Compagnie News

Tanker company Euronav will exit Belgium's blue-chip Bel-20 index after just two days of trading, as it no longer meets the membership conditions after its takeover by Compagnie Maritime Belge (CMB), bourse operator Euronext said on Tuesday.CMB, owned by the Saverys family, and affiliates together hold 88.61% of the outstanding shares in Euronav, which exceeds the maximum allowed for the index."The Bel 20 rulebook prescribes that should the acquiring party own more than 85% of the shares, the company being acquired will exit the index," Euronext said.Belgium's Euronav announced in October that

Belgian oil tanker firm Euronav on Thursday beat analysts' expectations and more than doubled its core profit in the third quarter from the same year-ago period, helped by higher sales and high freight rates.The market for very large crude carriers (VLCC) "has improved due to increased frequency of loadings from higher USA crude production", Euronav said in a statement. Although freight rates fell modestly during the quarter, they still remained strong when compared to historic averages since 1990, Euronav added.

Belgium's Euronav on Monday said that its two major shareholders CMB and Frontline have reached a deal that would see CMB take control of the oil tanker company and buy its remaining shares.The deal ends uncertainty over Euronav's future, after peer Frontline - controlled by Norwegian-born shipping tycoon John Fredriksen - in January scrapped a $4.2 billion merger plan that would have created the world's largest publicly-listed tanker company.That decision had led Euronav to launch arbitration action against Frontline.

Euronav second shareholder Compagnie Maritime Belge (CMB) is offering to acquire Frontline's 26.12% stake in the company for $18.43 per share, which will be followed by a mandatory public offer at the same price, the Belgian oil tanker and storage operator said on Thursday.Shares of Euronav, which were suspended earlier in the day after spiking on media reports about the company going private, jumped around 18% as trading reopened at 1330 GMT.The completion of the deal would end the arbitration action started by Euronav against its peer Frontline…

DNV has awarded an approval in principle for Michelin's WISAMO wing sail system, which is the first AiP to have been awarded to an inflatable wing sail design. The WISAMO wing sail system is currently being installed for testing on the DNV-classed MN Pelican ro-ro cargo vessel.An Approval in Principle is an independent assessment of a concept within an agreed framework, confirming that the design is feasible, and no significant obstacles exist to prevent the concept from being realized.

Damen Shipyards Group and Compagnie Maritime Monégasque (CMM) announced a two-year offshore support contract for Damen Fast Crew Supplier (FCS) 7011 Aqua Helix. The vessel will transport personnel to and from offshore platforms in support of an oil and gas decommissioning project. The 2022-built Aqua Helix arrived in Brazil on January 26 and is anticipated to commence work in the coming weeks.“During the design phase of the FCS 7011, we considered the Brazilian market a strong fit for this vessel…

Oil tanker company Frontline said on Monday a $4.2 billion deal to merge with rival Euronav NV was terminated, a combination which would have created the world's largest publicly listed tanker company.Frontline will not make a voluntary conditional exchange offer for Belgian oil tanker and storage operator Euronav's shares and will no longer seek a listing on Euronext Brussels, it said in a statement."We regret that we could not complete the merger as envisaged in July 2022, as that would have created the by far largest publicly listed tanker company," Chief Executive Lars Barstad said.The two companies announced the deal last year, aiming to create a market-leading oil tanker group with 146 vessels.

The word's first hydrogen-powered tugboat recently arrived in the port of Ostend where it will undergo further work before entering service in 2023.Built at Armón Shipyards in Navia Spain, the Hydrotug 1 was launched in May, and in the following months remaining construction works on the vessel were completed.The groundbreaking vessel is part of an integrated greening program for the Port of Antwerp-Bruges fleet and is being deployed by shipping and logistics group CMB (Compagnie Maritime Belge) as an important step in the transition to a climate-neutral port by 2050.

Belgian oil tanker and storage operator Euronav on Thursday reported sharply higher quarterly earnings, but despite a freight market recovery, rates for very large crude carriers (VLCCs) remained low, sending its shares down more than 4%."Management has good reason to be more optimistic on the winter season," ING's analyst Quirijn Mulder said after the group, which provides crude oil shipping and storage services, said freight rates had improved substantially since March.Chief Executive Officer Hugo De Stoop said in a statement that recent trading data…

The world's first dual-fuel hydrogen- and diesel-powered crew transfer vessel (CTV) is ready for service, outfitted to run the cleaner fuel that reduces up to 80% of its traditional fuel usage and associated emissions.The 25-meter vessel, Hydrocat 48—owned by Windcat Workboats, part of Compagnie Maritime Belge (CMB)—is based on the Windcat MK 3.5 design but lengthened to integrate adequate hydrogen storage on board. The vessel, which has been certified by Lloyd’s Register and U.K. Maritime and Coastguard Agency, recently completed bunkering and sea trials in May.

