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Capital Management News

15 Aug 2023

BP Backs Green Hydrogen Start-Up

Source: Advanced Ionics

BP has invested in a start-up company developing technology seeking to use vapour from heavy industry to sharply reduce the production costs of zero-carbon hydrogen.BP Ventures, the British energy giant's venture capital arm, was among several investors in a $12.5 million Series A financing in U.S.-based Advanced Ionics, the companies said on Tuesday.Other investors include Mitsubishi Heavy Industries, Clean Energy Ventures and Gatemore Capital Management.Green hydrogen, produced by splitting water through electrolysis using renewable energy…

18 Jul 2023

U.S. Navy Shipbuilders & Disaggregated, Dispersed Production

The Los Angeles-class fast-attack submarine, USS Columbia (SSN 771) moors alongside the submarine tender USS Emory S. Land (AS 39) in Apra Harbor, Naval Base Guam, Jan. 4.  (U.S. Navy photo by Mass Communication Specialist 1st Class Joshua M. Tolbert)

With a lame-duck CNO, a divided Congress and the impending launch of the next Presidential election cycle, America’s naval market is locked into something of a fragile and fearful autopilot, cruising inexorably towards whatever excitement 2024 might bring.Materially, don’t expect much change: The demand for naval platforms will continue to outstrip available funding, meaning there will be little movement or growth in America’s major shipbuilding programs of record. The procurement outlines are already set.

07 Jul 2023

Inside the Subsea Cable Firm Secretly Helping America Take on China

On Feb. 10 last year, the cable ship CS Dependable appeared off the coast of the island of Diego Garcia, an Indian Ocean atoll that’s home to a discreet U.S. naval base.Over the next month, the ship’s crew covertly laid an underwater fiber-optic cable to the military base, an operation code-named “Big Wave,” according to four people with direct knowledge of the mission, as well as a Reuters analysis of satellite imagery and ship tracking data.The new super-fast internet link to Diego Garcia, which has not previously been reported, will boost U.S. military readiness in the Indian Ocean, a region where China has expanded its naval influence over the last decade.The CS Dependable is owned by SubCom…

29 Jun 2023

Carlyle and Stellex Complete Sale of Titan to an Affiliate of Lone Star Funds

(Photo: Vigor Industrial LLC)

Funds managed by global investment firm Carlyle and private equity firm Stellex Capital Management announced they have completed the sale of Titan Acquisition Holdings, a bi-coastal leader in ship repair services and marine and heavy complex fabrication, to an affiliate of Lone Star Funds. The initial definitive agreement of the sale was announced in February 2023 and the final close took place on June 15, 2023.Titan is comprised of Vigor Industrial LLC, an infrastructure, defense…

06 Feb 2023

Lone Star Buys Shipyards Group Titan from Carlyle, Stellex Capital

(Photo: Vigor Industrial LLC)

Lone Star Funds has reached a del to buy U.S. shipbuilding and repair group Titan Acquisition Holdings from peer investment firms Carlyle and Stellex Capital Management. Financial terms were not disclosed.Titan is comprised of Vigor Industrial LLC, an infrastructure, defense, and maritime services company based in Portland, Ore.; MHI Holdings LLC, a ship repair, maintenance, and other ship husbandry services company based in Norfolk, Va.; and Continental Maritime of San Diego (CMSD). Key Titan customers include the U.S. Navy, U.S.

02 Dec 2022

MMA Offshore Sells Batam Shipyard

©MMA Offshore

Australian offshore vessel operator MMA Offshore has completed the sale of its shipyard in Batam, Indonesia.The planned sale was first announced back in May when MMA Offshore said it would sell its shipyard facility to Wasco Engineering Group."The final installment of the US$15 million purchase price has been received with the total proceeds from the sale to be used to make a voluntary prepayment of amortization on the company’s debt facility," MMA Offshore said Friday.MMA Offshore…

17 Nov 2022

MPC Container Ships Appoints Fuhrmann as CFO

Moritz Fuhrmann (Photo: MPC Container Ships ASA)

Oslo-based shipping company MPC Container Ships ASA on Thursday announced it has appointed Moritz Fuhrmann as Chief Financial Officer (CFO) from December 1, 2022. Fuhrmann will succeed the current CFO, Dr. Benjamin Pfeifer, who has resigned his position to pursue new opportunities.Fuhrmann joins the company from London-based Hayfin Capital Management LLP, where he has served as Principal in the maritime team. Prior to that, he has worked for DVB Bank in Germany and the Netherlands…

23 Sep 2022

Crowley, Berge Bulk Back Onboard Carbon Capture Firm Carbon Ridge

(Image: Crowley)

