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Arctic Securities News

13 Sep 2021

KKR to Buy Norway's Ocean Yield for $829M

U.S.

19 Jun 2020

Aker BioMarine to Raise $225M Before Listing

Krill - RLS Photo/AdobeStock

Norway's Aker BioMarine plans to raise 2.15 billion Norwegian crowns ($225 million) in a private share sale valuing it at 8 billion crowns, followed by a listing of the company's stock, its owners Aker ASA and Aker Capital said on Friday.Aker BioMarine harvests off Antarctica small ocean crustaceans known as krill, rich in omega-3 fatty acids and eaten by whales, fish, seals and penguins, and turns it into food supplements and animal feed.Arctic Securities, DNB Markets, and Skandinaviska Enskilda Banken (SEB) were appointed joint bookmakers for the planned transaction and listing of shares on

22 Jan 2020

Baltic Index Dips to Near 1-Year Low

© qiujusong / Adobe Stock

The Baltic Exchange's main sea freight index fell to its lowest since February on Wednesday, hurt by a seasonal slowdown in demand amid higher costs for shipowners due to a new regulation for shipping fuels.The Baltic index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, fell 66 points, or 9.6%, to 623.The capesize index slipped 170 points, or 34.3%, to 325.The capesize index registered its 29th consecutive session of losses, touching its lowest level since April last year.Average daily earnings for capesizes…

26 Nov 2019

Baltic Index Jumps on Capesize Rates

© hilmawan nurhatmadi / Adobe Stock

The Baltic Exchange's main sea freight index, which tracks rates for ships ferrying dry bulk commodities, rose on Tuesday, boosted by a surge in capesize rates following a positive iron ore outlook.* The Baltic index, which tracks rates for capesize, panamax and supramax vessels, rose 75 points, or 5.6%, to 1,426 points.* The index posted its steepest daily percentage rise since July 4.* The capesize index jumped 237 points, or 8.7%, to 2,953.* "The main factor contributing to the strong development is the positive sentiment in the iron ore price…

12 Jul 2019

Baltic Index hits Highest Level since 2014

file Image: AdobeStock / © Leonid Eremeychuk

The Baltic Exchange's main sea freight index hit a five-and-a-half-year high on Friday, boosted by stronger demand and tight spot tonnage in the Atlantic region.The Baltic index, which tracks rates for ships ferrying dry bulk commodities, rose 2.7%, or 49 points, to 1,865, its highest since January 2014. The index has tripled since February. The index rose 7.2% this week, to post its fourth straight week of gains, mainly driven by strong demand for vessels that ship iron ore from Brazil.The capesize index rose 125 points, or 3.7%, to 3,541 points, its highest since Aug. 15, 2018.

11 Oct 2018

Fredriksen's Flex Raises $300 Mln for LNG Newbuilds

Flex LNG, controlled by Norwegian-born billionaire John Fredriksen, has raised $300 million in a private placement of shares to help pay for five new vessels costing $918 million, it said on Thursday.Fredriksen's companies typically add high-yield bond issues and bank loans at a later time to pay the cost not covered by share sales.When the vessels are delivered from the yards of South Korea's Daewoo (DSME) and Hyundai (HHI) in 2020 and 2021, Flex LNG will have a fleet of 13 ships, Flex said.Fredriksen himself bought shares for $100 million, cutting his overall stake in the firm to 44.6 percent following the placement from 49.9 percent.The new shares of Oslo-listed Flex were sold at 14.25 Norwegian crowns each, a five percent discount to Wednesday's closing price of 15 crowns, and the plac

23 Feb 2018

Schlumberger, Subsea 7 Mull Oil Services JV

(Photo: Subsea 7)

Schlumberger, the world's largest oilfield services firm, and smaller peer Subsea 7 said on Friday they were entering exclusive talks to form a joint venture to deliver subsea installations and services for oilfields. The news lifted Subsea 7 shares on hopes the talks could be the first step towards a full takeover, in a sector that has already seen consolidation with the 2016 merger of Technip and FMC Technologies. In recent months, oil firms have returned to profits due to higher oil prices and the benefits of deep cost cuts they made during the downturn.

11 Jul 2016

Can You Farm Fish Inside a Cargo Ship?

The world’s biggest Atlantic salmon producer wants to start farming fish inside a ship – and the idea has merit, says a report in IOL. Building traditional fish farms on the open water in Norway has become almost impossible because of state rules intended to curb outbreaks of sea lice, a parasite that can kill young fish. So raising salmon inside an unwanted cargo ship is one of a few options proposed by Marine Harvest ASA, which is trying to boost production at a time when prices are near a record high. Output in Norway, the top producer, is falling just as supply declines from the rest of the world. Employing a Panamax vessel better…

26 Jan 2016

Fredriksen forms ship broker with Arctic Securities

Norwegian-born billionaire John Fredriksen has teamed up with investment bank Arctic Securities to form a ship broking company aimed at taking on bigger rivals and betting on a recovery in the global shipping market. Many segments of the shipping industry, including dry bulk commodities, are struggling with tougher conditions due to world economic worries and a surfeit of vessels. Fredriksen, via his family's investment company Geveran Trading Co, and Oslo-headquartered Arctic Securities said on Monday they had established a 50-50 joint venture broking company, Arctic Shipping Norway, which they expect to start operations in the first half of this year. "I am truly convinced that both the shipping and the offshore markets will recover.

