Vassilopoulos Public Ltd for Marine Services and  DP World Limited (majority participant) and G.A.P Vassilopoulos Public Ltd for the Multi-purpose Terminal.

Photo:  Algoma Central Corporation

Algoma Signs JV with Nova Marine for Global Cement Carrier Fleet

Canada-based Algoma Central Corporation has signed a joint venture (JV) agreement with Nova Marine Holding of Luxembourg to establish a fleet of cement carriers to supply infrastructure projects across the globe. Algoma will own 50% of the joint venture, which is to be named NovaAlgoma Cement Carriers or NACC. "We are very excited about the opportunity this investment with Nova presents," said Ken Soerensen , President and CEO of Algoma. The demand for modern efficient cement carriers continues to increase globally.

Thomas P. Ostebo (Photo: CLIA)

Ostebo Chosen to Head CLIA

Thomas P. Ostebo will join Cruise Lines International Association (CLIA) as the organization’s new president and chief executive officer, effective July 6, 2015. Selected by CLIA’s global executive committee following the departure of Christine Duffy on January 31, 2015, former CLIA president and CEO, Ostebo will oversee CLIA domestic and international operations, working directly with CLIA’s senior leadership team. Ostebo brings more than 30 years of leadership experience to his new role, joining CLIA from the United States Coast Guard (USCG) where he served as Rear Admiral.

Shipping Industry Calls for Urgent Action in Migrant Crisis

Following the meeting of EU Foreign and Interior Ministers in Luxembourg yesterday (20 April) the European and global shipping industries have welcomed the increased attention that all EU Member States are giving to the humanitarian crisis in the Mediterranean. This includes the ‘10 point plan’ adopted as a result of the impetus provided by the terrible tragedy involving the loss of hundreds of lives at the weekend. The European Community Shipowners’ Associations (ECSA) and the…

Photo:  ESG Global Security

Panama Accredits Maritime Security Firm

The Panama Maritime Authority has accredited ESC Global Security personnel to offer protection aboard Panamanian-registered vessels, in what is thought to mark the first Private Maritime Security Companies (PMSC) licence issued under the new Panama Administration. During December 2014, a new set of rules including a new licence fee for PMSCs was introduced whereby failure to comply would result in the revocation or suspension of a security company’s operating licence. The new…

Nuclear power plant

Opposition Builds to UK Nuclear Project in EU Executive

A landmark deal to use British taxpayers' money to build a 16 billion pound ($25.6 billion) nuclear power station has triggered opposition from a quarter of EU policy-makers, who want to overturn approval from the top European regulator, EU sources said. The European Commission, the EU executive, said last month it would approve the British scheme involving French utility EDF , confirming a Reuters report. A copy of the draft decision seen by Reuters shows the Commission has accepted…

Scott F. Harris, The Safariland Group CFO (Credit: Safariland)

Safariland Appoints Harris CFO

The Safariland Group , a global provider of safety and survivability products for the public safety, military, professional and outdoor markets, announced the appointment of Scott F. Harris as Chief Financial Officer. As CFO, Harris will be a member of the Company’s executive leadership team and will oversee the global finance and accounting operations of the company. Harris will report to Scott O’Brien, President. Harris joins the company after spending the past 14 years at Delphi Automotive PLC, a vehicle components manufacturer.

Dagfinn Lunde

M&M Appoints Lunde to Directors Board

Maritime and Merchant AS  (to be renamed Maritime & Merchant Bank ASA), which was granted a banking license by The Financial Supervisory of Norway (FSAN) on the 28th of January for establishing a global bank dedicated solely to the shipping and offshore industries, has announced the appointment of Dagfinn Lunde to its Board of Directors. Lunde brings more than 30 years experience gained from leadership roles at several leading shipping, banking and consulting companies. His international experience includes management positions within the Klaveness Group of Companies…

Setting Standards for Maritime Security

As maritime security evolves, so too is the need for increased and standardized professionalism in the ranks of Private Maritime Security Companies. In many respects, the maritime security industry is still in adolescence. The growing pains associated with speed of expansion have led to disparity in terms of acceptable behavior and confusion over appropriate conduct. This disparity is echoed in the PMSCs themselves - there are those who strive to lead the way in terms of professionalism and others who struggle to keep up with reasonable minimum standards.

Hapag-Lloyd Successfully Places Bond

Volume of EUR 250 million / Coupon at 7.75% / Bond was several times oversubscribed. Hapag-Lloyd AG has successfully placed a bond with a volume of EUR 250 million with institutional investors. The bond with a maturity of five years has a coupon of 7.75% and was several times oversubscribed. The emission price was 100.00%. The proceeds of the bond will be used for general corporate purposes including refinancing of outstanding indebtedness (approx. EUR 200 million), and for early redemption of parts of the existing Senior Notes due 2015 (approx. EUR 50 million).