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Adsteam Marine News

13 Aug 2023

Svitzer Australia Appoints New Managing Director

Source: Svitzer Australia

Videlina Georgieva has been appointed as the new Managing Director of Svitzer Australia.She will help drive regional growth and progress Svitzer’s decarbonization agenda and replaces outgoing Nicolaj Noes who will be leaving Svitzer to take on a new opportunity.Georgieva brings a deep understanding of Svitzer’s business and operations, including within Australia, where she has been part of delivering significant commercial results throughout her 13 years with Svitzer, and most recently as the organization's Global Chief Commercial Officer.

21 Jun 2011

TITAN Organizational Changes: Hoddinott, Neil

TITAN Salvage appointed Mark Hoddinott to global director, marketing and strategy, responsible for developing, delivering and managing the company's strategic marketing and business development plans. He will operate out of Titan's United Kingdom (UK) facility at Newhaven, East Sussex, and will report to Rich Habib, TITAN's vice president. Hoddinott, who will continue his role on the senior management team, will work closely with TITAN's commercial division. Additionally, TITAN's Neil Ives has been appointed operations manager, Europe. Ives' responsibilities include managing the sales and marketing efforts for the region, pursuing new business, drafting proposals and contracts, supporting the salvage warehouse and operations and overseeing the administrative requirements in the UK office.

21 Jun 2011

TITAN Appoints Hoddinott and Ives

TITAN Salvage has appointed Mark Hoddinott to global director, marketing and strategy, responsible for developing, delivering and managing the company's strategic marketing and business development plans. He will operate out of Titan's UK facility at Newhaven, East Sussex, and will report to Rich Habib, TITAN's vice president. Hoddinott, who will continue his role on the senior management team, will work closely with TITAN's commercial division. Additionally, TITAN's Neil Ives has been appointed operations manager, Europe.

18 Jun 1999

Tug Operator Completes Takeover

Tugboat operator Adsteam Marine Ltd. has completed its purchase of rival Newcastle operator Hunter Towage Services Pty Ltd. Adsteam operates in Newcastle through Waratah Towage, a joint venture with Howard Smith Ltd.

13 Jun 2000

Adsteam Cuts Towage Personnel

Adsteam Marine expects to reduce most harbor towage teams to three personnel from four after the Maritime Union of Australia accepted a new enterprise bargaining agreement (EBA). Managing director David Ryan said the EBA and the reduction in crew members would result in a full year net saving of around $1.7 million, with the savings to be shared with its customers. The issue of crew sizes has caused disputes between management and the union since November, with the Australian Industrial Relations Commission stepping in to mediate talks.

15 Mar 2001

Adsteam To Buy Howard Smith Ltd.

Australia's largest marine towage group Adsteam Marine Ltd. has agreed to buy Howard Smith Ltd's Australian and U.K. towage businesses for A$500 million. "The transaction is in line with Adsteam Marine's previously stated objective of using strategic international acquisitions to grow its harbor services operations into a global business," David Ryan, Adsteam's managing director said. The purchase would double Adsteam's earnings before interest, tax, depreciation and amortization (EBITDA) and enhance its earnings per share before goodwill in the first full year of operations. Howard Smith said around A$250 million of the sale proceeds would be used to fund share buybacks both on- and off-market, and the balance would repay debt and fund potential acquisitions.

11 Mar 2001

Howard Smith To Jettison Tow Business?

Howard Smith Ltd.'s likely sale of its Australian and U.K. towage operations to Adsteam Marine Ltd would enable the sluggish company to focus on hardware and industrial supplies distribution, analysts said. The deal was also viewed as a positive for acquisitive Adsteam, already the largest operator of marine towage services in Australia's mature market. Adsteam expanded into the U.S. market in 1999 and would welcome a foothold in the U.K. market. Hardware retailer, industrial supplier and towage operator Howard Smith announced earlier that it was in talks with Adsteam but said no agreement had yet been reached. "We would see it as positive in that it's focusing the business of Howard Smith on the distribution side…

20 Apr 2005

New Tug Named

Adsteam Marine Limited has named the first of three new tugs that are an integral part of a phased capital program to upgrade the company’s fleet in its United Kingdom ports. The state-of-the-art Adsteam Ferriby – a 24/11 class tug that takes its name from two towns that straddle its new workplace, the River Humber on the UK’s east coast – underwent rigorous checking and sea trials in the Netherlands before delivery. Built by Dutch shipbuilding specialist, Damen, in its shipyards on the Shanghai River in China, Adsteam Ferriby is identical to Barunga, which was delivered to Adsteam Marine’s Newcastle operation in Australia in January 2004.

