Paddy Rodgers Joins V.Group Board
Ship management and services company V.Group announced that Paddy Rodgers has been appointed as a non-executive director.Rodgers had been CEO of Euronav for almost 20 years before stepping down from the post in 2019. Under his leadership Euronav grew from a family operation with 17 vessels to one of the largest international tanker companies with 73 vessels. He is currently Director at the Royal Museums Greenwich, England comprising of the Royal Observatory, Cutty Sark, National Maritime Museum and Queen’s House.“I am honored to be joining V.Group at such a challenging and exciting time…
ITOPF Elects Erik Hånell as Chairman
Tanker owners’ group International Tanker Owners Pollution Federation (ITOPF) selected Erik Hanell President & CEO of Stena Bulk, as its new Chairman.After eight years, former Euronav chief executive Paddy Rodgers has stepped down as ITOPF chairman.Rodgers noted that he had thoroughly enjoyed his tenure on the board and had valued the opportunity to contribute to ITOPF’s strategic direction and to the work of its highly regarded international team.The board voted unanimously to appoint Erik Hånell as its new Chairman…
Hugo De Stoop Takes over as Euronav CEO
Hugo De Stoop, currently CFO at Euronav NV, is the choice to succeed Paddy Rodgers as CEO of the company. The company expects the transitiion to be complte in the second quarter of 2019.
Paddy Rodgers Departs Euronav
Patrick (Paddy) Rodgers, the Chief Executive Officer (CEO) of Belgium's tanker shipping company Euronav, has decided to step down from his role during 2019 after 18 years of service.However, he will remain in his position until a successor is appointed, said a press note from the tanker owner.Paddy Rodgers, CEO of Euronav said: “It has been a real honour and privilege to lead Euronav as CEO. The company has progressed from a family operation with 17 vessels to the largest crude tanker company in the world with 73 vessels…
Shipping Ponders the Ultimate Cost of ‘Green’
Low sulphur fuels, scrubbers, LNG and other solutions are all part of the mix. Handicapping the impact of any of these options for the bottom line is anything but easy. Getting greener is not the problem; determining the best way to get there is quite another.By any measure, the business of running vessels will not be the same after January 1, 2020, when the present 3.5% limit on sulfur content will ratchet downward to 0.5%. With the implementation date for the changes, enacted…
Decarbonization: 34 Maritime CEOs Call for Action
A who’s who list of maritime industry executives have signed on to voice their support for a zero-carbon future in shipping.The not-for-profit foundation the Global Maritime Forum brought together a group of 34 CEOs and industry leaders from across the global maritime sector to sign a call for action and lead the industry in a transition toward decarbonization.To achieve this, these leaders believe the maritime industry needs to accelerate both technological and business model innovation…
Euronav Updates on Gener8 Merger
The acquisition of Gener8 resulted in the recognition of a gain on bargain purchase on business combination of USD 36.3 million being recorded in the consolidated statement of profit or loss in the second quarter, says Euronav.The largest NYSE listed independent crude oil tanker company in the world said that it booked a gain on bargain purchase as a result of the Net Assets acquired being higher than the consideration paid.Paddy Rodgers, CEO of Euronav said: "Completion of the…
Euronav Completes Merger with Gener8 Maritime
Belgian tanker operator Euronav has concluded its merger with U.S. rival Gener8 Maritime, creating one of the world’s largest tanker shipping fleets.Gener8’s shareholders voted earlier this week to approve the merger, and following the closing on Tuesday, 60.9 million new shares issued to Gener8 shareholders as consideration for the transaction began trading Wednesday on the NYSE.The merger, which Euronav CEO Paddy Rodgers described as an “important milestone”, takes place amid…
A Quarter of Seafarers Show Signs of Depression -Report
More than a quarter of seafarers show signs of depression - and many won’t ask for help, according to a study of seafarers’ mental health presented at Sailors’ Society’s Wellness at Sea conference on March 16, London. The study of more than 1,000 seafarers was carried out by international maritime charity Sailors’ Society and Yale University, with more than one in six of the respondents coming from the UK. Some 26 per cent of seafarers said they had felt “down, depressed or hopeless” on several days over the previous two weeks.
Wah Kwong Maritime's Chao is 2018 CMA Commodore
Award to be presented March 14, 2018 at the conclusion of the CMA’s Shipping 2018 Annual Conference and Exposition. Ms. Sabrina S. M. Chao, Executive Chairman of Wah Kwong Maritime Transport Holdings Ltd. has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2018. Ms. Chao follows a long succession of influential maritime industry leaders as Commodore. The 2018 Commodore Award will be presented on March 14, 2018 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition…
Euronav: VLCC Order Book Expands
The challenging freight market during the third quarter came despite some encouraging signs with active scrapping of vessels returning (nine VLCCs scrapped plus one removed from fleet for FPSO project; six Suezmax scrapped during the third quarter) incentivized by a steel price at near three-year highs, says Euronav NV. This was supported by continued upgrades to crude oil demand with the IEA raising its forecast for 2017 from 1.2 mbpd to 1.6 mbpd over the course of the third quarter and U.S. crude exports again making further progress to record on average 933k bpd for the third quarter.
Euronav Reports Lowest Freight Rates since 2013
Belgian tanker operator Euronav reported a sharp drop in core profit for the first nine months of the year as freight rates in the oil tanker sector continued to fall. Excess tonnage in the global tanker market has put pressure on freight rates, as a large wave of new deliveries this year has offset scrapping. "Freight rates remained under sustained pressure ... particularly in August as seasonally low levels of cargo and new tonnage entering the market combined to drive rates to lowest levels since 2013," Chief Executive Paddy Rodgers said in a statement.
