Teekay Offshore Partners Appoints Interim CFO
Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P. announced that Tim Cowan join as Interim Chief Financial Officer of Teekay Offshore Group Ltd., a management services company that provides services to the Partnership’s subsidiaries while the company conducts a search for a permanent CFO.Cowan holds the position of Senior Vice President, Energy, at Brookfield Asset Management. Brookfield became a co-sponsor of the Partnership in September 2017, when…
Esvagt Appoints Peter Lytzen as CEO
Esvagt, the dedicated provider of safety and support at sea, has appointed Peter Lytzen as CEO with effect from 1 September 2018.Peter brings over 30 years’ experience and has held numerous senior positions in the offshore industry. Most recently, Peter was a member of the Executive Committee of Teekay Offshore and CEO of Teekay Petrojarl.Prior to this, Peter was Vice President of Maersk Drilling, responsible for their Floating Production activities, and Project Director at Maersk Oil for a number of projects in the North Sea.
Teekay Tankers Completes of Sale-Leaseback of Six Vessels
Teekay Tankers announced that it has completed and closed the previously-announced sale-leaseback transaction for six Aframax tankers, the Whistler Spirit, Blackcomb Spirit, Emerald Spirit, Garibaldi Spirit, Tarbet Spirit and Peak Spirit. The marine energy transportation said in a press release that, as a result, it has increased its liquidity position by approximately $60 million after the repayment of outstanding debt related to these vessels. This financing was part of the Company’s financing initiatives announced on August 2…
Teekay Offshore Taps Steinsland as CFO
Teekay Offshore GP LLC, the general partner of Teekay Offshore Partners L.P., announced today that Jan Rune Steinsland has been appointed the new Chief Financial Officer (CFO) of Teekay Offshore Group Ltd., a management services company that provides services to the Partnership’s subsidiaries (together with the Partnership, the Teekay Offshore Group) effective September 3, 2018. The Partnership’s interim CFO, Tim Cowan, will step down effective September 3, 2018, but will remain…
Shipping Community Announces Mercy Ships Cargo Day Goal
Mercy Ships Cargo Day, an annual event established by the worldwide shipping community in 2016, has announced a $1 million target goal for 2018.The event, held Oct. 3, provides the opportunity for the shipping and trading community around the world to donate 50 percent of its commission on cargoes (Mercy Cargoes) or to make a direct financial contribution to Mercy Ships. Mercy Ships operates the world’s largest private hospital ship, the Africa Mercy, staffed by volunteers who provide free life-changing surgeries in Africa.
Yamal LNG Exports Accelerate in Time for Winter
Liquefied natural gas exports from Novatek's Yamal terminal in the Arctic have come on stream faster than expected over the summer and exceeded volumes from Russia's only other LNG facility, Sakhalin, for the first time in August.The pace of commissioning the multi-billion dollar project has surprised a market used to chronic delays. Additional volumes from the start of another facility should now come in time for the northern hemisphere winter, a time of price spikes.Novatek said earlier this week it had begun commissioning the third train…
Teekay Offshore Orders two LNG-fueled Aframax at Samsung Heavy Industries
Teekay Offshore GP entered into shipbuilding contracts to construct two LNG-fueled Aframax DP2 shuttle tanker newbuildings from Samsung Heavy Industries for delivery in late-2020 and early-2021, bringing the Partnership’s orderbook to six shuttle tankers.These newbuildings will be constructed based on Teekay Offshore’s New Shuttle Spirit design which incorporates proven technologies to increase fuel efficiency and reduce emissions, including LNG propulsion technology.Upon expected delivery in late-2020 through early-2021…
Advantage Vancouver: Building a Global Maritime Hub
As Canada’s largest port, Vancouver B.C has always been big on shipping. Now they have their sights set on becoming a world-class maritime center. “There’s no problem selling Vancouver,” says Kaity Arsoniadis-Stein, Executive Director of the Vancouver International Maritime Center (VIMC), the organization heading up the expansion initiative. She points out that despite the current slump in shipping, experts are pegging global growth to resume and gain momentum toward 2030. Many also predict that India and China will quadruple their freight volumes by 2050…
Murphy Takes Up Role as Chief Executive of IBIA
The International Bunker Industry Association (IBIA) has introduced its new Chief Executive, Justin Murphy, who akes up his new position from February 13, 2017. From 2013 to 2015, Murphy was CEO of Brightoil Shipping, Singapore and Executive Director at HKSE listed Brightoil Petroleum (Holdings) Ltd, an Energy conglomerate with bunkering and ship owning divisions. Prior to that, Murphy held director and board positions at several firms involved in shipping, including Teekay, AET, and a stint as head of shipping at Macquarie Bank.
