Havila Voyages Announces Leadership Appointments
Norway's Havila Voyages announced it has appointed Mette Øyen as its new chief marketing officer and Aleksander Røynesdal has started in the role of new chief financial officer.Røynesdal was hired in December but officially entered his new role March 1. He comes from the position of COO at Norgas Carriers and has extensive experience in the finance and capital markets within the shipping and maritime transport industry.Øyen is scheduled to start in her new role on September 1, 2024.
European Shipowners Welcome EU Climate Target Proposal
The European Commission has published its proposal for a 2040 climate target: greenhouse gas emissions must be reduced by 90% by 2040 at the latest, receiving positive feedback from European shipowners.The shipowners welcome the strong commitment of the Commission to address “barriers to the deployment of low- and zero-emissions fuels including e-fuels and advanced biofuels” in shipping and to give the sector “priority access to these fuels over sectors that have access to other…
MOL First Shipping Company to Issue 'Blue Bonds'
Mitsui O.S.K. Lines, Ltd. has decided to issue “blue bonds” through a public offering in Japan’s domestic market in January 2024, reportedly the world’s first blue bonds in the shipping industry, which refer to the guidance provided by the International Capital Markets Association (ICMA) and other organizations.The Blue Bond Framework developed for the issuance of the bonds will ensure that all uses of the bonds’ proceeds will contribute to a sustainable blue economy, and the bonds received the highest rating of “Blue1(F)” from the Japan Credit Rating Agency, Ltd.
bp's Search for New CEO to Extend into Next Year
bp's search for a new chief executive is set to extend into the first quarter of 2024, three sources told Reuters, while the board's probe into whether previous CEO Bernard Looney breached the code of conduct in his undisclosed personal relationships with staff drags on.The oil company has been in turmoil since Looney's resignation in September, company sources told Reuters, and the share price has underperformed rival Shell since then amid investor uncertainty over bp's future strategy.bp's shares have dropped 9% since Looney's departure, while Shell's have gained 2% over the same period.
Rolls-Royce to Cut Up to 2,500 Jobs
Rolls-Royce (RR.L) said on Tuesday it would cut up to 2,500 jobs as its new chief executive seeks to build a more efficient business, the latest boss to attempt to revamp one of Britain's most prestigious engineering companies.Over the last decade, Rolls-Royce, whose engines and systems are used on the Airbus A350 and Boeing 787 as well as ships, submarines and in power generation, has been through several restructurings, axing more than 13,000 jobs.Tufan Erginbilgic, who took over in January, is the latest CEO to try to tackle the company's inefficiencies.
From Telford Offshore to KNOT Offshore: Derek Lowe Named New CEO and CFO
Shuttle tanker owner KNOT Offshore Partners will appoint Derek Lowe as new Chief Executive Officer and Chief Financial Officer with effect from the week of September 11, 2023.The new appointment comes following the decision of Gary Chapman to step down as the Partnership’s CEO/CFO announced on April 10, 2023. Lowe will join the KNOT Offshore Partners from Telford Offshore, a provider of accommodation, construction, and pipelaying in the global offshore energy services industry. He has served as the Group Company Secretary of Telford Offshore since its formation in 2018, having provided consultancy services to its predecessor since 2015. He worked from 2011 to 2015 for the debt capital markets group of Pareto Securities, and from 1994 to 2010 for the equity capital markets group of UBS. Mr.
Maritime Partners Announces $235.3 Million Securitization
Maritime Partners, a provider of maritime financing solutions primarily focused on Jones Act vessels, has announced the successful completion of the inaugural capital markets issuance of vessel asset-backed securities (ABS) by MP 2023 LLC, its controlled affiliate. This transaction was the first ABS issuance composed entirely of inland marine vessels.MP 2023 LLC issued an aggregate principal amount of $235.3 million of its MP 2023-1, Class A Notes, with a coupon of 7.167% over an expected 7-year term.
