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01 Sep 2023

Intermarine and Jumbo-SAL-Alliance Set Up Hub in Chile

(Photo: Intermarine and Jumbo-SAL-Alliance)

Multipurpose carrier Intermarine and sister company Jumbo-SAL-Alliance (JSA) expand their presence in South America, opening a new office in Santiago.Intermarine and Jumbo-SAL-Alliance are joining Intermarine’s long-time agent, Marval, to form the new subsidiary JSA-Intermarine Chile. The first office to carry the name of both companies will be led by Nelson Matus, a veteran in the South American breakbulk and multipurpose sector with over 25 years of experience. Matus and his…

18 Nov 2022

Castor Maritime to Spin-off Its Tanker Fleet

Bulk carrier and tanker owner Castor Maritime this week announced plans to spin off its tanker fleet into a new subsidiary called Toro.Nasdaq-listed Castor, which owns a fleet of 20 bulk carriers and eight tankers, said the newly formed Toro would act as the holding company for the tanker fleet comprising one Aframax, five Aframax/LR2 and two Handysize tankers.In the spin-off, Castor shareholders will receive two common shares of Toro for every five Castor common shares held at the close of business on December 6, 2022. Toro has applied to have its common shares listed on the Nasdaq Capital Market. "The transaction is expected to enable each of Castor and Toro to increase its focus on its respective line of businesses…

12 Oct 2021

Racing for 30GW—and a Piece of the US Offshore Wind Pie

© DJ / Adobe Stock

“30 by 30” is the rallying cry for all concerned with the burgeoning U.S. offshore wind business. In Spring 2021, the Secretaries of Energy, Interior and Commerce resolved to deploy 30 gigawatts (GW) of electricity generated from offshore turbines by 2030. Consultants McKinsey, in a recent article frame the value proposition for this clean fuel source, writing: “During the industry’s 30-year evolution, costs have fallen so sharply that offshore wind now compares favorably with competing energy sources.” For vessel owners, renewable energy brings opportunity.The thrust of near-term U.S.

06 Oct 2021

ZIM Establishes Digital Freight Forwarding Company

Carmit Hoshen-Glik, Ship4wd CEO (Photo: ZIM)

ZIM Integrated Shipping Services Ltd. on Wednesday announced the creation of a new subsidiary, Ship4wd, a digital freight forwarding platform offering an online self-service end to end shipping solution.Launching October 18, 2021, Ship4wd is intended to be a one-stop-shop international shipping service targeting U.S. and Canadian small and medium-sized businesses importing and exporting from China, Vietnam and Israel, ZIM said. The Ship4wd platform consists of both sea and air shipping services up to the final destination…

20 May 2021

Vestdavit Establishes Dutch Subsidiary

(Photo: Port of Antwerp)

Vestdavit has bolstered its presence in the European market with the launch of a new subsidiary in the Netherlands that positions it for business growth in one of the world’s major maritime hubs. The Norwegian davit supplier is now able to provide readily available resources and expertise for new and existing clients from its Vestdavit BV office located in Maastricht that opened on May 1.Headed by managing director Kai Gjerde, the office will function as a sales and service center located at the intersection of the Netherlands…

30 Mar 2021

Gunvor to Cut Emissions by 40%, Sets up Renewables Arm

© Altin Osmanaj / Adobe Stock

Energy trader Gunvor Group aims to cut its Scope 1 and 2 emissions by 40% in absolute terms by 2025, the company said on Tuesday, and has set up a new subsidiary to invest in non-hydrocarbon projects.The Geneva-based firm, which is among the top five global oil traders, aims to cut emissions it produces directly, and those from the electricity it uses, against its 2019 total of 1.9 million tonnes of carbon dioxide equivalent.Its new unit will invest in biofuel, renewable power projects such as solar and biomass…

04 Dec 2020

Rolls-Royce Acquires Ship Control Systems Supplier Servowatch

(Image: Rolls-Royce)

Rolls-Royce has acquired Servowatch Systems, a UK-based international supplier of integrated marine automation solutions for navies, commercial vessels and large yachts.Representatives of Rolls-Royce's Power Systems business unit and the company’s previous owner, the Indian engineering, procurement and construction projects, manufacturing, defense and services group Larsen & Toubro, signed the contracts Wednesday. Commercial terms were not disclosed."Servowatch's modern and sophisticated…

08 Dec 2019

Yang Ming Sets-up Shop in China

Taiwanese ocean shipping company Yang Ming Marine Transport Corporation has formed a new subsidiary with un-named partners in Shanghai named Huan Ming (Shanghai) International Shipping Agency.The subsidiary will begin operating on 1st January, 2020. Huan Ming will act as Yang Ming’s general agent in China. With the establishment of Huan Ming, Yang Ming is confident that its image will be further strengthened and the resources in China better integrated to reasonably reduce operating costs and improve operating efficiency.China accounts for a large share of Yang Ming’s total cargo volume. With the addition of a new member joining THE Alliance in the upcoming year…

