Meeting Scheduled News

Kristian Siem, founder and longtime leader of Siem Offshore, is stepping down as chairman of the Norwegian offshore support vessel (OSV) firm after reaching a deal to acquire nine vessels in exchange for his 35% stake in the company.The company announced it has reached an "amicable agreement" to sell Siem Barracuda, Siem Stingray, Siem Opal, Siem Pearl, Siem Topaz, Siem Pilot, Siem Pride, Siem Symphony and Siem Thiima to Kristian Siem's Siem Sustainable Energy S.a r.l and related companies in exchange for 35% of the company’s shares.The other major shareholder is Christen Sveaas' Kistefos…

U.S.

“Not only does the top of the river move, but the bottom of the river also moves.” - James Bodron, U.S. Army Corps of Engineers, Mississippi Valley Division, Regional Business Director.Dredging was the Herculean act that allowed much of the U.S. economy to keep chugging along as usual, at least for Midwest and Central states, as drought conditions threatened to shut down river traffic on the Mississippi River and its tributaries, during fall and winter 2022 and early 2023.The full scope of these U.S.

Italy's commissioner for the set up of a new regasification terminal is confident the infrastructure could get the green light by the end of October, in time for extending the country's LNG capacity at the beginning of 2023.Under the government's energy plan, the new floating storage and regasification unit (FSRU) should be operational by the end of March next year to increase the country's LNG imports and make up for a shortfall of Russian imports.The infrastructure, which was bought in June by gas grid operator Snam SRG.MI…

Italy's commissioner for the set up of a new regasification terminal is confident the infrastructure could get the green light by the end of October, in time for extending the country's LNG capacity at the beginning of 2023.Under the government's energy plan, the new floating storage and regasification unit (FSRU) should be operational by the end of March next year to increase the country's LNG imports and make up for a shortfall of Russian imports.The infrastructure, which was bought in June by gas grid operator Snam…

ABB announced its intention to spin off Accelleron (formerly ABB Turbocharging) turbocharging division, by way of a dividend in kind of Accelleron Industries Ltd’s shares to ABB’s shareholders. Accelleron’s listing on SIX Swiss Exchange in Zurich is planned for October 3, 2022, and is subject to, among others, approval by ABB’s shareholders at an Extraordinary General Meeting scheduled for September 7, 2022.“After careful consideration involving a dual-track process, we have concluded that spinning off Accelleron is the best way forward – for Accelleron itself and for ABB’s shareholders…

Leading shipping associations have proposed creating a global levy on carbon emissions from ships to help speed up the industry's efforts to go greener.With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world's CO2 emissions and the sector is under growing pressure to get cleaner.For the first time, the International Chamber of Shipping (ICS) and Intercargo jointly proposed a levy based on mandatory contributions by ships trading globally…

labor union representing Argentine grains port workers said on Thursday that it suspended a scheduled strike over wages after the government called for talks between the workers and their companies.The URGARA union, which represents inspectors who check the quality of grains before they are loaded onto ships, said the strike, previously set to begin on Friday, would hold off until an upcoming meeting scheduled by the government."In the framework of maintaining social peace, we…

South Korea's "Big Three" shipbuilders may soon become the "Big Two". South Korea’s Hyundai Heavy Industries (HHI) has expressed interest to buy its rival Daewoo Shipbuilding & Marine Engineering (DSME), the local media has reported.The world’s biggest shipbuilder plans to buy a majority stake in in second-ranked rival from the state-run Korea Development Bank (KDB), WSJ reported quoting people directly involved in the matter.The move would consolidate HHI's position as the top South Korean shipbuilder and create a new industry giant.According to the report, a merger between the world’s two biggest shipyards has been in the works for about a year.

