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22 Sep 2022

Two Binding Bids for Greek Port

© giannis/AdobeStock

Greece received two binding bids for a majority stake in its northern port of Alexandroupolis, the country's privatizations agency HRADF said.The bidders for a 67% stake in the port were Quintana Infrastructure and Development through Liberty Port Holdings Single Member, and International Port Investments Alexandroupolis, a joint venture of Black Summit Financial Group, Euroports, EFA Group and GEK Terna, the agency said in a statement.The deadline for the bids expired earlier on Thursday.

29 Dec 2021

Odfjell Builds New Tank Bay at Odfjell Terminal Houston

Photo courtesy Odfjell

Odfjell is constructing a new tank bay at Odfjell Terminal Houston (OTH), continuing to expand and invest in its terminals platform to support ongoing regional growth in the chemical industry.The company is investing in and expanding its terminals platform with the addition of a new, modern, automated tank bay. Bay 13 at Odfjell Terminals Houston (OTH) will increase capacity by approximately 9% to 413,400 cubic meters (cbm). The expansion project is consistent with OTH's strategy…

16 Mar 2020

Deepwater Acreage to Attract Investments

Deepwater acreage will continue to attract significant company interest through 2020, said a report.According to GlobalData, a significant portion of the acreage available in Q1 2020 is located in either deep or ultra-deep water, up from the previous quarter.In Q1 2020, approximately 60% of the acreage available in licensing rounds either open or scheduled to close in the quarter is located in deep or ultra-deep water, revealed the report: ‘Q1 2020 Global Bid Round Outlook – Increase in Deepwater Acreage Offered in Q1 2020’.Toya Latham, Upstream Oil & Gas Analyst at GlobalData, said: “With the increase in deepwater exploration drilling in 2019 and the largest discoveries of last year also mostly located in deepwater settings…

24 Feb 2020

Iran Invests $857Mn in Maritime Industry

Iran's Ports and Maritime Organization (PMO) has allocated 36 trillion rials (about $857.2 million) allocated 36 trillion rials ($857.2 million) to develop the country's maritime industry, including the construction of 83 vessels.Mohammad Rastad, head of PMO said that PMO has taken significant measures regarding the improvement of the country’s maritime industry.The maritime industry transformation plan was prepared by the Ministry of Transportation and Urban Development in collaboration with the Defense Ministry back in 2019.According to Rastad, the plan which has already begun is mainly focused on improving the country’s ports and maritime fleet.The program includes a project for the construction of 40 vessels…

12 Feb 2020

EDF Buys Stake in Irish Offshore Project

French electricity giant Électricité de France (EDF) is moving into the Irish energy market.EDF Renewables, a subsidiary of the French energy utility, has acquired a 50% stake in the Codling offshore wind project from Hazel Shore, a company linked to the property developer, Johnny Ronan.EDF Renewables will develop and build the project alongside Fred Olsen Renewables, which owns the other 50% stake in 1100MW Codling Wind ParkIt is the first investment by the international energy player in the Republic.The Codling project is located south of Dublin, 13 km off the coast of County Wicklow thus benefiting from the favorable conditions for offshore wind off the east coast of Ireland. The initial development work started in 2003.

28 Jan 2020

CaribX Ups Stake in Cape Licence Off Honduras

The Central American and Caribbean specialist exploration company CaribX said that it is increasing its share of the Main Cape Operating contract in Honduras.Following government approval CaribX will hold a 55% interest in the highly prospective licence area.CEO Rory Scott Russell said: "We are pleased to have closed this latest round of funding and delighted to have such a highly qualified and experienced group of explorers and entrepreneurs joining the company. Attracting the team behind Sierra and the giant Zama discovery demonstrates the enormous potential offshore Honduras, and in the region, as well as the subsurface similarities to the super-giant oil fields of Mexico."Rory added: "Combined with Armando Zamora’s experience with regulatory and government affairs…

26 Jan 2020

Vietnam Begins 48 MW Wind Farm Construction

Climate Fund Managers (CFM), the manager of the Climate Investor One facility (CI1), have announced that construction has begun of its 48MW near-shore wind farm in Tra Vinh province Vietnam.CI1’s Construction Equity Fund has committed USD 71 million to the project company, “Tra Vinh Wind Power Company”, which is jointly funded by Korean energy firm ST International. Vestas, the pioneering global supplier of wind turbines will act as EPC for the project.The collaboration makes use of ST International’s extensive knowledge of the Asian energy market, Vestas’s expertise in developing, constructing and operating wind power facilities, and CI1’s innovative end to end financing solution.As one of the fastest-growing Asian economies…

20 Jan 2020

GMT Invests in Argo Travel Group

Global Marine Travel, a Florida-based travel management company to the maritime industry, has partnered with the Greek travel firm Argo Travel Group to enhance its travel offering, particularly in terms of service delivery and driving growth in the Greek and international markets."In Argo, Global Marine Travel, gains a marine partner with an experienced team and a strong reputation for service delivery, that will drive the growth of the business in Greece and other international locations," said a press note from GMT.GMT will benefit from access to a Greek IATA license and local marine fares, thereby increasing travel service options for its customers in this key region.