08 Sep 2019

Liebherr Invests in Hamburg Port

The Swiss multinational equipment manufacturer Liebherr, has officially opened its new service center in Hamburg. The center, comprising an area of 44,000 square meters in the Kuhwerder.“We are investing in a location which offers long-term potential for growth in several directions. Due to the logistic requirements, the harbour in Hamburg is our central hub for rental and buy-back machines, as well as for all kinds of repairs for the European area,” said Jörg Schmidt, Managing Director of Liebherr-MCCtec Vertriebs- und Service GmbH.The new subsidiary is responsible for supporting mobile harbour, ship and offshore cranes as well as construction machinery from the product areas crawler cranes…

31 May 2019

Shareholders OK HHI Split-up Plan

Shareholders of Hyundai Heavy Industries (HHI) have approved the South Korean shipbuilder's split-up plan amid fierce opposition from its labor union.According to local media reports, Hyundai Heavy Industries, , South Korea's largest shipbuilder, is now divided into mid-holding companies and subsidiaries engaged in shipbuilding, special ship, offshore plant, engine and machinery business.HHI changed its name and mission to the Korea Shipbuilding & Marine Engineering Co., Ltd. (KSME) and decided to use Hyundai Heavy Industries (HHI) as its new subsidiary.KSME will be a listed company with a 100% shareholding in the newly-split company.HHI…

15 May 2019

Yang Ming Establishes Indonesia Subsidiary

Taiwanese shipping company Yang Ming Marine Transport Corp. will form a new subsidiary with partners in Jakarta Indonesia named PT Yang Ming Shipping Indonesia Today (16th May 2019).PT Yang Ming Shipping Indonesia will have branch offices at Surabaya, Panjang, and Palembang. The company has nominated Benson Chou as President Director for the first term."Prompted by the rapid economic growth in Southeast Asia, global carriers begin to strengthen their regional services to meet the growing market demand. Among ASEAN countries, Indonesia has the largest economy," a press release explained.Given its strategic location and great potential volume growth…

26 Mar 2019

UK P&I Club Gets Regulator Clearance for Dutch Brexit Hub

British ship insurer UK P&I Club has received approval from the Dutch regulator for a new subsidiary in Rotterdam to ensure continued access to trade in the European Union in case Britain loses single market access, it said on Tuesday.UK Club is the second specialist Protection and Indemnity (P&I) club to announce regulatory approval for Brexit trading arrangements in the EU. Rival club North said in January it got the green light for its Dublin subsidiary from Ireland's central bank.P&I clubs - mutually owned by their members which are shipping companies - have been an integral part of the City of London for nearly two centuries, insuring ocean going ships against pollution and injury claims…

18 Jan 2019

BREXIT: North P&I Gets OK for Dublin Brexit Hub

Paul Jennings (Photo: North P&I)

British ship insurer North has received regulatory approval from Ireland's central bank for a new subsidiary in Dublin to ensure continued access to trade in the European Union in case Britain loses single market access, the firm said on Friday.North, which has its headquarters in the northern England city of Newcastle, is the first specialist Protection and Indemnity (P&I) club to announce regulatory approval for Brexit trading arrangements in the EU. It said a team of senior…

16 Jan 2019

SCHOTTEL Strengthens Presence in Turkey

Mustafa Muslum  (Photo: SCHOTTEL)

As of January 2019, the SCHOTTEL targeted expansion of the international network of subsidiaries develops further with the foundation of SCHOTTEL Turkey. SCHOTTEL is active in Turkey and has a larger customer base there since the 1970s. With the large number of vessels build in Turkey, SCHOTTEL sees the need to establish this new subsidiary.Mustafa Muslum has been appointed Managing Director for SCHOTTEL Turkey and will head the new subsidiary. Muslum has a long experience in the marine industry and before joining SCHOTTEL he held several senior positions.

11 Jan 2019

Blue Atlantic Fabricators Launches Lovejoy Wharf Ferry & Water Taxi Dock

Boston Harbor Cruises’ new subsidiary is building for Massachusetts in the Commonwealth.Blue Atlantic Fabricators of East Boston, MA announces the fabrication and launch of a 50 ton, 20ft x 80ft floating dock to be located at Lovejoy Wharf in Boston. This all-steel dock, will be the facility for privately-run ferry and water taxi service between Lovejoy Wharf and Boston’s Seaport District, offering both bow-loading and side loading capabilities.Blue Atlantic Fabricators built the floating dock for C. White Marine, Inc. who, as general marine contractor for developer Related Beal, will finish and install the docking system at the multiuse Lovejoy Wharf property.

