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24 Mar 2023

ADNOC Eyes June Listing of Marine & Logistics Unit

Ā©ADNOC

State oil giant Abu Dhabi National Oil Co (ADNOC) plans to float its marine and logistics subsidiary in the coming months, two sources said, the second initial public offering of one of its businesses this year.ADNOC, which raised $2.5 billion from listing its gas business in March, is gearing up for a June listing of ADNOC Logistics & Services (ADNOC L&S), said the sources, declining to be named as the matter is not public.HSBC was appointed as joint global coordinator on the syndicate this weekā€¦

06 Oct 2020

Sovcomflot IPO Expected to Price at Low End of Range

(Photo: Sovcomflot)

Russian shipping company Sovcomflot is guiding investors to expect its initial public offering (IPO) to price at the low end of the marketing range, two bookrunners organizing the transaction said on Tuesday.The first big stock market float by a Russian company in a couple of years comes as wider investor sentiment towards Moscow has turned negative after the poisoning of Kremlin critic Alexei Navalny, protests in Belarus and renewed clashes in Nagorno-Karabakh.Russian assetsā€¦

26 Jul 2019

Onex Elefsis Acuires Elefsina Shipyards

Greece-based Onex Elefsis Shipyards announced that it will allocate up to $400 million, over a 15-year period, to purchase and finance the operation of the Elefsina Shipyards, west of Piraeus.The Greek shipyard said that the US investment firm Chatsworth Securities has agreed with it to make an investment, as part of efforts to save the complex from bankruptcy.Onex Elefsis will acquire the second biggest Shipyard in Greece, through Greek Bankruptcy Law and rehabilitation plan that is expected to be approved by the Greek Courts within 3-6 months.Also, the Company is working on alternatives with the Greek Government and Creditors to reā€¦

28 Mar 2019

Will Shipping IPOs Comeback in 2019?

The market for Initial public offerings (IPOs) across the global shipping industry has remained understandably muted in recent years but secondary offerings continue to be an important funding mechanism, according to a recent report from Drewry Maritime Financial Research.Despite low interest in shipping IPOs in the US over the last few years, listed shipping companies continue to raise money through secondary/additional offerings and bond offerings in the US market with Oslo emerging as the preferred platform for shipping companies to raise equity.Investor appetite for shipping sector IPOs has remained weak as earnings have remained negative or sub-par at bestā€¦

05 Sep 2018

China Tops Leading Maritime Nations of the World: Menon Economics

The 2018 report on the ā€œLeading Maritime Nations of the Worldā€ ranks China as the worldā€™s leading maritime nation, placed among the top four on all the maritime pillars in the ranking. Chinaā€™s position is particularly strong in shipping and ports & logistics.The study conducted by Menon Economics benchmarks the 30 leading maritime nations around the world in four key maritime pillars: shipping, finance and law, maritime technology and ports & logistics, in an attempt to understand the key drivers behind national maritime success. DNV GL and Menon Economics presented the report at the SMM trade fair in Hamburg.The USA is placed second, scoring high in all four dimensions, followed by Japan.

26 Aug 2018

Jesper Ridder Olsen is New CFO of Maersk Drilling

Jesper Ridder Olsen is appointed new CFO of Maersk Drilling. The appointment follows the announce-ment of A.P. Moller ā€“ Maerskā€™s intention to pursue a demerger of Maersk Drilling via a listing on Nasdaq Copenhagen in 2019.With a long career in KPMG and Ernst & Young, Jesper Ridder Olsen has been involved in a number of capital market transactions, including IPOs, in addition to serving as auditor and advisor for large Danish companies, such as A.P. Moller ā€“ Maersk, ISS, Carlsberg and Danske Bank.As member of the Nordic Leadership in Ernst & Young from 2014 to 2016, Jesper Ridder Olsen was responsible for Strategic Growth Markets comprising among others Nordic IPO services.ā€œJesper brings with him in-depth knowledge of Maersk Drilling and more than 25 years of experienceā€¦

09 May 2018

Maersk Likely to Shelve Plans to List Drilling Division

(File photo: Maersk Drilling)

Shipping group A.P. Moller-Maersk is likely to shelve plans to list its struggling offshore drilling division because of weak market conditions, according to five finance sources familiar with the matter.The Danish company is now expected to focus on a trade sale of Maersk Drilling, and extend the timeline to divest the unit beyond its initial target of the end of 2018, said the sources who declined to be named as the discussions are private.Maersk group has not publicly put a price tag on the divisionā€¦

12 Jan 2018

Foss Names Sumner CFO

Bryceon Sumner (Photo: Foss)

Bryceon Sumner has joined Foss Maritime as chief financial officer, hired to oversee all aspects of the organization's financial function and performance. Sumner brings to the role years of experience gained at a number of organizations ranging from education technology and real estate, to architecture and financial services. Prior to joining Foss, Sumner served as COO and CFO for public and private companies, family offices and as a senior financial officer of a $60 billion government banking insurance fund.