05 Jan 2016

Baltic Sea Index Slides to New All-Time Low

The Baltic Exchange's main sea freight index, tracking rates for ships carrying industrial commodities, slumped to an all-time low on Tuesday, as worries over demand from top importer China and huge oversupply of vessels battered sentiment. The overall index, which gauges the cost of shipping dry bulk cargoes including iron ore, cement, grain, coal and fertiliser, was down 5 points, or 1.06 percent, at 468 points, the lowest in records that date back to January 1985. "The outlook is clearly very poor," said Tony Foster, of British shipping asset manager Marine Capital. Adding to the new year gloom, world stocks fell again on Tuesday after their worst first-day performance in years…

04 Dec 2015

Oil Tanker Rates Soar

The cost of shipping crude surged to all destinations, amid speculation that bookings are increasing to load crude. According to a report in Bloomberg, the oil tanker rates soared to the highest in seven years amid an acceleration in the number of bookings and signs that the ships are being delayed when unloading due to a lack of space in on-land storage tanks. Day rates for 2 million-barrel carrying ships sailing to Japan from Saudi Arabia, the industry’s benchmark route, surged to $111,359, the highest since July 2008, according to the Baltic Exchange in London. Rates to the three destinations monitored by the Baltic Exchange in London all rose on Wednesday by 21 percent as measured by the industry’s standard Worldscale system.

25 Aug 2015

BIMCO’s Analyst at Singapore Ship Finance Forum

Chief Shipping Analyst at BIMCO, Peter Sand will be one of the speakers at the upcoming Marine Money Ship Finance Forum in Singapore. This is the 14th annual forum and it will take place at 22-23 September 2015. Peter Sand will deliver the introductory presentation to the panel discussion titled: “Quantifying the tanker market boom? What are the triggers for the extension or the curtailing of current rates?” scheduled for September 22nd. The other panellists are: Paddy Rodgers, CEO of Euronav, Hew Crooks, CFO & Partner at Ridgebury Tankers, Cyril Ducau, Deputy CFO at Quantum Pacific Shipping, Frans van de Bospoort, MD & Global Head of the Tanker Group at DVB Bank and Erik Nikolai Stavseth, shipping analyst at Arctic Securities. The session is modified by Alan Hatton, CEO of FSL Trust.

01 Jun 2015

Homeless Atlantic Oil Cargoes Deepen Glut

Millions of stranded barrels underscore glut; elevated freight rates complicate search for buyers. A shadowy build up of oil has intensified in the Atlantic Basin with homeless cargoes of crude turning into unintentional floating storage - another sign the global surplus has some way to go before clearing. Off the coast of West Africa and in the waters of the North Sea, vessels holding millions of barrels of oil have become, in effect, accidental storage, as their owners fight for buyers. These are competing with new loadings, as well as time-chartered cargoes that major trading houses such as Unipec and Trafigura booked to store crude months ago and are now selling. "It's pretty bad," one West African crude oil trader said.

13 Feb 2015

LNG Tankers Idled as Gas Downturn Widens

Combined tanker capacity of at least 2.25 mcm LNG lies unused. Over a dozen liquefied natural gas (LNG) tankers are parked, many idle, in and around Singapore - one of the world's biggest trading hubs for the fuel - in a sign that the slowdown engulfing world gas markets may be worsening into a crisis. With Asian spot LNG prices down by almost two-thirds since February 2014 as slowing demand combines with rising output, shippers are parking their tankers close to ports like Singapore where unused ships can be easily maintained and serviced until new orders come in. Leading ship brokers estimate over one-tenth of the global fleet of 400 LNG tankers is currently unused because of slowing growth in Asia's biggest economies. The impact just in Singapore suggests the problem could be worse.

13 Jan 2015

Traders Book Oil Tankers to Store 25m Barrels at Sea

Some of the world's biggest oil traders have booked supertankers to store at least 25 million barrels at sea in recent days, seeking to take advantage of the crash in crude prices and make a profit down the line. Floating storage levels are expected to increase further in coming weeks as trading companies adopt a strategy that was last used in 2009 when prices slumped and led to over 100 million barrels of oil being parked on tankers at sea before stocks were sold off. The play is also driving up tanker hire rates, and shipping firms have seen their share prices surge in recent days. In the past week, trading firms including Trafigura…

15 Sep 2014

Mideast Crude Tanker Rates Near 3-month Low

Crude oil tanker earnings on the major Middle East route fell to their lowest in nearly three months as a slowdown in business in recent days battered rate sentiment. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan <DFRT-ME-JAP> on Monday reached W37.93 in the worldscale measure of freight rates, or $8,142 a day when translated into average earnings - its lowest since June 23. That compared with W38.25 or $8,827 a day on Friday and W42.68 or $15,142 a day last Monday. "Activity was very low last week leaving freight rates under pressure," Arctic Securities analyst Erik Nikolai Stavseth said on Monday. In January, average earnings reached just over $61,000 a day - their highest since February 2010, before the rally loststeam.