02 Jan 2020

Grindrod Eyes Stake in IVS Bulk JV

Singapore-headquartered provider of maritime transportation services in the drybulk and product tanker sectors, Grindrod Shipping Holdings is planning acquisition of an additional 33.25% stake in its IVS Bulk joint venture."Grindrod Shipping is progressing negotiations to acquire all of the 33.25% ordinary and preference shares in IVS Bulk held by one of its two JV partners for approximately $44.2 million, thereby increasing our stake in the JV to 66.75%," said a press release from the provider of dry-bulk and liquid shipping services. In the event the transaction is implemented as anticipated, we will consolidate IVS Bulk’s financial…

30 Dec 2019

DP World to Invest $500 in Jeddah Port Upgrade

The global port operator DP World has been awarded a 30-year Build-Operate-Transfer (BOT) concession by the Saudi Ports Authority (Mawani), for the management and development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port.According to a press release from the UAE-based world leader in global supply chain solutions, under the agreement, DP World will invest up to $500 million to improve and modernize the Jeddah Islamic Port, including major infrastructure development to enable the Port to serve the ultra-large container carriers (ULCC’s), which are considered the world’s largest mega containerships.Established in 1976, the Jeddah Islamic Port is on the red sea and the largest port in the Kingdom of Saudi Arabia with annual volumes of over 6 million TEU’s.

16 Dec 2019

Galveston Port, RCL to Develop Cruise Terminal

Miami-based cruise company Royal Caribbean Cruises Ltd. (RCL) will kick off construction of a third cruise terminal at the Port of Galveston in Texas next year.Both companies have approved a lease agreement to build a third cruise terminal at Pier 10 in Galveston with $100 million in construction cost.Through the public-private partnership, RCL will build the terminal, then lease it from the port for an initial term of 20 years, with four 10-year extension options.The two-story terminal will have a footprint of approximately 170,000 square feet on 10 acres in the eastern section of the Pier 10. Construction is expected to begin in April 2020.Anticipated to open in fall 2021…

16 Dec 2019

Deepwater Investments to Grow +5% in 2020

Though overall global upstream investments in 2020 will decrease by around 4%, deepwater will be the only segment expected to grow above 5% next year, spelling a boom for the industry, said a report.Rystad Energy is forecasting that overall global upstream investments in 2020 will decrease by around 4%. Investments in shale/tight oil are expected to contract the most next year by almost 12%.Rystad Energy believes that the lower oil price and weaker cash flows will force shale companies to reduce activity. Deepwater is the only segment expected to grow above 5% next year, spelling a boom for the industry.On a regional level, only Africa…

02 Dec 2019

Qingdao Port Buys Stake in Cosco Abu Dhabi

China-based Qingdao Port International Development has agreed to purchase a 33% stake in COSCO Shipping Ports (Abu Dhabi), a deepwater terminal located in Khalifa Port, for US$59m.Abu Dhabi Terminal is a joint venture company established in the United Arab Emirates.The investment, which will be made through Qingdao Port's Hong Kong subsidiary QDP International Development, will give the port operator a 30 percent holding in the CSP Abu Dhabi Terminal at Khalifa Port in which the Hong Kong-based firm holds a 90 percent stake, Qingdao Port said in a press release.As of the date of announcement, its remaining equity of 10% owned by an independent third party.

27 Nov 2019

CMA CGM to Raise $2bn Via Selling Terminal, Ships

French container shipping giant  CMA CGM plans to sell selected port terminals, ships and other assets to raise roughly $2 billion to finance its acquisition of CEVA Logistics, according to Reuters.Chinese state-owned conglomerate China Merchants Port has entered into a Memorandum of Agreement (MOA) with CMA CGM to acquire interests in a portfolio of 10 terminals from the French container line and its affiliates via Terminal Link for a total consideration of $955 million.As part of the deal, China Merchants Port will buy as much as $468 million of convertible bonds issued by the joint venture, Terminal Link, and will loan as much as $500 million to CMA CGM.CMA CGM is also raising about $860 million from a ship sale and lease-back deal.

17 Nov 2019

AG&P Invests in Kanfer Shipping, Eyes LNG

Global downstream gas and LNG logistics company Atlantic Gulf & Pacific (AG&P) has made a strategic equity investment in Norway-based Kanfer Shipping.Kanfer is a developer of small-scale LNG sea transportation, maritime break-bulk solutions, floating storage facilities as well as LNG bunkering. Together, Kanfer and AG&P will make LNG more accessible and commercially viable for downstream customers in new and growing natural gas markets."Kanfer has captured the attention of the global LNG maritime infrastructure industry with its patented, barge design that makes breaking bulk cargoes of LNG easier, faster and more efficient," said a…