Carbon Ridge, Inc., a developer of modular onboard carbon capture and storage solutions (OCCS) for decarbonizing the maritime industry, has raised $6 million in funding led by the Grantham Foundation for the Protection of the Environment, with additional investments from Crowley, a U.S.-based shipping and logistics company, and Berge Bulk, one of the world’s largest dry bulk owners, as well as Rusheen Capital Management and Plug and Play Ventures.The financing enables Carbon Ridge…

22 Feb 2022

Kongsberg Digital Enters K-Sim Connect Partnership with Mintra

(Photo: Kongsberg Digital)

Kongsberg Digital (KDI) revealed it has entered into a partnership with digital learning and human capital management software specialist Mintra. The contract enables KDI to provide Mintra with its K-Sim Connect simulations as cloud-based subscription applications for use with the Trainingportal learning and competency management system.In addition to accommodating KDI’s cloud-based simulation as a fundamental facet of its own courses, Mintra will be reselling K-Sim Connect subscriptions through its Marketplace, which is an online platform for buying and selling training.

21 Feb 2022

Greek Manager of Oaktree-backed Tanker Says Probing Possible Iran Oil Transfer

Greece-based Empire Navigation is investigating whether Iranian oil was transferred onto one of the vessels it manages, the company said in a statement, after a U.S. advocacy group first made such allegation last week.Top oil shipping companies say they are grappling with a growing risk of handling oil shipments originating from countries that have been targeted by U.S. sanctions such as Iran and Venezuela.A breach of U.S. sanctions could lead to a company losing access to the dollar financial system, having assets seized, and insurance cover for ships canceled, U.S. and insurance industry officials say.Empire Navigation said it was "aware of the allegation of non-compliance regarding our managed vessel…

04 Jan 2022

Piraeus Bank to Sell Bad Shipping Loans to Davidson Kempner Unit

© aerial-drone / Adobe Stock

Piraeus Bank, one of Greece’s four largest lenders, said on Tuesday it had reached a deal to sell a portfolio of non-performing shipping loans to an entity affiliated with Davidson Kempner Capital Management.The agreed price will be about 53% of the portfolio’s gross book value of 400 million euros ($452 million), the bank said.The sale of the portfolio, dubbed project Dory, is subject to approval by the Hellenic Financial Stability Fund, a shareholder in Piraeus Bank, the lender said.The transaction will reduce Piraeus Bank’s ratio of non-performing exposures to about 15% from 16% at the end

30 Sep 2021

Canada's CPPIB to Buy Ports America from Oaktree

(Photo: Ports America)

Canada Pension Plan Investment Board (CPPIB) said on Wednesday it had agreed to buy Ports America, one of the largest marine terminal operators in the United States, from investment firm Oaktree Capital Management LP.While no valuation was given in the announcement statement, the deal values Ports America at over $4 billion, according to two sources familiar with the matter.The transaction comes amid heightened interest in logistics, with supply-chain disruption in focus as the…

20 Sep 2021

Roberts Joins BAR Technologies as COO

Marine engineering consultancy BAR Technologies (BAR) announced that Simon Roberts, former Williams Racing Managing Director and Team Principal, has joined the business as Chief Operating Officer. Roberts will work alongside the BAR senior leadership team of Chief Executive, John Cooper, Chief Technical Officer, Simon Schofield and Head of Engineering, Lauren Eatwell.Prior to joining BAR, Roberts forged a career across a broad range of engineering sub sectors, comprising engines and drivetrains…

28 May 2021

Kevin Short Named CEO of Mintra

Kevin Short (Photo: Mintra)

Norwegian maritime and offshore training software firm Mintra said it has appointed Kevin Short as CEO. Short, who has been chief commercial officer since 2018, takes over the leadership role from Scott Kerr following his decision to join the firm’s board of directors.“In these post-Covid times and as we slowly return to a world that can be considered more normal, there are tremendous prospects for both digital learning and human capital management software. We know that how things worked before – people constantly travelling to training facilities – will not be the same going forward.

07 May 2021

China Posts Rapid Trade Growth in April

© aerial-drone / Adobe Stock

China extended its impressive trade performance in April, with exports unexpectedly accelerating and import growth hitting a decade high, in a boost to the world’s second-largest economy.A brisk U.S. economic recovery and stalled factory production in other countries hit by coronavirus have propped up demand for goods made in China, analysts say.Exports in dollar terms surged 32.3% from a year earlier to $263.92 billion, China’s General Administration of Customs said on Friday…

06 May 2021

Two Harvey Gulf Board Members Resign

(Photo: Harvey Gulf)

HGIM Corp., the parent company to U.S.-based Harvey Gulf International Marine, LLC, announced on Thursday that the holders of over 85% of its common stock, including Gladiator Investments, LLC, an affiliate of Shane J. Guidry, Walker Ridge Capital Management, LLC, an affiliate of The Jordan Company LP, and certain affiliates of Black Diamond Capital Management, L.L.C., have entered into a securityholders agreement. In connection with the agreement, Sherman Edmiston and James Swent have resigned from the board of directors…