23 Feb 2007

SMIT Acquires Adsteam Liverpool Towage

Smit Internationale NV today agreed with Adsteam to acquire Adsteam’s port of Liverpool towage operations. This agreement is a result from the requirement of the English Competition Commission as set out in its decision on the acquisition of Adsteam Marine Ltd by SvitzerWijsmuller. Consequently the agreement between SMIT and Adsteam is subject to approval of the Competition Commission and to the finalization of the acquisition of Adsteam by SvitzerWijsmuller.

05 Jul 2006

Investors Cool on Adsteam Bid

Institutional shareholders of tugboat company Adsteam Marine remained mixed about the recommended $700m all-cash takeover offer from Danish shipping giant AP Moller-Maersk. Analyst Alexander Mees of JP Morgan said some smaller investors were happy with the takeover bid, but larger shareholders believed Adsteam was worth far more, fuelling hopes that a higher bid might be in the making. Adsteam shares remained unchanged at $2.57 - slightly higher than the $2.54-a-share cash bid lodged by salvage company SvitzerWijsmuller, a subsidiary of Maersk. Adsteam's largest shareholder, Investors Mutual, said that while the offer represented a healthy premium, it was still below replacement value of Adsteam's 200 tugboats.

21 Dec 2005

Adsteam Corners Australian Tugboat Market

Adsteam Marine has kept the expansion plans of its would-be nemesis, Australian Maritime Services, at bay after renewing its "exclusive contract" to provide towage at the Port of Fremantle for another seven years, according to a Sydney Morning Herald report. The deal effectively blocks AMS' plans to operate in all of Australia's container ports. Now the question is how long the so-called Virgin Blue of the tugboat market, which is racking up millions of dollars of losses a year, can survive. The exit of AMS from Port Botany, Melbourne and Brisbane - where it controls around one-third of the tug jobs - should provide a big boost to Adsteam's share price. Source: Sydney Morning Herald

09 Nov 2005

Adsteam Considers Expansion

According to an Australian Associated Press report, maritime services company Adsteam Marine Ltd is considering expanding operations into Asia and mainland Europe as part of its growth strategy. The firm was now considering expanding its existing markets as well as looking at new acquisitions since restructuring the business over the last two and a half years, according to the report. Adsteam - which operates more than 200 tugboats, barges, workboats and launches - earlier told shareholders at its annual general meeting that it expects net profit to be in the range of $42 million to $46 million this year. Last year the firm booked a $38 million net profit after adjusting for new international accounting standards.

09 Dec 2002

Sea-Tow and Bechtel Partner Up

Sea-Tow Limited has won a tender with Bechtel Australia Pty Limited to barge large fabricated modules from Brisbane to Gladstone for the construction of Comalco’s new alumina refinery. The 13-month contract will involve at least 30 voyages consisting of assemblies weighing between 50 and 380 tonnes. The assemblies will be rolled on and off the barge using a heavy lift platform trailer provided and operated by Mammoet. Mr Graham Phillips, from Adsteam Harbour – Brisbane, has been appointed as Sea-Tow’s Project Manager for the contract, bringing many years of marine project experience to the team. He will co-ordinate and oversee all aspects of the project in Brisbane and Gladstone.

14 Oct 1999

Holyman To Back New Lang Bid

Holyman Ltd.'s board of directors will reportedly recommend a fresh $.71 a share takeover bid from Lang Corp Ltd. Lang Corp increased its cash offer from $.61, topping a rival $.66 a share bid from Adsteam Marine Ltd. The new bid values Holyman at about $82.5 million, compared with just $53.5 million at Adsteam's original bid price of $.46.

28 Jun 2001

Adsteam Shares Drop 15%

Shares in Adsteam Marine Ltd fell 15 percent on Thursday after it forecast growth in earnings in the year to end-June 2001, but said activity levels in some Australian ports were down in May and June. Consistent with the slowdown in the Australian economy, coal and grain traffic had eased and containerized trade was weaker, but U.S. earnings would boost the bottom line, Adsteam said. "Compared with last year, we now expect EBITDA to increase by approximately 40 percent and EBIT to increase by approximately 25 percent," Adsteam said. "We expect the full year's operational result to reflect the benefit of a full year's contribution from Northland in the U.S. and a small contribution from the recently acquired Howard Smith Towage business," it said.