FSL Q1 Earnings Rise
FSL Trust Management (FSLTM), as trustee-manager of First Ship Lease Trust (FSL Trust), reported a net profit of $3.4 million for the three months ended March 31, 2017, compared to $2.3 million reported in 1QFY16. This positive result was achieved despite challenging industry conditions and a 17.7 percent decline in revenue to $21.9 million for 1QFY17, compared with $26.7 million reported in 1QFY16. The decrease in revenue is primarily due to the dry-docking of two crude oil tankers in 1QFY17…
Tanker Investments Merges with Teekay Tankers
Teekay Tankers has agreed to acquire all the remaining issued and outstanding shares of Tanker Investments (TIL), in a share-for-share merger at an exchange ratio of 3.30 Teekay Tankers Class A common shares for each TIL common share. Teekay Tankers currently owns 3.4 million common shares, or 11.3 percent, of TIL. TIL's fleet consists of 10 Suezmax tankers, 6 Aframax tankers and 2 LR2 Product tankers with an average age of 7.3 years. Following the merger, Teekay Tankers' fleet will consist of 62 conventional tankers…
Brookfield Buys Stake in Teekay Offshore
Canadian asset manager Brookfield Business Partners will buy 60 percent of Teekay Offshore Partners, a subsidiary of marine transportation provider Teekay Corp, for about $750 million, Reuters reported quoting company sources. Brookfield said it would invest $610 million to buy the stake in Teekay Offshore and will also acquire a $200 million loan given by Teekay Corp to Teekay Offshore. Teekay Corp in a separate statement said, following the transaction, it would own 14 percent of Teekay Offshore.
Grand Bahama Shipyard Reports Commercial Success
Caribbean shipyard Grand Bahama Shipyard (GBS) said it has completed work on 30 commercial vessels within first half of 2017, predominantly comprised of companies returning to the yard with repeat business including tankers, bulk carriers, containerships, tugs, dive support vessels and drilling support vessels. In what is considered a volatile market, GBS said 2017 has been a great year for repeat customers, solidifying its position as a supporter of the major U.S. East Coast…
Shuttle Tankers - Safe, Flexible, Efficient
Shuttle tankers are an alternative to subsea pipelines. Typically for large water depths. For harsh weather operation the use of shuttle tankers is a necessity. DNV GL has incorporated the latest findings related to their design, operation and safety in an updated shuttle tanker paper. Shuttle tankers transport crude oil from offshore oil fields to terminals where use of subsea pipelines are not feasible. Major deployment areas include the North Sea and the Brazilian offshore fields. The global fleet has been growing steadily for decades, comprising 88 ships by the end of 2016.
Pappadakis to Receive NAMEPA Lifetime Award
Nicky Pappadakis has been unanimously selected to receive the North American Marine Environment Protection Association (NAMEPA) 2016 Lifetime Award, announced Joe Hughes, NAMEPA Chairman. “Mr. Pappadakis has dedicated his life to the shipping industry and demonstrated his commitment for the sea, seafarers, safety and the environment,” Hughes said. Pappadakis began his career in 1961 with the family firm A.G. Pappadakis & Co. in London, England. “My acceptance is in the name of all who care about the environment and who try to help make a difference,” Pappadakis said.
Teekay’s 1st Arctic LNG Carrier Completes Trial
Teekay LNG Partners said its first icebreaker liquefied natural gas (LNG) carrier newbuild, Eduard Toll, recently completed gas trials. Eduard Toll is Teekay’s first of six 172,000 cubic meter ARC7 LNG carrier newbuildings to be constructed for the Yamal LNG project. The ARC 7 LNG carrier was launched in January this year at the South Korean Daewoo Shipbuilding & Marine Engineering (DSME) shipyard. The vessel has been designed and built to perform year-round navigation through the Arctic and has the icebreaking ability allowing it to proceed through ice up to 2.1 m thick.
Teekay Tankers Completes Tanker Investments Acquisition
Teekay Tankers and Tanker Investments Ltd. (TIL) announced the closing of the previously announced merger of the two companies. Upon the closing of the merger, each outstanding share of TIL common stock (other than shares held in the treasury of TIL or owned by Teekay Tankers or any of its subsidiaries) was exchanged for the right to receive 3.30 shares of Teekay Tankers Class A Common Stock, and TIL became a wholly owned subsidiary of Teekay Tankers. Teekay Tankers currently owns a fleet of 35 double-hull tankers…
Pankaj Khanna Appointed As CEO of Ocean Rig
Pankaj Khanna has been appointed as President and Chief Executive Officer of Ocean Rig UDW, a global provider of offshore deepwater drilling services, effective January 1, 2018. Khanna is 47 years old with 29 years of varied experience in the maritime & offshore industry. He last served as Chief Executive Officer of Pioneer Marine Inc, a drybulk company that he founded in 2013. Prior to his position at Pioneer Marine Inc Khanna served as Chief Marketing Officer at Ocean Rig UDW Inc. from January 1, 2012 to October 2, 2012. Mr. Khanna served as the Chief Operating Officer of DryShips, Inc.