13 Mar 2021

Tech File: ASRY Moving to Infor's Cloud-based Digital Transformation Platform

His Excellency Shaikh Mohammed bin Khalifa AlKhalifa, the Minister of Oil, welcomed a number of representatives of the executive management of  ASRY and Infor at the National Oil and Gas Authority (NOGA) headquarters, prior to the official ceremony of contract signing between the two parties where, ASRY signed a contract with Infor, a New York-headquartered multi-national enterprise software firm, to implement a new facility-wide Enterprise Resource Planning (ERP) system. Photo: ASRY

The Arab Shipbuilding and Repair Yard Company (ASRY) aims to streamline business processes and boost transparency with Infor CloudSuite Industrial Enterprise on Amazon Web Services (AWS) cloud.His Excellency Shaikh Mohammed bin Khalifa AlKhalifa, the Minister of Oil, welcomed a number of representatives of the executive management of  ASRY and Infor at the National Oil and Gas Authority (NOGA) headquarters, prior to the official ceremony of contract signing between the two parties where…

23 Dec 2020

Elbit Systems to Buy Sparton for $380 Million

Kovalenko I - AdobeStock

Israel-based international defense electronics company Elbit Systems has signed an agreement to buy maritime defense contractor Sparton for $380 million. Elbit said Wednesday that its U.S. subsidiary Elbit Systems of America had signed a definitive agreement with an affiliate of Cerberus Capital Management, L.P. for the acquisition of Sparton. Sparton Parent, Inc.—formerly known as Striker Parent 2018—an affiliate of Cerberus Capital Management, L.P. bought Sparton in March 2019.The Elbit transaction is conditioned on various closing conditions, including receipt of U.S.

11 Sep 2020

Hornbeck Offshore Services Emerges from Bankruptcy

A Hornbeck Offshore vessel - Image credit: Hornbeck Offshore

U.S.-based offshore support vessel provider Hornbeck Offshore Services said Friday it had completed its reorganization and emerged from Chapter 11 Bankruptcy.The company had in April struck a comprehensive balance sheet restructuring support agreement with its lenders, to be implemented through a prepackaged chapter 11 filing in May in the Southern District of Texas.Hornbeck, which provides offshore services in the Gulf of Mexico and Latin America, said Friday that it had on September 4, 2020, emerged from Chapter 11 under its previously announced reorganization plan.Todd M.

27 May 2020

Pacific International Lines Secures Debt Deal

Singapore-based container ship operator Pacific International Lines Pte (PIL) has agreed with most of its financial lenders to defer debt payments and is in talks with a unit of Singapore state investor Temasek Holdings for a potential investment.PIL said in a statement on Tuesday that it had made significant progress in cutting asset costs due to the challenges the sector has been facing but the coronavirus pandemic had made matters worse over the past month.“Due to the situation, the company had commenced discussions with 15 of its financial lenders with a view to concluding a formal agreement concerning a debt-reprofiling plan with these stakeholders…

30 Mar 2020

Qingdao Cruise Terminal Construction Kicks Off

(Photo: Stadt Qingdao)

An event officially signalling the start of construction on Qingdao International Cruise Terminal in China was held alongside a global promotion launched to attract investment. At the event, the People's Government of Qingdao signed a cooperation agreement with Shandong Port Group for a RMB10 billion project, and inked contracts with a number of partners for 14 industrial projects with a total investment of RMB31.35 billion.The government of Qingdao's Shibei District is pushing…

12 Feb 2020

Titan Acquires HII's San Diego Shipyard

(U.S. Navy photo by Adam Ross)

One the United States' largest fleet service and ship repair sites is changing hands.Ship repair and commercial- and defense-related fabrication services provider Titan Acquisition Holdings announced on Wednesday it has reached a deal to acquire San Diego Shipyard from Huntington Ingalls Industries (HII). Financial terms were not disclosed. The transaction, expected to close in the second quarter, is subject to customary closing conditions.The San Diego Shipyard, formerly Continental Maritime of San Diego…

22 Oct 2019

WFW Advises on Race Bank Wind Farm Deal

Watson Farley & Williams (WFW), an international law firm based in London, said that it has advised Race Bank Wind Farm Limited on its USD 608 million sale of transmission system assets relating to the 573 MW Race Bank offshore wind farm to Diamond Transmission Partners.Race Bank is a joint venture owned by Ørsted (50%), Macquarie European Infrastructure Fund 5 (25%), a fund established by Sumitomo Corporation, Sumitomo Mitsui Banking Corporation and Development Bank of Japan (12.5%), and Arjun Infrastructure Partners and Gravis Capital Management (12.5%).Diamond Transmission Partners is a 50/50 partnership between Diamond Transmission…