01 Nov 2019

Gdansk Ports Aims to be Gateway to Baltic

Europe’s fastest growing port, the Port of Gdansk, has outlined huge expansion plans designed to double its cargo volumes to 100m tonnes a year, during a high-level maritime and business delegation from Poland to Singapore.The delegation marks 50-years of diplomatic ties between the countries and is being organized with PSA International, the Singapore based global ports group. In May this year PSA International formally acquired DCT Gdansk, the largest container terminal in Poland, in partnership with the Polish Development Fund and the IFM Global Infrastructure Fund.The Port of Gdansk Authority vice-president for infrastructure Marcin Osowski outlined plans to build a new €2.8billion Euro Central Port as ‘the biggest maritime investment project in Europe’…

29 Oct 2019

Macquarie Doubles Gwynt y Môr Stake

Macquarie Infrastructure and Real Assets (MIRA) has agreed to lift its shareholding in the 576-MW Gwynt y Mor offshore wind farm in the UK by purchasing an additional 10% stake for an undisclosed sum.MIRA has managed a 10 per cent stake in Gwynt y Môr since 2017 following Macquarie Group’s acquisition of the Green Investment Bank.Gwynt y Môr is a 576 MW offshore wind farm positioned 13 kilometers off the coast of North Wales. Operational since 2015, Gwynt y Môr is comprised of 160 3.6 MW wind turbines spread across 80 square kilometers. Each year, the wind farm provides enough clean electricity to power approximately 430,000 UK homes.Leigh Harrison, Head of MIRA EMEA, said: “We are delighted to announce an additional investment in Gwynt y Môr Offshore Wind Farm.

23 Oct 2019

Corporates Pledge for Healthy, Productive Ocean

30 companies and institutional investors have signed up to the United Nations Global Compact (UNGC) Sustainable Ocean Principles committing to take action to secure a healthy and productive ocean.UNGC is a special initiative of the UN Secretary-General, the United Nations Global Compact works with companies everywhere to align their operations and strategies with ten universal principles in the areas of human rights, labor, environment and anti-corruption.The signatories to the principles include the container ship and supply vessel operator A.P. Møller – Mærsk, food and beverage company PepsiCo, and Norges Bank Investment Management, which manages one of the world’s largest funds with over US$ 1 trillion in assets.

25 Sep 2019

29 Firms May Invest in Chabahar Port

29 companies have applied for investment in the Shahid Beheshti Port of Chabahar, Iran,  in the first six months of this year.Behrouz Aghaei, Director General of ports and maritime of Sistan and Baluchestan, said that Chabahar Port, as the country's largest oceanic port with a strategic location and access to international free water, has a special place in Iranian trade exchanges with other countries in the region.Chabahar Port as a gateway to trade with IORA, CIS, Afghanistan and Central Asia, and due to its proximity to the Oman and Indian Ocean ports is the best transit route for regional countries in terms of sea, land and security…

24 Sep 2019

Ørsted Buys Into Turbine Transfer Innovator

Ørsted, the largest energy company in Denmark, has acquired a 22.5% share in Pict Offshore, the Scottish developer of an innovative technology set to transform the way technicians access offshore wind turbines.The Get Up Safe (GUS) system, developed in partnership between Ørsted and Pict Offshore, is a motion compensated hoist solution that enables technicians to safely transfer between small moving vessels and offshore wind turbines.Using this technology means that technicians will no longer have to step from a moving boat onto a ladder and then climb (sometimes over 20 meters) to reach the base of the turbine. Instead they can clip…

24 Sep 2019

Delek Offered Funds to Invest in Ithaca

Israeli oil and gas company Delek has received an offer from an unnamed investor for a potential investment of up to $250 million into its North Sea focused subsidiary Ithaca Energy."Delek Group, received a signed offer from an international trading company to make an equity investment in Ithaca’s parent company through the purchase of USD 100 million in preferred shares of Ithaca’s parent company," said a stock exchange filing.The preferred shares carry a guaranteed dividend yield, and will automatically convert to approximately 4% of common shares at the time of Delek Group's initial public share offering, reflecting an equity value of USD 2.5 Billion for Ithaca Energy (pre money).In addition…

23 Sep 2019

OGCI Invests in Wind Power for Ships

OGCI Climate Investments has led an EUR 8 million investment round in Norsepower, along with current investors, to accelerate Norsepower’s growth on global markets.The investment enables Norsepower to scale up production at its manufacturing facilities as part of a next phase of commercialization triggered by demand for its renewable wind energy propulsion systems, said a press release from Norsepower Oy Ltd., the provider of low maintenance, software operated, data verified auxiliary renewable wind energy propulsion systems.The increased take-up comes at a time when the international shipping industry looks to offset expensive fuel…

17 Sep 2019

NYK in ESG Index for 17th Year in a Row

Japan's shipping giant Nippon Yusen Kaisha (NYK) has been selected for the Dow Jones Sustainability Indices (DJSI), the world's leading investment indexes for ESG (environmental, social, and governance) criteria, for a 17th straight year.The DJSI, which is a major global index for companies engaging in ESG initiatives, is composed of selected sustainability-driven companies from over 3,500 worldwide companies invited to participate in a selection process consisting of an in-depth analysis of economic, environmental, and social criteria, such as corporate governance, risk management, climate change, and stakeholder relations.In addition…