Hydrotug, the world's first hydrogen-powered tugboat, has been launched at Armón Shipyards in Navia, Spain, marking a key milestone on the path toward wider adoption of the sustainable, climate neutral fuel in workboat applications.Remaining outfitting work will be completed over the next few months ahead of sea trials later this year. The groundbreaking vessel is scheduled to be delivered by the end of this year and enter full operations in the first quarter of 2023 for shipping…

French tire maker Michelin and Compagnie Maritime Nantaise said on Thursday they will jointly test Michelin's inflatable wing sail this year on a merchant ship for the first time, in a move that may help the shipping industry cut its emissions.The Wing Sail Mobility (WISAMO) project is centered on an inflatable, retractable and automated wing that can be fitted on commercial vessels and pleasure boats, the statement said.Using wind propulsion, it could help save up to 20% of the fuel used per ship…

Offshore crew transfer company Windcat Workboats has informed that Stephen Bolton has joined its Executive Management Team as Managing Director CSOVs, as part of the company's plan to build a CSOV business.Commissioning service operation vessels (CSOV) are used as motherships for offshore technicians used in support of the construction and maintenance of offshore wind farms located far from shore.Announcing CSOV director appointment, Windcat Workboats said: "Having worked on the…

The past decade has seen tight restrictions on emissions from vessels, notably with a 2015 move to a .10% sulfur maximum in Emission Control Areas (ECA) in North America and in northern Europe. As the International Maritime Organization (IMO) now shapes shipping’s decarbonization future, shipowners are looking at transitions away from fossil fuels. Among the myriad of alternatives are lithium ion batteries and some early forays into hydrogen fuel cells.To date, large batteries are used on short runs…

New York-listed offshore vessel owner SEACOR Marine has completed the previously announced sale of its offshore crew transfer subsidiary Windcat Workboats to the Belgian shipping and logistics group Compagnie Maritime Belge (CMB).Windcat is headquartered in Lowestoft, United Kingdom and IJmuiden, the Netherlands and has joint ventures with two local partners, FRS Windcat Offshore Logistics in Germany and TSM Windcat in France. Windcat employs approximately 180 shore-based and sea-going personnel.The sale was completed on January 12…

New York-listed offshore vessel operator SEACOR Marine has agreed to sell its Windcat Workboats and its crew transfer vessel (“CTV”) business to the Belgian shipping and logistics group Compagnie Maritime Belge (CMB).Windcat Workboats owns and operates a fleet of 46 offshore crew transfer vessels, mainly in the European offshore wind sector, but also in the oil and gas industry and outside Europe. At the closing of the transaction, CMB will pay SEACOR Marine £32.8 million in cash…

While there is no consensus on what will be the maritime 'fuel of the future', developers across the world are for the first time testing the use of hydrogen to power ships as the maritime industry races to find technologies to cut emissions and confidence grows the fuel is safe to use commercially.To reach goals for the shipping industry set by the United Nations, industry leaders say the first net-zero ships must enter the global fleet by 2030. Ships powered by green hydrogen…

High levels of occupancy during the first two months of 2020 and strong forward bookings are sustaining momentum for Gibdock, following a surge in demand for the Gibraltar repair yard in the last quarter of 2019.One standout project involving significant complexity saw Gibdock undertake extensive repairs to Juvel at the end of 2019, after the Aker Biomarine fishing vessel suffered extensive fire damage off South America. Over several months, the 99.5-meter-long Juvel required retrofitting across four decks…

The Port of Marseille Fos (Grand Port Maritime de Marseille; GPMM) has just completed a blockchain pilot scheme to enhanced efficiencies at France’s largest seaport.The focus of the project for freight transportation on the  Mediterranean-Rhone-Saone (MeRS) corridor is to run a trial to evaluate the security of the digital transport chain. It will involve applying blockchain technology to supply chain logistics and freight forwarding, particularly where goods are transported in multiple ways such as sea and road.Results from trials held over recent months have now been reviewed at a meeting hosted by the port and demonstrated that harmonization of the digital transport chain improved fluidity…

Belgium-based shipping group Compagnie Maritime Belge (CMB) announced it will invest in new technologies that will enable it to operate a zero carbon fleet by 2050.The 125-year-old firm, which operates a fleet of bulk carriers, containerships and chemical carriers, said it has already begun offsetting its CO2 emissions to have net zero CO2 emissions from 2020 by supporting certified climate projects in developing countries and acquiring high quality Voluntary Carbon Units (VCU’s) in Zambia (agro-forestry…

Among a string of new eco-friendly initiatives, the Marseille Fos port authority is to spend $22 million over the next six years to extend shoreside electrical connections for berthed vessels to every ferry, cruiseship and repair quay within the Marseille eastern harbor.Already available on the Corsica ferry quays, the network will be expanded in two phases to cover North Africa ferry quays and the shiprepair hub by 2022 and the cruise terminal between 2022 and 2025. The zero…

Europe's second-largest seaport Port of Antwerp has ordered construction of a tug powered by hydrogen, the first in the world.The unique "Hydrotug" is driven by combustion engines that burn hydrogen in combination with diesel. The motors also comply with the very strictest standard, the EU Stage V, making them the lowest-rated for emissions on the market.The Belgium-based port operator said that this ultra-low-emission tug is being built by Compagnie Maritime Belge (CMB), a pioneer in the field of hydrogen power for shipping. With this world first Antwerp is making an important step in the transition to a sustainable, CO2-neutral port.By lending support to this promising technology Port of Antwerp hopes that the shipping industry will follow.

Danish international shipping and logistics company DFDS has entered into two mutual space charter agreements with the Luxembourg-based short sea specialist Compagnie Luxembourgeoise d'Navigation (CLdN) CLdN that also operates a freight ferry route between Gothenburg and Zeebrugge.In June 2019, DFDS opened a freight ferry route between Gothenburg, Sweden, and Zeebrugge, Belgium, that currently deploys three freight ferries offering five weekly departures in each direction.However, in order to optimize capacity utilization and reduce the environmental impact, DFDS has entered into two mutual space charter agreements with CLdN that also…