Germany and Greece: Worst Vessel Dumpers
As in 2016, Germany and Greece top the list of country dumpers in 2017, according to new data released today by the NGO Shipbreaking Platform. German owners, including banks and ship funds, beached 50 vessels out of a total of 53 sold for demolition. Greek owners were responsible for the highest absolute number of ships sold to South Asian shipbreaking yards in 2017: 51 ships in total. Since the Platform’s first compilation of data in 2009, Greek shipping companies have unceasingly topped the list of owners that opt for dirty and dangerous shipbreaking.
BSM Appoints Two Managing Directors
Shipmanagement company, Bernhard Schulte Shipmanagement (BSM) has announced the appointment of two new Managing Directors: Neil McNeil will head BSM British Isles based in the Isle of Man, and Mingfa Liu will be his BSM China counterpart in Shanghai. Prior to joining BSM, McNeil was Regional Fleet Manager (Americas) for BP Shipping and latterly Managing Director at V Ships USA. McNeil also spent 13 years at sea with Denholm Ship Management and BP Shipping on a variety of vessels rising to Chief Officer.
Hvid to Take Over as Teekay President and CEO
Teekay Corporation’s board of directors has elected Kenneth Hvid to succeed current president and CEO, Peter Evensen, who will retire January 31, 2017 after more than 13 years with the company. Hvid is presently serving as president and CEO of Teekay Offshore Group Ltd. “Kenneth Hvid is the natural successor to Peter Evensen as CEO of Teekay at this time,” said Teekay's Chairman, Sean Day. Hvid has served on the board of Teekay daughter companies, and has worked closely with all the business segments in Teekay in his previous role as Chief Strategy Officer.
Board Changes at Teekay Corporation
Teekay Corporation announced changes to its Board of Directors. Alan Semple has been appointed as the new Chair of the Audit Committee following the retirement of Eileen A. Mercier effective March 12, 2018. Semple joined the Teekay Board and its Audit Committee in 2015. He has over 30 years of finance and energy industry experience, including as Director and Chief Financial Officer at John Wood Group PLC until his retirement in May 2015. Semple currently also serves on the Board of Cobham PLC, where he is the Chair of its Audit Committee.
Changes at Teekay's top deck
Teekay Tankers Ltd. • Richard D. Paterson has been appointed as the new Chair of the Audit Committee, effective March 15, 2018. • William Lawes has stepped down as Audit Committee Chair, but remains on the Audit Committee and Board. Mr. Paterson joined the Board of Directors of Teekay Tankers on August 1, 2017. He is a certified public accountant who retired from PriceWaterhouseCoopers LLP (PwC) in 2011 after 37 years of service. At the time of his retirement, Mr. Paterson served as the global leader of PwC’s Consumer…
KOTUG Buys Teekay’s Stake in Australian Towage JV
KOTUG Australia and Teekay Shipping Australia Pty Ltd. have reached a deal to reshape KT Maritime Services Australia Pty Ltd. (KTM) from a 50/50 joint venture to a full subsidiary of the KOTUG group. KTM was incorporated in 2012 to serve the Australian towage market. Now, after several years of working with KOTUG to establish this business, Teekay will exit KTM to focus on its Australian ship management, crewing and consultancy businesses. The deal received unanimous approval from the boards of both parent companies and was executed in the first week of April 2018.
Teekay launches digital dashboard 'The Helm'
Teekay Tankers Ltd. has launched a vessel dashboard portal called The Helm that is designed to give pool partners a transparent, real-time direct link to commercial, technical and market data pertaining to their vessels.For Teekay Tankers CEO, Kevin Mackay, The Helm is a way Teekay Tankers can harness digital technology and big data tools to stay at the forefront of tanker market trends: “Our commercial team has been building out its service offering to customers and partners over the last couple of years.
Teekay Offshore CFO Wong to Step Down
Teekay Offshore Partners L.P. announced today that David Wong will step down from his position as Chief Financial Officer of Teekay Offshore Group Ltd. to commence a new opportunity outside of the Teekay organization.Wong, who joined Teekay Corporation in 2009 and has served as Teekay Offshore CFO since 2015, will continue with the Teekay until August to assist with the transition while a search for his replacement is conducted.