Chemical Sector News

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.

Columbia Shipmanagement (CSM) announced it has partnered with Norwegian ship owner and operator Seatrans AS to form a ship management joint venture.The company will be named Stödig Ship Management AS will become operational from the beginning of May 2021, operating out of Seatrans’ offices in Bergen, Norway. All Seatrans’ staff will remain employed in the company.Mark O’Neil, president and CEO of CSM, said, “In Columbia Shipmanagement we recognize the particular expertise and skill sets associated with managing ships in the hard chemical trades and other special tonnage markets.

The climate target to reduce CO2 emissions in Belgium by 80% by 2050 compared to 2005 levels is a major challenge. Hydrogen has an important role to play in the mix of solutions to achieve results.That is why Deme, Engie, Exmar, Fluxys, Port of Antwerp, Port of Zeebrugge and WaterstofNet are joining forces. A joint study serves as a basis to coordinate delivery of concrete projects that shape the production, transport and storage of hydrogen.In a hydrogen economy, hydrogen is an important carrier for renewable energy to be used for electricity and heat production, for mobility, for fuel production and as a raw material for industrial production.Crucial in the viability of a hydrogen economy is the generation of sufficient renewable electricity for the production of hydrogen.

On August 18, 1990, the Oil Pollution Act of 1990 (OPA 90) was enacted into law. Section 4202 of that Act amended the Federal Water Pollution Control Act (FWPCA or Clean Water Act) to require tank vessels and marine transportation-related facilities to prepare and submit to the US Coast Guard plans for responding, to the maximum extent practicable, to a worse case discharge, and to a substantial threat of such a discharge, of oil or a hazardous substance carried in bulk as cargo.

Chemical shipping freight rates will weaken through 2018 due to the depressed outlook on overtonnaged long haul routes, according to the latest edition of the Chemical Forecaster, published by global shipping consultancy Drewry. The global chemical trade grew by a little over 4% in 2017, while overall tonne-mile demand expanded by almost 5%. Despite continuing global economic growth, Drewry expects seaborne chemical trade to grow by 2.5% in 2018 and tonne-mile demand by 1.6%, reflecting a slowdown in long-haul trip growth. Increasing self-sufficiency in base chemicals in Asian countries is a definite threat to long-haul trades. The global chemical capable fleet increased by 3.9% in tonnage terms in 2017.

Despite a shift in demand in the chemical shipping sector, Navig8 Chemical Tankers ended the fourth quarter ended 31st December, 2017 with a widened net loss of USD 3.7mln. Revenue for 4Q17 was $43.3 mill, compared to $33.9 mill for 4Q16. “The chemical tanker market began to show signs of improvement in the fourth quarter led by stronger demand in the chemical sector and tightening in the MR product tanker market,” said CEO Nicolas Busch. “With our fleet fully delivered, we are pleased to have generated sequential increases in revenues and operating income and believe we are well positioned as fleet growth for larger vessels begins to slow and chemical tanker demand continues to increase,” Nicolas added.

Spain's cabinet passed a draft law on Friday to end closed-shop hiring at the country's ports, putting the government on a collision course with unions which have called nine days of strikes that are likely to decimate trade flows. Around two-thirds of Spain's imports and exports pass through its ports, and prolonged industrial action could be especially painful for the country's automobile industry and chemical sector. The bill, which attempts to bring Spain's restrictive port labour practices into line with the rest of Europe, still faces an uncertain passage through parliament. The governing People's Party does not enjoy a parliamentary majority and will need to reach an accord with opposition parties if the draft is to become law.

TQ Construction and Drilling Training Center Inaugurated in Dammam. Leading representatives from Saudi’s oil and gas sector gathered in Dammam on Thursday, February 27, to launch the newest Saudi Petroleum Services Polytechnic (SPSP), the Construction and Drilling Training Center. His Royal Highness Prince Saud bin Naif bin Abdulaziz attended the Inauguration, along with His Excellency, Eng. Ali Ibrahim Al-Naimi, Minister of Petroleum and Mineral Resources; Dr Ali Nasir Al-Ghofais, Governor of TVTC and His Excellency Mr Khalid Al-Falih, President and CEO of Saudi Aramco. The Construction and Drilling Training Center is the fourth SPSP to be opened in the Kingdom, with the original SPSP campus also located in Dammam, and other centers in Al Khafji and Rabigh.

