Hapag-Lloyd to Raise Capital Following Merger with UASC
Hapag-Lloyd AG will now carry out the capital increase that was agreed upon as part of the merger of Hapag-Lloyd and UASC. The gross proceeds are expected to amount to approx. EUR 352 million (approx. USD 414 million). The official merger of the two companies occurred on 24 May 2017. At the Annual General Meeting on 29 May 2017, the shareholders approved new authorised share capital for a capital increase. The capital increase is backstopped by the primary shareholders CSAV Germany Container Holding GmbH, Kuehne Maritime GmbH, Qatar Holding Germany GmbH and The Public Investment Fund of the Kingdom of Saudi Arabia for a total of approx. EUR 352 million. They have committed to exercise their subscription rights and to acquire new shares that are not acquired by other shareholders.
Power Play: Engine Suppliers Prepare for 2020
Kjeld Åbo, Chairman of CIMAC (the International Council on Combustion Engines) Fuels Working Group and Director Customer Support, Two Stroke Marine at MAN Diesel & Turbo, has said that the IMO’s proposed 0.5 percent marine fuel sulfur content limit was not unexpected but that there were a number of practical and strategic issues that needed to be addressed if the new regulations were to be implemented successfully by 2020. This article looks at how manufacturers of marine engines are rising to the challenge of meeting the IMO’s new sulfur oxides (Sox) emissions standards.
Panama Certifies Japanese Scrubber System
For almost a year Kawasaki Kisen Kaisha, Ltd. ("K" Line), Mitsubishi Heavy Industries, Ltd. (MHI) and Mitsubishi Kakoki Kaisha, Ltd. (MKK) have been performing tests aboard an operational ship of a newly-developed "Hybrid SOx Scrubber System" for removing sulfur oxides (SOx) from the exhaust gas emitted by marine diesel engines. The testing results have now verified that the system's effectiveness in curbing emissions of air pollutants complies with international regulations, and the system has been officially approved by the Republic of Panama, the country where the test ship is registered.
Norway Approves PBES Lithium Energy Storage
Plan B Energy Storage (PBES) said its marine energy storage system has received approval for use in electric and hybrid vessels in Norway, having met the new Norwegian Maritime Authority (NMA) standard. The lithium-ion battery manufacturer PBES, who uses the proprietary CellCool cooling and E-Vent ventilation systems, tested its energy storage system at its Trondheim facility on June 17, 2016. The test attempted to force overcharge the batteries into a thermal runaway situation and was prevented by the PBES safety systems.
SFL, Frontline Complete Long-term Charter Agreement
On May 29, 2015, Ship Finance International Limited (SFL) entered into a heads of agreement to amend the long-term chartering agreements with Frontline Ltd. The agreement is now completed, and Frontline has issued and delivered 55 million new shares to Ship Finance. The shares represent approximately 28 percent of the total number of issued and outstanding shares of Frontline. The Frontline shares are listed in New York and Oslo, and Frontline has agreed to register the new shares for resale with the US Securities and Exchange Commission and the Norwegian Financial Supervisory Authority, respectively. The new shares will then be freely tradable for Ship Finance, and may be sold or distributed to the Company's shareholders at a later stage.
Stolt-Nielsen Changes Accounting for Two Acquisitions
Stolt-Nielsen Limited announced that Finanstilsynet (The Financial Supervisory Authority of Norway) has completed a review of certain aspects of the company's consolidated financial statements for 2012. The company agreed to reverse $12.3 million of the non-cash gains on bargain purchase relating to the Acuidoro and Moerdijk acquisitions completed during 2012. The non-cash gain on bargain purchase of $4.8 million relating to the Dagenham acquisition has not been reversed. Reference is made to Note 1 to the Condensed Consolidated Interim Financial Statements for the three months and year ended November 30, 2013 released on January 30, 2014.
Eni Acquitted of Alleged Tax Offence
Eni issued a release stating that the Court of the Third Instance definitively confirmed the judgment of "no case to answer," issued on June 28, 2012 by the GUP of Milan because the event did not constitute a crime, rejecting the appeal of the Prosecutor of Milan. The decision specifically refers to "Excise duty" which relates to the "Measure gas" proceedings. These proceedings were initiated following an objection in 2010 regarding elements of an alleged tax offence. Nine current and former employees of Eni were investigated, including the General Managers of the Gas & Power Division at that time. On February 11, 2013 the Court of the Third Instance confirmed…
Europe’s GALILEO Project Lifts Off
The European Commission adopted a communication on progress on the GALILEO program. Less than two years after the launch of the project in March 2002 and less than six months after the actual setting up of the GALILEO joint undertaking, the Commission was keen to inform Parliament and the Council of progress achieved in the development phase of the project. Among other things, the communication covers the ordering of the first two experimental satellites, the cooperation agreement with China and the procedure for designating the future concession holder for the system. «Everything is now in place to be able to move on to the deployment and operation phases in accordance with the planned deadlines, i.e.