28 Sep 2016

SGX sees Baltic buy boosting Asian freight derivatives

Singapore Exchange Ltd (SGX) sees the potential to develop new freight derivatives centred on active Asian shipping routes and expand the use of freight derivatives with its acquisition of London's Baltic Exchange, a senior SGX official told Reuters. "We believe there are a number of opportunities that the Baltic Exchange and SGX can realise together, including the creation and adoption of new benchmarks of Asian shipping routes," Michael Syn, head of derivatives at SGX told Reuters. The Baltic's daily benchmark rates and indices are used to trade and settle freight contracts as well as for settling freight derivatives, or FFAs, that allow investors to take positions on freight rates in the future.

26 Feb 2016

Baltic Exchange Mulls Sale

Baltic says holding discussions with several parties. The Baltic Exchange confirmed on Friday it had received a number of "exploratory approaches" after the Singapore Exchange Ltd revealed it was seeking to buy the business which has been the hub of the global shipping market for centuries. Reuters exclusively reported on Thursday that the Baltic Exchange had held talks with SGX and other potential buyers, months after sources had said the London Metals Exchange (LME) made an approach to buy it. "The Baltic Exchange confirms that it has received a number of exploratory approaches and that it is now in confidential discussions with selected third parties regarding its future strategy and ownership," it said in a statement.

06 Nov 2015

Tepid Reception for Hapag-Lloyd IPO

Hapag-Lloyd CEO says IPO preparation a "tough fight" but firm reaps $300 million in proceeds. Shares in Hapag-Lloyd hovered around their issue price in their stock market debut as investors gave the German shipping group a lukewarm reception reflecting uncertainty over the resilience of stock markets and the shipping industry. The shares started trading at 20.05 euros ($21.81) but fell to their issue price of 20 euros apiece within minutes. Weak demand had prompted Hapag-Lloyd to postpone the initial public offering, trim the number of shares on offer, lower the price range and then to price at the bottom of the revised 20-22 euros range.

14 Jan 2015

Vietnam to Protect Domestic Fleet

Vietnam says no to foreign firms to provide container transportation service on domestic routes, says a report published in VietNamNet Bridge. The Vietnam Maritime Bureau (Vinamarine) has sent a dispatch to the Ministry of Transport (MOT) seeking to continue policies to protect its fleet in the domestic transportation market. The increase in the number of vessels and the unchanged volume of goods are the two reasons it cited as a basis for the proposal. Earlier in 2013, Vietnam imposed a ban on foreign firms. However, the decision did not specify whether the ban would be removed in the future, or if would be valid for an indefinite time. There have been reports that a foreign shipping firm has been lobbying for their return to the domestic market.

25 Aug 2014

SMM Finance Forum: ā€˜Banks are Lending Againā€™

Dr. Carsten Wiebers

For Dr. Carsten Wiebers, Global Head of Maritime Industries at KfW IPEX-Bank, and member of the SMM Advisory Board, innovative financing solutions are key to Europe's continued international competitiveness in maritime high technology. On September 8, 2014, or SMM Finance Day, the SMM Ship Finance Forum will be held for the second time in conjunction with international maritime trade fair SMM. The forum, which will answer questions revolving around financing solutions for global shipbuilding and shipping, will be subdivided into three overarching topics.

11 May 2014

Omani Power Firms Set To Double Profits After Share Offer

Oman's Al Batinah Power Co and Al Suwadi Power Co, which launched twin initial public share offers on Sunday and are owned by the same consortium, will double their profits from 2014 to 2018 as they pay off start-up costs, a top executive said. The firms, whose owners aim to raise a combined 62.7 million rials ($163 million) through the sale of 35 percent of each company, together provide just over a quarter of the electricity for Oman's main power grid - around the capital, Muscat. The companies were required to go public and list on the sultanate's bourse under the terms of their licences, having launched operations in April 2013.

09 May 2014

Private Equity Spending Fuels Shipping Sector Risk

Private equity has pumped $32 bln into shipping in past 2 years. Ships totaling 299 mln dwt to enter global fleet from May. Some private equity-backed shipping IPOs have been put off on weak sentiment. The shipping industry faces a looming capacity glut as billions of dollars pumped into it by private equity have stoked a vessel-buying spree, threatening its prospects just as the sector is emerging from its worst downturn in three decades. Backed by private equity and hedge fund financing, shipping companies have placed orders for thousands of new ships over the past two years, reminiscent of the ship-ordering binge of the mid-2000s that eventually led to overcapacity after the global financial crisis severely hit cargo demand.