Board of HSH Nordbank AG has surprisingly denied approval of the term sheet regarding the financial restructuring of the Rickmers Group, says a press release from the group. Rickmers Holding AG strives for restructuring in self-administration on the basis of continuation of the business and vessel operations, the release said. On 19 April 2017, Rickmers Holding AG reached an understanding with, inter alios, HSH Nordbank AG on a term sheet regarding the restructuring of material financial liabilities of the Rickmers Group that was subject to corporate approval of HSH Nordbank AG and contingent on the restructuring of the bond 2013/2018 issued by Rickmers Holding AG.

United Arab Shipping Company (UASC), which is close to merging with Hapag-Lloyd, revealed enormous deficits and a massive debt in its key financial figures, says Alphaliner. The first-time revealed UASC financial figures uncover more than $4bn of debt incurred during a major fleet expansion program and a net loss of $384m last year, were described by analyst Alphaliner as “UASC’s dismal financial performance laid bare”. Revenues for the last year reached $3,318M. These figures were provided by Hapag-Lloyd as part of the disclosures for an upcoming Annual General Meeting, scheduled to be held in Hamburg at the end of August. UASC’s poor financial performance has continued in 2016 with an operating loss of -$132 M and net loss of -$201 M on revenues of $1…

Hapag-Lloyd AG (Hapag-Lloyd) and United Arab Shipping Company S.A.G. (UASC) have signed a Business Combination Agreement (BCA) to merge both companies, subject to the necessary regulatory and contractual approvals. Besides the Business Combination Agreement (BCA) between the two companies, the controlling shareholders, namely CSAV Germany Container Holding GmbH, HGV Hamburger Gesellschaft für Vermögens- und Beteiligungsmanagement mbH and Kühne Maritime GmbH on the side of Hapag-Lloyd, and Qatar Holding LLC on behalf of the State of Qatar and The Public Investment Fund of the Kingdom of Saudi Arabia on the side of UASC, have assumed certain commitments with regard to the merger and the future equity funding of the company in a separate agreement…

Hapag-Lloyd and UASC have signed a Business Combination Agreement. The Combined company will rank among the world´s five largest liner shipping companies and will operate one of the most modern fleets in the industry / Company will operate 237 vessels with total transport capacity of around 1,6 million TEU / Qatar Holding LLC and The Public Investment Fund of the Kingdom of Saudi Arabia to become new key shareholders of Hapag-Lloyd. Hapag-Lloyd AG (Hapag-Lloyd) and United Arab Shipping Company S.A.G. (UASC) have signed a Business Combination Agreement (BCA) to merge both companies, subject to the necessary regulatory and contractual approvals.

The shareholders of Middle East container shipping group United Arab Shipping Company (UASC) back the company's merger talks with German rival Hapag-Lloyd although there has not yet been a vote to approve a deal, UASC said on Thursday. UASC, which is owned by Gulf governments, said the merger talks were discussed at an extraordinary general meeting (EGM) for shareholders on Thursday at the company's office in Dubai. "While the shareholders' representatives at the EGM were generally…

Fugro received a writ of summons from Boskalis to force a shareholder vote at its annual shareholders meeting scheduled for 30th April 2015 on a recommendation in respect of one of Fugro's three protective measures, i.e. the Foundation Continuity Fugro ("Stichting Continuïteit Fugro"). Fugro is willing to discuss the item in its shareholders meeting with its shareholders. This ensures that all shareholders will have ample opportunity for discussion if they want to. Boskalis, however, wants to table it as a voting item which according to Fugro is not in line with the law. Fugro reiterates that it highly values its position as the world's leading independent geotechnical and survey services and data provider…

Hundreds of protesters marched through the streets of Myanmar's largest city of Yangon on Wednesday to denounce foreign criticism of the country's treatment of stateless Rohingya Muslims. About 300 people, led by about 30 Buddhist monks, shouted slogans against the United Nations and Western media, who they accuse of unfairly blaming Myanmar for a "boat people" crisis that has seen thousands of trafficked Rohingya and Bangladeshi migrants wash up in Southeast Asia in recent weeks. Protest leaders argued that the vast majority of those who have landed or been rescued at sea were citizens of neighbouring Bangladesh, who were pretending to be Rohingya in order to receive refugee protection.