Follow the Money: Norway is Fertile Grounds for Shipping Projects
With the world’s largest sovereign wealth fund, Norway’s financial muscle is beyond question. Howev-er, at a corporate level, the country’s capital markets offer a range of benefits to overseas companies seeking equity, debt … or both. Øivind Amundsen is CEO of Oslo Børs and, as you would expect, a strong advocate of the Norwegian capital as a place to raise money for marine-related projects. The diverse nature of the companies which are listed on the Børs, part of Europe’s largest stock exchange group…
North Star Secures Funding for Offshore Wind Fleet Construction
UK-based offshore vessel operator North Star has secured a £140 million (currently around $171 million) financing package.The company, building a fleet of service operation vessels for offshore wind operations, said Tuesday it would use the funds to support the next phase of its ambitious offshore wind growth plan.The investment includes a £50 million commitment from the Scottish National Investment Bank (The Bank), as well as IFM Investors, Edmond de Rothschild’s BRIDGE, and RBC Capital Markets."The Bank’s investment aligns with its mission to support Scotland’s transition to net zero…
Zero-C Offshore: A New UK Firm Aiming to Address ‘Chronic’ FIV Shortage
The global offshore wind industry is staring down a potential shortage of foundation installation vessel capacity. A new UK company led by former offshore drilling executive Jon Oliver Bryce intends to help tackle this challenge as the industry’s first pure-play foundation installation vessel (FIV) firm.The number of planned offshore wind projects globally is growing, spurred by green targets and a shift away from Russian oil and gas. This growth, alongside a shift toward the next generation of larger offshore wind turbines…
Maritime Partners Agrees to Acquire MG Transport
Maritime Partners, LLC, through its managed funds, has agreed to acquire M/G Transport Holdings LLC, from Auxo Investment Partners LLC and its affiliates. Terms of the transaction were not disclosed, and completion of the acquisition is expected in the third quarter of 2022 subject to customary closing conditions, including receipt of regulatory approvals.Founded in 1968, M/G is a provider of marine transportation services along the West Canal and Lower Mississippi River. Through its fleet of approximately 300 dry cargo barges…
Kelleher to Succeed Tivnan as Ardmore Shipping CFO
Tanker owner/operator Ardmore Shipping Corporation on Wednesday announced the planned departure of its current chief financial officer Paul Tivnan and appointment of new CFO Bart Kelleher, effective September 28, 2022.Anthony Gurnee, Ardmore's chief executive officer, said, Kelleher and Tivnan will overlap and work together from September 1 to "achieve an orderly and well-planned transition".Kelleher brings to the role more than 25 years of progressive experience in the maritime, finance, energy and industrials sectors, having most recently served as chief executive officer of Chembulk Tankers. He previously served as both Chief Strategy Officer and Chief Financial Officer of the firm, and prior to that, was the chief operating officer of Principal Maritime Management.
Bruun Takes the Helm at KVH Industries
KVH Industries, Inc., announced that its Board of Directors has appointed Brent C. Bruun as President and Chief Executive Officer and a member of the Board. The Board also appointed two seasoned industry executives, David Kagan and David Tolley, as directors of KVH.Bruun first joined KVH in 2008 and has served as KVH’s Interim President and Chief Executive Officer since March 2022. He also served as Chief Operating Officer of KVH beginning in 2016, as well as Interim Chief Financial Officer of the Company.
Hornblower Names Peakes EVP and CFO
Hornblower Group announced Monday that Adam C. Peakes has joined the company as executive vice president and chief financial officer. Peakes will report to Kevin Rabbitt, chief executive officer, Hornblower Group.As Hornblower Group’s CFO, Peakes will oversee the company’s global shared services functions of finance and accounting, human resources, information technology and marine operations.“I am excited to welcome Adam to the Hornblower family and work with him as a trusted partner,” said Kevin Rabbitt, chief executive officer, Hornblower Group.
Ince Appoints New Joint Managing Partners for Dubai Office
International legal and professional services firm Ince has appointed partners Mohamed El Hawawy and Alastair Holland as new joint managing partners of its Dubai office to lead Ince’s business in the Middle East.Mohamed El Hawawy is a UAE shipping lawyers, specializing in litigation and dispute resolution. He assists local and multi-national companies on shipping disputes in the Middle East and has advised on numerous high-profile cases and casualties in the UAE, Egypt, Qatar, Saudi Arabia and Kuwait.