18 Apr 2014

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector recovering from its worst downturn since the 1980s. Ship owners ordered large numbers of vessels between 2007 and 2009, just as the global economy sank into crisis. Prospects have brightened in recent months as world trade picks up and the ship glut is absorbed. The industry still faces a multi-billion dollar financing hole after banks, its traditional source of funding, cut back lending to boost capital in the wake of the financial crisis. Alternative investors such as private equity firms have been snapping up shipping assets including loan portfolios from the banks.

17 Apr 2014

Shippers Turn to Equity Markets as Sector Eyes Recovery

Photo courtesy OW Bunker

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector recovering from its worst downturn since the 1980s. Ship owners ordered large numbers of vessels between 2007 and 2009, just as the global economy sank into crisis. Prospects have brightened in recent months as world trade picks up and the ship glut is absorbed. The industry still faces a multi-billion dollar financing hole after banksā€¦

22 Oct 2013

London Stock Exchange Eyes Aberdeen Oil and Gas

Rosalie Chadwick

The London Stock Exchange (LSE) is forecasting Aberdeenā€™s booming energy sector will be the source of a new wave of companies heading for an Initial Public Offering (IPO). Renewed confidence and a swathe of foreign investment from South Korea, China and other first-time North Sea entrants has had a knock-on effect on E&P and oil and gas services companies. This newfound vibrancy has directly influenced the LSEā€™s decision to hold an IPO Forum in Aberdeen this month (Thursday, October 31) bringing together a team of leading capital markets, fund management, accounting and legal experts.

16 Jan 2014

Global Clean Energy Investments Fall Again

Clean Energy Pipeline, the online daily financial news and data service dedicated to the clean energy sector, released its preliminary analysis of venture capital, private equity, project finance, mergers and acquisitions and public markets activity during 4Q13 and 2013. New investment in the global clean energy sector totalled $58.2 billion in 4Q13, a 15% increase on the $50.7 billion invested in 3Q13 but a 21% decrease on the $74.1 billion recorded in the corresponding period in 2012. Despite the quarterly increase, total investment throughout 2013 decreased 20% year-on-year to $212 billion. Total investment in the global clean energy sector has now fallen for two consecutive years.

13 Feb 2014

SMM Hamburg Ready for a New Beginning

At the SMM Ship Finance Forum just ahead of SMM, the leading international maritime trade fair hamburg, experts will discuss the potential and prospects for new ship financing models. In spite of low newbuilding prices, the total number of ship orders is declining around the world. Financing difficulties are part of the problem, and new concepts are in demand to revitalise the market. "In ship finance we have to address two separate issues: On the one hand, we need to put the fleet in service on a more solid financial basis. After a five-year double crisis ā€“ one affecting the financial, the other the shipping markets ā€“ that may be a tall order. On the other hand we need to finance new tonnage to be commissioned over the next few years.

12 Mar 2014

Gas tanker firm Avance announces Oslo IPO

Gas tanker operator Avance Gas Holding is planning an initial public offering (IPO) and aims to list its shares on the Oslo Bourse in April, one of its owners said on Wednesday, joining a flurry of Nordic firms planning stock market debuts. "As part of the IPO, Avance Gas will raise new capital to pursue consolidation opportunities, and in addition, the three major shareholders are considering selling shares in order to facilitate sufficient share liquidity," Stolt-Nielsen Limited said. Avance Gas was formed by a merger of shipping assets from Stolt-Nielsen, Frontline 2012 and Sungas Holdings, and the fleet consists of six very large gas carriers (VLGC), with eight further new-buildings on order.

28 Mar 2014

Shipping Confidence at Highest Level Since 2008

Richard Greiner

Overall confidence levels in the shipping industry rose to their highest level for almost six years in the three-month period to February 2014, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. Freight rates look set to improve or maintain existing levels over the next twelve months, while an increase in private equity funding is expected to have a major impact on the industry. In February 2014, the average confidenceā€¦

08 Apr 2014

Offshore firm's IPO may give Singapore market shot in the arm

This would be only the second mainboard IPO in Singapore this year. Singapore's IPO market lacklustre in recent years, but oil and gas related offerings find favour in Singapore. A major operator of maritime support vessels controlled by Malaysia's richest man is seeking up to $380 million in a Singapore IPO - a boost to the city-state's stock market which has seen just one other mainboard listing this year. The deal from PACC Offshore Services Holdings (POSH), the largest Asia-based international operator of support vessels for offshore oilfields, comes as Singapore's IPO market has struggled in recent years. Most big-ticket listings in Asia opt for Hong Kong where there is more robust demand from Chinese and international investors.