Mississippi’s Lieutenant Governor Tate Reeves and VT Halter Marine’s Executive Vice President John Prendergast are slated to deliver keynote addresses at the Gulf States Shipbuilders Consortium’s (GSSC) summer meeting scheduled August 21‐22, 2013, in Ocean Springs. The Lt. Governor’s remarks will focus on Mississippi’s continued efforts to improve the quality of its workforce. “A strong, well‐trained workforce is key to attracting and retaining quality jobs, like those in the shipbuilding industry,” Lt. Governor Reeves said. Prendergast will talk about workforce development from a business owner’s perspective focusing on the importance of a skilled workforce.

Mississippi’s Lt. Governor Tate Reeves and VT Halter Marine’s Executive Vice President John Prendergast are slated to deliver keynote addresses at the Gulf States Shipbuilders Consortium’s (GSSC) summer meeting scheduled August 21‐22, 2013, in Ocean Springs. The Lt. Governor’s remarks will focus on Mississippi’s continued efforts to improve the quality of its workforce. “A strong, well‐trained workforce is key to attracting and retaining quality jobs, like those in the shipbuilding industry,” Lt. Governor Reeves said. Prendergast will talk about workforce development from a business owner’s perspective focusing on the importance of a skilled workforce.

Bourbon’s plan to diversify into the gas carrier market has run into financial obstacles. The company said in a statement that its board of directors acknowledged that the financing required for the acquisition of Jaccar Holdings’ gas activities would not be obtained within the originally stated timeframe. Consequently, the board has removed the resolution from the agenda of the annual shareholders meeting scheduled for May 26. “The diversification of Bourbon in this new activity remains a strategic objective for the company,” it said in a statement.

Hapag-Lloyd said it had decided to postpone its annual general meeting scheduled for June 1, 2016 due to ongoing merger talks between German container shipping firm and United Arab Shipping Company (UASC).   The AGM will take place in August 2016 at the latest, Hapag-Lloyd said in a statement on Tuesday.   Last week, Hapag-Lloyd said that UASC had called an extraordinary general meeting for June 2 at which its shareholders would vote on whether to approve a proposed merger with Hapag-Lloyd.   (Reporting by Bartosz Dabrowski)

Great Eastern Shipping Company (GE Shipping), India’s largest private shipping company, is planning to raise up to Rs 500 crore ($79 million) through non-convertible debentures (NCDs) on a private placement basis, says PTI. The company will seek its Board's approval "to offer or invite subscriptions for secured / unsecured redeemable non-convertible debentures, in one or more series / tranches, aggregating up to Rs 500 crores on private placement", it said in a Stock Exchange filing. The approval will be sought in the company’s annual general meeting scheduled on August 12 while the terms and conditions for raising the fund would be determined by the board.

Two major examples of Interferry’s growing influence will be highlighted next week at the global trade association’s 39th annual conference in Vancouver. CEO Len Roueche will report on his nomination to a new UN high level advisory group on sustainable transport, while executive director for European Union and IMO affairs Johan Roos will explain a breakthrough by ferry operators in obtaining EU funding to help them comply with the low sulphur rules that enter force in Emission Control Areas next January.

On November 21, the International Maritime Organization, or IMO, finalized the Polar Code and adopted amendments to the International Convention for the Safety of Life at Sea, or the SOLAS, which will create mandatory safety requirements for ships operating in Arctic and Antarctic waters. These requirements, which are in addition to the standard SOLAS regulations, will enter into force starting January 1, 2017. When finalizing the Polar Code, the IMO made decisions on several key issues on the agenda at this session including: training, certification, navigation and operational assessments. The IMO considered ice navigation training for mariners based on the ice conditions in which a ship is operating.