Christiania News

Denmark's Christiania Shipping, which operates 20 vessels, added StormGeo’s CII Simulator to its fleet performance management toolbox earlier this year. “With the new Carbon Intensity Indicator (CII) rating scheme coming into play soon, we are determined to do our part in decarbonizing the shipping industry,” says Rune Eriksen, Chief Operating Manager at Christiania Shipping. “StormGeo’s CII Simulator not only gives us deep insights into the CII status of our individual vessels but also helps us make well-informed decisions on how we best can deploy our fleet. The system is very user-friendly and is being used across the organization.”With the CII Simulator…

Lasse Carøe Henningsen, 46, will become the new Chief Financial Officer (CFO) at Hamburg Süd, succeeding Jakob Wegge-Larsen, who has held this position since December 2017 and will be returning to Maersk in Copenhagen at the end of June. Already at the end of February 2020, he in parallel assumed the position of CFO of the Maersk division Ocean & Logistics there. When Henningsen starts at Hamburg Süd on June 1, he will be in charge of the Business Finance and Accounting divisions as well as the important SAP project. He and Dr.

Oslo-based boxship owner MPC Container Ships has agreed two more secondhand purchases. "MPC Container Ships ASis pleased to announce that it has entered into agreements to acquire “Annika” and “Antigoni”, two 987 and 1,049 TEU vessels built in 2008 at Daesun Shipbuilding, South Korea," said a press statement from the company. The total purchase price for the two vessels is USD 16.1m. Physical takeover of the vessels is expected to take place in January 2018, lifting the fleet of the Company to 41 vessels. Ten days ago, MPC entered into agreements to acquire “Vilana” (tbn “AS Cleopatra”), “Cap Pasado” (tbn “AS Christiania”) and “Cap Blanche” (tbn “AS Carlotta”), three 2,742 TEU vessels built in 2006 at Aker MTW Werft, Germany. The total purchase price for the three vessels is USD 31.9m.

Vessel sales for September 2016 (as of October 1) as prepared by Shipping Intelligence, Inc., New York.

The new company, CIT Maritime Finance will originate & underwrite blue water vessel financing & its managing director is Svein Engh. CIT Maritime Finance will offer senior secured loans, sale-leasebacks, and bareboat charters to owners and operators of oceangoing cargo vessels including tankers, bulkers, container ships, car carriers, as well as offshore vessels and drilling rigs. It will offer financing solutions that will help add value and drive business for customers. “The…

Peninsular & Oriental Steam Navigation Co. is indefinitely postponing the planned flotation of its Associated Bulk Carriers (ABC) unit because of stock market conditions. Shares in the business would have been listed on the Oslo Stock Exchange in an initial public offering next month, valuing it at around $187.9 million. But the group said in a statement it had decided not to go ahead with the flotation for the time being, because of market conditions in Oslo. he decision reversed P&O's plans to bring the float forward on the back of a recovery of the bulk shipping market, which has been depressed over past two to three years. ABC is one of the world's largest independently owned operators of Capesize bulk carriers and has a fleet of 22 dry cargo vessels ranging in size from 110…

Aker Maritime, which wants wide-ranging link-ups with Kvaerner, proposed a new board for Kvaerner before a corporate showdown on Friday. Aker, the top shareholder in Kvaerner with 17.8 percent, put forward Pehr Gyllenhammar, chairman of Britain's biggest insurance group CGNU, as chairman of its proposed board. Kvaerner has said it opposes Aker's plans for link-ups. Gyllenhammar said he hoped he could help resolve the clash between the two Norwegian industrial groups but stressed he would be independent. "The new board will have a completely free rein to assess the best strategy for Kvaerner," he said. Last month, Kvaerner's own election committee proposed a new board led by former Christiania Bank chairman Harald Arnkvaern.

Royal Caribbean Cruises Ltd. has priced the public offering of 10,800,000 shares of its common stock at a price of $46 11/16 per share. Of the 10,800,000 shares offered, 10,000,000 shares are being sold by the company, and 800,000 shares are being sold by a selling shareholder. The company has granted to the underwriters of the offering an option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments. As previously announced, the company intends to use the net proceeds of the offering for general corporate purposes, including capital expenditures. The offering will be made to investors in the U.S. by managing underwriters Goldman, Sachs & Co., Merrill Lynch & Co., Banc of America Securities LLC, William Blair & Company, A.G.

Many Norwegian companies remain under-priced and are likely targets for foreign predators, analysts said. Despite gains in the Total index to peaks this week at around 1,300 points -- the highest so far this year -- analysts said Norwegian companies remain cheap and are natural prey for foreign bidders. "There are still crown jewels on the Oslo bourse, especially in the industrial sector," said Morten Stundstoe, chief analyst in Fondspartner. "The Oslo bourse is 10 to 15 percent under the level we believe is fair value," said another analyst. Foreign interest in Norwegian firms has picked up recently. Last Monday, Swedish constructor NCC launched a bid for Selmer.

Kvaerner ASA announced a record 1999 pre-tax loss, hit by restructuring costs and weak non-core operations, but forecast an upturn at its core businesses in 2000. London-based Kvaerner recorded a pre-tax loss of $667 million from $205.5 million a year earlier after a sweeping restructuring plan was launched in April, which aimed to sell off non-core activities. "We have all seen that the goal is within sight. It is far away but still in sight," Chief Executive Kjell Almskog said. "We will see setbacks also this year, but hopefully smaller and fewer (than in 1999)." Almskog said a planned restructuring into a "New Kvaerner," to include only core business areas, would take another one to two years.