Ship Agency Cambiaso&Risso has taken over Carlo Sciaccaluga srl, the historic ship agency established in 1903 as a forwarding agent in Genoa port and now boasting a solid reputation in the food industry, vegetable oils and chemical sector (particularly Biodiesel), and many customers at an international level. This is another important takeover for Cambiaso&Risso Agency, which contributes to strengthening its international leadership in the maritime service sector. The agreement was signed a few days ago between Sampierdarena Olii srl - which owns Carlo Sciaccaluga srl and is part of SAAR DP SpA, owner of the largest coastal food warehouse in Genoa Port and the fastest-growing company in this sector over the last few years – and Cambiaso&Risso: it will enter into force in September 2011…

Kerr-McGee Corp.'s chief executive Luke Corbett has been on a spending spree in recent years, building his company's oil and chemicals businesses, but the top executive has yet to catch the attention of Wall Street. "We've essentially transformed our company, particularly over the last two and half or three years," said Corbett, who is also chairman of the Oklahoma City-based energy and chemicals firm. Still, its transformation has attracted little notice from investors, even in spite of several industry analysts haven given Kerr-McGee glowing recommendations. Since hitting a high of about $67 in mid-January, shares of the company have fallen about 20 percent. The drop comes even as the company has posted first-quarter profits that rose more than twenty-fold from a year earlier.

WASHINGTON - Coast Guard Director of Port Security, Rear Adm. Craig E. Bone, testified today on chemical facility security before the Senate Homeland Security and Governmental Affairs Committee. “Considering the vast economic utility of our ports, waterways and coastal approaches, it is clear that a terrorist incident against a facility in our marine transportation system could have a disastrous impact on public safety, the environment, our nation’s economy, and international trade. Such an incident, if it were to occur in a strategic port, could also threaten our military mobilization capabilities. An incident at one of the 350 chemical…

Coast Guard Director of Port Security, Rear Adm. Craig E. Bone, testified today on chemical facility security before the Senate Homeland Security and Governmental Affairs Committee. His written statement submitted for the record, follows. "Good morning Madam Chairperson and distinguished members of the Committee. It is a pleasure to be here today to discuss the U.S. Coast Guard’s role in securing the chemical facilities on the navigational waterways of the United States. The men and women of the U.S. Coast Guard and the Department of Homeland Security remain committed to improving maritime homeland security each and every day through continued interagency cooperation and assistance from our partners at the local, state and international levels, as well as maritime industry stakeholders.

R. STAHL AG and the shareholders of Tranberg AS of Stavanger, Norway have entered into a contract of sale transferring title to the enterprise to R. STAHL Technologies with effect of 1 October 2006. The purchase price remains undisclosed. The Norwegian company develops, manufactures, and distributes lighting and signal systems used in ship building and on helicopter landing decks in addition to producing explosion protected heating and control systems for industrial applications. Tranberg employs 60 persons at its Stavanger site and realised some EUR 1m EBT on 2005 sales of EUR 10m. Thanks to the resulting synergy potential, management expects additional global sales growth in the medium term.

The global economy remains in a state close to recession, and although authorities are trying to stimulate growth using methods such as reducing interest rates, it is not anticipated that any real improvements will be seen until the year 2000, reports Drewry Shipping Consultants Ltd. in a report detailing various aspects of the shipping industry. Prospects for industry, the report states, remain difficult. Tanker market conditions are being exacerbated as a result of consolidation in the oil sector. The increase in competition is forcing owners to reassess their strategic goals and financial standing and inevitably this is leading to a similar process of amalgamation in the tanker sector.