20 Jul 2018

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 statement.London Club is one of 13 major global P&I insurers and Europe accounts for over 60 percent of the group's activities.The six P&I clubs regulated in Britain are estimated to account for over half t

29 Jun 2018

VIKING Boosts Support for Japanese Shipowners

Photo: VIKING Japan

Viking is establishing a local presence in Japan to support its growing relationships with local shipowners.Viking Japan builds upon an alliance with MOL Techno-Trade that began five years ago when VIKING’s products were first added to the maritime supplier’s portfolio. “Prior to joining MOL Techno-Trade’s product line-up, VIKING’s representation in Japan was limited,” said VIKING Vice President for the Asian region, Bjarne Kolbo Nielsen. “Today, with the trust shown in us by MOL Techno-Trade…

01 Nov 2017

Crowley to Buy Three Tankers from SeaRiver

Crowley Alaska Tankers, LLC, has signed an agreement to purchase three tankers from SeaRiver Maritime Inc., and charter them back to SeaRiver under varying multi-year terms. The deal is subject to regulatory approval. Included in the acquisition are the tankers Liberty Bay and Eagle Bay, each of which have a capacity of 800,000 barrels and transport crude from Alaska to West Coast refineries; and the tanker SR American Progress, which has a capacity of 342,000 barrels and transports refined petroleum between U.S. gulf and East Coast ports. Crowley said it will now work with regulators to obtain the necessary regulatory approvals to serve the Alaska and West Coast markets.

30 Oct 2017

Star Bulk Rolls Out Logistics Venture

Star Bulk Carriers, a global shipping company focusing on the transportation of dry bulk cargoes, announced the expansion and diversification of the Company's commercial activity with the launch of the new subsidiary Star Logistics Management S.A. Star Logistics will focus on servicing the end user by connecting origination and destination of dry bulk commodities. The move is expected to further expand the commercial capability of Star Bulk through additional commercial expertise and advanced tools on the Kamsarmax and geared bulk carriers. Moreover, it will provide the Company with access to considerable cargo flow and market information. Star Logistics will be based in Geneva, Switzerland, and will offer Star Bulk a significant presence in a main center of the dry bulk commodities arena.

22 Jun 2017

Schwarze-Robitec Expands in USA

Photo: Schwarze-Robitec

The tube bending machine manufacturer Schwarze-Robitec is expanding its branch office in the USA. The North American service and distribution team moves to Grand Rapids. Mich. In addition to its new premises, Schwarze-Robitec operates a spare parts warehouse for its high-quality bending machines. Customers in the U.S., Canada and Mexico benefit now from faster delivery times as well as first-class services. Due to the continuing increase of customers, Schwarze-Robitec moves into an office and a warehouse space in Michigan only two years after the opening of the US office.

08 Aug 2016

Kongsberg: Blazing a Digital Trail

(Photo: Kongsberg)

Earlier this year Kongsberg launched Kongsberg Digital, a new subsidiary to expand its industrial software offering, a “start-up” with about 500 employees. Hege Skryseth, President of Kongsberg Digital and also the Chief Digital Officer of Kongsberg shares with MR her insights on the size, shape and direction of the new entity. “You see some opportunities here,” is how Hege Skryseth summarizes the potential for the digital revolution to make maritime and offshore operations more efficient.

12 Feb 2016

Teknotherm Marine Moves HVAC Arm to Bergen

Maritime heating, ventilation and air conditioning (HVAC) firm Teknotherm Marine has established a new subsidiary is established with the name Teknotherm Marine HVAC AS. The company, already up and running from the main office in Halden, will move to and be operating in Bergen from the second quarter this year. Combined with the Teknotherm refrigeration competence and Heinen & Hopman’s worldwide presence and network, the company is aims to be a strong partner nationally and worldwide for designers, yards and owners. “As Norwegian shipyards, designers and owners are world-leading for several types of vessels, we see Bergen as an important strategic base for the new activities,” explained Managing Director, Jon Aksel Brynildsen.

08 Feb 2016

Furuno Establishes China Subsidiary

FURUNO ELECTRIC CO., LTD. announced that its new subsidiary in Hong Kong has been established and has commenced business operation on February 1, 2016. The new subsidiary, FURUNO CHINA CO., LIMITED (FCN) is FURUNO's wholly-owned subsidiary company incorporated in Hong Kong. FCN's main task is to further enhance the sales activities as well as technical service provision scheme covering Mainland China / Hong Kong market which the company said is viewed as one of the most important geographical locations with remarkable market potentials for new buildings, retrofit and services for commercial ships, river and workboat, fishing and growing pleasure market.

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