Baltic Dry Index Down as Bulker Rates Slide
The Baltic Exchange's dry bulk sea freight index dipped on Wednesday as rates dropped across all the vessel segments.The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 98 points to 2,591 points.The capesize index fell 191 points to 2,632 points.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, decreased $1,583 to $21,830.Benchmark Dalian and Singapore iron ore futures rebounded from two-week lows, after Beijing's indication to take measures to boost the domestic economy an
How a Russian-Ukraine Conflict Might Hit Global Markets
A potential invasion of Ukraine by neighboring Russia would be felt across a number of markets, from wheat and energy prices and the region's sovereign dollar bonds to safe have assets.Below are four charts showing where a potential escalation of tensions could be felt across global markets:Safe havensInflation at multi-decade highs and impending interest rate rises have made for a bad month for bond markets, but an outright Russia-Ukraine conflict could change that.Two-year U.S.
Rio Tinto Sees Soft Iron Ore Shipments in 2022
Rio Tinto forecast slightly weaker-than-expected 2022 iron ore shipments on Tuesday, citing tight labor market conditions and production delays from the new greenfields mine at Gudai-Darri project.The world's biggest iron ore producer said it expects to ship between 320 million and 335 million tonnes (Mt) in 2022 from the Pilbara region in Western Australia, a forecast with a mid-point below RBC estimate of 332 Mt and UBS' estimate of between 330 Mt and 340 Mt.Rio shipped 321.6 Mt of the steel-making commodity last year…
Equinor, BP Hit Key Milestone for New York Offshore Wind Projects
Equinor and BP on Friday announced the finalization of the Purchase and Sale Agreements (PSAs) with the New York State Energy Research and Development Authority (NYSERDA), for Empire Wind 2 and Beacon Wind 1 offshore wind projects.Empire Wind is located 15-30 miles southeast of Long Island and spans 80,000 acres, with water depths of between 65 and 131 feet. The lease was acquired in 2017 and is being developed in two phases (Empire Wind 1 and 2) with a total installed capacity of more than 2 GW (816 + 1…
Shipping Costs: Another Danger for Inflation-watchers to Navigate
Much like the coronavirus pandemic, and the economic disruption that it has caused, a global shipping crisis looks set to go on delaying goods traffic and fueling inflation well into 2023.Shipping rarely figures in economists' inflation and GDP calculations, and companies tend to fret more about raw materials and labor costs than transportation. But that might be changing.The cost of shipping a 40-foot container (FEU) unit has eased some 15% from record highs above $11,000 touched in September, according to the Freightos FBX index.
Maritime Partners Acquires J. Russell Flowers
Maritime Partners, LLC, through its managed funds, has acquired from J. Russell Flowers, Inc. and its affiliates, a diversified portfolio of over 1,000 marine vessels operating on bareboat charter. JRF’s fleet includes a variety of towboats, tank barges, hopper barges, and deck barges.With this acquisition, Maritime Partners’ portfolio has grown to approximately 1,600 vessels with an estimated fair market value of $1.2 billion, making the firm the largest lessor of marine equipment in the United States.J. Russell Flowers, Inc.
Singapore's Temasek Working with Portfolio Firms in Green Transition
Singapore state investor Temasek is working with its portfolio companies to help them become more green as advancing sustainability goals becomes the new normal, the firm's chief sustainability officer said on Thursday.Temasek, with a portfolio valued at S$381 billion ($278.81 billion) as of March, has committed more than S$2 billion this year to the decarbonization sector alone, Steve Howard told the Reuters Next conference."We want to work with those companies and help make sure that they are supported in having transition plans," Howard added.
Eagle Bulk Names Tsoutsoplides Chief Strategy Officer
U.S.-based dry bulk shipping company Eagle Bulk Shipping on Thursday announced ithas appointed Costa Tsoutsoplides to the newly created chief strategy officer position. In this role, Tsoutsoplides will have broad responsibilities in developing Eagle’s corporate strategy as well as leading capital markets initiatives and overseeing ESG and investor relations. Tsoutsoplides will also retain his existing responsibilities, including mergers and acquisitions and vessel sale and purchase.Eagle's CEO Gary Vogel said, “I am pleased to announce Costa’s well-deserved promotion.