24 Jul 2001

Australian Port Bid Pending

The lead sale consultant for the sell-off of South Australia state's main ports was on Tuesday confident of a good outcome as two final bids were evaluated, but said a final decision was still weeks, if not months away. James Hatherley, a director with Arthur Andersen, confirmed that two final bids had been lodged this month for the group of six ports but said the evaluation process was complex as the new owner was required to build a dedicated deep sea grain wharf at the 18-berth capital city facility at Port Adelaide. "We got offers in on (July 9), we've been evaluating them and the government will be assessing that evaluation pretty shortly," Hatherley said. "There's not going to be an announcement until we've signed the contract.

22 Aug 2001

Adsteam Posts $1 Million Drop in Profits

Australia's biggest marine towage group Adsteam Marine Ltd posted a net profit on Wednesday of $8.6 million for 2000/01, down from $9.6 million a year ago, but said it saw early signs of improved performance. "There are early signs for an improved performance by the group's global operations in the current financial year," managing director David Ryan said in a statement. Adsteam, which recently paid around $268.8 million for Howard Smith Ltd's towage business, said it expected to match market expectations for 2001/02, currently for a pre-abnormal net profit of $18.8 million to $19.3 million. "We put out a warning late in June because we'd seen a softening in the market that was affecting our results…

27 Aug 1999

Adsteam Marine Looks For Improved Profits

Tugboat operator Adsteam Marine Ltd. is aiming for improved profits in 1999/2000 after reporting a 1998/99 net profit of $11.1 million. The company achieved a 1997/98 net profit of $10.8 million. Managing director David Ryan said the company was enthusiastic about improved returns from its Newcastle operations, which were expected to return to profit this year. Ryan said earnings before interest, tax and abnormals had grown 5.8 percent in 1998/99 to $18.9 million. Revenue rose to $77.9 million from $70.2 million, with net earnings affected by a 23.2 percent higher tax provision. "The company was targeting further earnings growth in the current financial year - both from traditional operations and from newly acquired assets," he said.

10 Sep 1999

Holyman Rejects Takeover Bid

Directors of shipping and transport group Holyman Ltd. unanimously rejected a revised takeover bid from tugboat operator Adsteam Marine Ltd., saying it was still below fair value. "The revised bid continues to undervalue the Holyman business and falls well short of fair price for control," Holyman managing director James Bryant said. The new Adsteam bid, which was upped to 50 cents a share from 45 cents, was still significantly below a valuation prepared by SG Hambros which puts Holyman at between 60 and 89 cents a share, Bryant said.

07 Sep 1999

Holyman Rejects Adsteam Takeover Offer

Directors of shipping and transport group Holyman Ltd. unanimously rejected a revised takeover bid from tugboat operator Adsteam Marine Ltd., saying it was still below fair value. The new Adsteam bid, which was upped to 52 cents a share from 45 cents, was still significantly below a valuation prepared by SG Hambros, which puts Holyman at between 60 and 89 cents a share.

24 Sep 1999

Lang Corp. Outbids Adsteam For Holyman

Stevedore company Lang Corp. Ltd. is said to be planning an offer of 93 cents per ordinary share for shipping and transport group Holyman Lt, significantly higher than the 80 cent per share bid from Adsteam Marine Ltd.

11 Oct 1999

Holyman To Support New Adsteam Offer

Ferry and transport group Holyman Ltd. will recommend a revised 65 cents a share cash takeover offer from Adsteam Marine Ltd. in the absence of a higher offer. Earlier, Adsteam Marine lifted its hostile bid for Holyman to 65 cents per share from 52 cents. The new offer tops a rival bid from stevedore company Lang Corp Ltd., which has a 61 cent per share offer on the table. However, managing director James Bryant said shareholders need be in no hurry to accept and should await details of Lang Corp's offer, due in early October.

15 Oct 1999

Holyman To Back New Lang Bid

Holyman Ltd.'s board of directors will recommend a fresh $.71 a share takeover bid from Lang Corp Ltd. Lang Corp increased its cash offer from $.61, topping a rival $.66 a share bid from Adsteam Marine Ltd. The new bid values Holyman at about $82.5 million, compared with just $53.5 million at Adsteam's original bid price of $.46. "We have discussed it and obviously we think it's good news for shareholders," managing director James Bryant said. "The board of directors will recommend that shareholders accept in the absence of another bid," he said. Adsteam Marine chief executive David Ryan said the company would consider its next move.