Positive Trends in Tanker Market
Euronav NV CEO Paddy Rodgers said that the company's financial results for Q1 was a confirmation of our thesis: short term challenges but a positive medium structure building for the tanker sector. On the positive side demand for crude oil remains robust. The recently adjusted IEA forecast for 2017 at 1.3 million bpd growth still drives a requirement equivalent to an additional 35-45 VLCCs of shipping demand for 2017 alone depending on sourcing as most demand growth is from the Far East and therefore will need to be shipped.
Noonan Named CMA's 2017 'Commodore'
This morning CMA announced that Mr. John D. “Jack” Noonan, CEO of Chembulk Tankers, has been named as the CMA Commodore for the year 2017. Noonan joins a presigious list of previous award winners, including Ole Skaarup, Jacob Stolt-Nielsen, George Livanos, Phil Loree, Thomas Moran, Gregory Hadjieleftheriadis, Helmut Sohmen, Gerhard Kurz, William O’Neil, Richard du Moulin, Per Heidenreich, Marc Saverys, Frank Tsao, Stelios Haji-Ioannou, Peter Georgiopoulos, C. Sean Day, Torben Jensen, Morten Arntzen, John Fredriksen, Capt.
Cheap Oil Slows Move to LNG as Bunker Fuel
Low oil prices are denting the take-up of liquefied natural gas as a cleaner source of energy to power ships, and it will be a few more years yet before the fuel makes serious inroads into the marine bunker market. The global shipping sector is under pressure from governments to reduce harmful emissions from vessels, including sulphur oxides (SOx), nitrogen oxides (NOx) and carbon dioxide (C02), by using cleaner fuels such as liquefied natural gas (LNG) rather than traditional heavy fuel oil and diesel sources.
Euronav Sponsors Seafarers’ Welfare Program
Crude oil tanker company Euronav has invested to become a four-year sponsor of Sailors’ Society’s Wellness at Sea program. Wellness at Sea, which was launched in 2015, is a coaching and support program devised by the international maritime welfare charity to promote health and wellbeing among the world’s seafarers. Wellness at Sea is designed to reflect the needs of mariners and the shipping industry alike by promoting cultural awareness, emotional intelligence, social skills and spiritual wellbeing alongside more familiar skills competence.
Paddy Rodgers Named CMA 2016 Commodore
Award to be presented March 23, 2016 at the conclusion of the CMA’s Shipping 2016 Annual Conference and Exposition. Mr. Paddy Rodgers, CEO of Euronav NV has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2016. Rodgers follows a long succession of influential maritime industry leaders as Commodore. The 2016 Commodore Award will be presented on March 23, 2016 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, USA.
Global Maritime take Center Stage @ Danish Forum
The second Annual Danish Maritime Forum, scheduled for October 7-8, 2015, in Copenhagen, brings together a wealth of global maritime leaders to address present and long-term challenges for industry. Discussions at this year’s Danish Maritime Forum are influenced by volatility in global markets and uncertainties about future growth and will focus on how the maritime industry can address these challenges in both the short and long term. Other topical issues will include the New Chinese Silk Road, the global energy outlook and the future of ocean governance.
Euronav Acquires $ 750 mi Facility
The Executive Committee of Euronav NV today announced that it has signed a new USD 750 million senior secured amortizing revolving credit facility led by DNB Bank ASA and Nordea Bank Norge ASA acting as Coordinators, Mandated Lead Arrangers and Bookrunners and ABN AMRO Bank NV, ING Bank NV and Skandinaviska Enskilda Banken AB (publ) (SEB) acting as Mandated Lead Arrangers and Bookrunners and Crédit Agricole Corporate and Investment Bank acting as Lead Arranger whilst KBC Bank NV, Scotiabank Europe plc and Société Générale acting as Co-Arrangers.
BIMCO’s Analyst at Singapore Ship Finance Forum
Chief Shipping Analyst at BIMCO, Peter Sand will be one of the speakers at the upcoming Marine Money Ship Finance Forum in Singapore. This is the 14th annual forum and it will take place at 22-23 September 2015. Peter Sand will deliver the introductory presentation to the panel discussion titled: “Quantifying the tanker market boom? What are the triggers for the extension or the curtailing of current rates?” scheduled for September 22nd. The other panellists are: Paddy Rodgers…
Booming VLCC Rates Pull Euronav Up
Euronav delivered its best operating profit in seven years, with a 182 percent improvement, and a USD 80.8 million net profit, thanks to the 15 VLCC supertankers the company acquired from Maersk. Core profit rose 180 percent in the first quarter to $131.3 million. The spot rates for the large crude oil tankers, which increased in the first three months of the year to about USD 50,000 on average per day compared to USD 32,000 in the most recent and final quarter of 2014, also helped the company. Meanwhile, the development for all of 2015 looks to be solid for Euronav.
Tankship Owner Warns of 'Russian Roulette' Market
Euronav reports its net loss slipped to US$ 10.7 million in the first three months of 2013, compared with US$ 9.0 million a year earlier. The first quarter has seen moderate growth in cargoes comparing 2013 over 2012 and, due to changes in trading pattern, a greater increase in ton-miles. Nevertheless the overall returns for tanker shipping measured in TCE were lower. The supply side of the market remains the fundamental problem. The world fleet continues to increase as the newbuildings…