Siem Offshore Names New CFO
Norwegian offshore vessel operator Siem Offshore has named a replacement for its departing CFO Dagfinn B Lie.Two weeks ago, Siem Offshore said that Dagfinn B Lie would resign as CFO in the company, but it didn't at the time say who would be the next CFO.However, on Wednesday, July 14, Siem Offshoresaid Vidar Jerstad would be its CFO effective from of August 1, 2021. He will also be a member of the Management Team in Siem Offshore from the same date.Jerstad has been employed as Finance Director in Siem Offshore since 2017."He has extensive experience from various positions in finance area in Nordea and he will be an excellent contribution to our company as our new CFO…
Commerzbank Slashes Ship Finance Portfolio
The German lender Commerzbank is making money in tough market as it sheds another $1.2bn of ship loans. For the first time ever, Commerzbank's shipping portfolio stands at less than EUR 10 billion, according to the third quarter interim report, in which the German bank presents a profit of EUR 207 million. The Exposure at Default (EaD) was reduced over the second quarter of 2015 in the areas of Commercial Real Estate (CRE) and Ship Finance by EUR 5.1 billion. Therefore, the EaD in the two areas at the end of September 2015 amounted to a mere EUR 22 billion (second quarter of 2015: EUR 27 billion; Q3 2014: EUR 36 billion) and was thus only EUR 2 billion higher than the target for the end of 2016.
Infrastructure Investments Strengthen Soybean Supply Chain
Transportation plays a crucial role in the soybean supply chain. With access to multiple transportation modes, Illinois soybean farmers enjoy significant advantages for reaching domestic and global markets. But aging transportation infrastructure can increase costs for Illinois farmers. Working with business, government and industry leaders, the Illinois Soybean Association (ISA) is addressing current infrastructure challenges and finding solutions to ensure Illinois soybean farmers have access to the resources they need to get crops to market.
Thuraya Appoints Chenel CFO
Thuraya Telecommunications Company, the leading international mobile satellite services (MSS) operator has announced the appointment of Patrick Chenel as Chief Financial Officer. In addition to leading Thuraya’s financial management, planning and reporting functions, he will also be responsible for maintaining and developing the Company’s relationships with the relevant financial institutions and strategic suppliers across the globe. Prior to joining Thuraya, Patrick was the Chief Financial Officer for the real estate arm of the Qatar Investment Authority, Qatari Diar.