10 Jul 2014

Shipping loan losses hit Norwegian bank DNB's earnings

Q2 net profit NOK 4.65 bln vs f'cast NOK 4.77 bln; loan losses NOK 554 mln vs fcast NOK 398 mln. Bank on schedule to fulfill capital requirements, but shares down 4.6 percent, Swedish bank shares lower. Higher-than-expected loan losses in the shipping sector ate into DNB's second-quarter earnings, sending shares in Norway's largest bank down almost 5 percent on Thursday. Nordic banks made it through Europe's recent financial crisis relatively unscathed, but have suffered from their exposure to countries in the Baltic region and to a shipping sector which has struggled with overcapacity in recent years. DNB, one of the world's biggest lenders to the shipping sector…

14 Jun 2014

Havyard Group – Launch Of IPO & Prospectus Publication

Havyard Group ASA submitted an updated application for listing of its shares on Oslo Børs, alternatively Oslo Axess, on 6 June 2014. It is expected that the stock exchange will consider the application in a meeting of its board of directors on 18 June 2014. Subject to approval of the application and compliance with the listing criteria, the first day of trading is expected to be 26 June 2014. Havyard Group has gone through a significant growth and has established itself as one of the key providers of maritime technologies, with focus on advanced vessels and associated technologies for the oil service, fishing and aquaculture businesses. A listing of the Company’s shares will strengthen the opportunities for further growth and development.

10 Jun 2014

Aker Philadelphia Shipyard forms Philly Tankers

Kristian Rokke, Chairman of AKPS

Aker Philadelphia Shipyard and financial sponsors, including American Shipping Company and funds affiliated with Apollo Global Management, create pure play Jones Act shipping company, Philly Tankers. Aker Philadelphia Shipyard ASA (OSE: AKPS) is pleased to announce the planned establishment of Philly Tankers AS, a Norwegian limited liability company, and its wholly-owned subsidiary, Philly Tankers LLC, a Delaware limited liability company (together “Philly Tankers”). Philly Tankers…

11 Mar 2014

Ship Glut Burdens LNG Tanker Market, Slashes Profits

LNG carrier rendering courtesy of MOL

Deliveries of new gas tankers have created a glut that is threatening to tip some operators into losses, just as other shipping markets emerge from their worst downturn in decades. The liquefied natural gas (LNG) tanker market was until recently the only bright spot in an otherwise depressed freight industry. A global surge in the demand for gas, led by Japan in 2011, boosted trade, tied vessels to longer routes and drove rental rates to record highs. But the 119 new carriers ordered from 2011 will have expanded the fleet by over 30 percent by end-2017.

26 Nov 2013

Companies Offered 6% Share of Aker Solutions

Aker ASA has engaged ABG Sundal Collier Norge ASA and Arctic Securities ASA to explore the opportunity to acquire approximately 16.5 million shares (roughly 6% of the share capital) in Aker Solutions ASA, but with the possibility for Aker ASA at its full discretion to increase or decrease the number of shares to be acquired. The offer is carried out through a book building process. The managers will gather and accumulate sales orders from existing shareholders. All existing shareholders are invited to offer shares at a price level defined by the selling shareholder.

05 Nov 2013

Dorian LPG Gets Finance for Scorpio Tankers Deal

US-based Dorian LPG has successfully placed 80,405,405 shares to Norwegian and international institutional investors to raise approximately $250 million intended to part pay for Dorian's recent acquistion of Scorpio Tankers' fleet of 11 Very Large Gas Carrier ("VLGC") newbuildings and an option to build two additional VLGCs. The Private Placement is expected to close on November 14, 2013, subject to satisfaction of certain customary closing conditions and the completion of the Transaction. Upon closing of the Private Placement, the Company will have 213,579,150 shares issued and outstanding. The Company plans to use the proceeds from the Private Placement to part finance a series of VLGC newbuildings and for general corporate purposes.

17 Jun 2013

White & Case Publish New Marine Industry Report

Global law firm White & Case LLP announced the availability of a new report, "Restructuring & Beyond: The marine industry's routes to safety." The report focuses on survival strategies for those affected by the industry's downturn as well as emerging opportunities for companies, banks and investors. "Market equilibrium remains out of balance, and risks remain for the maritime sector," said Christopher Frampton, Partner and Global Head of the Asset Finance Practice of White & Case. "We have seen some contraction in the bank market. This, together with continued demand for capital, presents opportunities for alternate sources of finance.