LNG is the Bridge to ‘Zero Emissions’ Shipping
The advent of industry wide tightening of allowable sulfur emissions is getting nearer. Suddenly, with the deadline now little more than one year away, the countdown clock will very soon be ticking much louder. Simply stated, the cap on allowable sulfur content in marine fuels, presently at 3.5 percent in many geographical regions, will be reduced to 0.5 percent in January 2020. The 0.1 percent sulfur cap, already in effect since 2015 in coastal Emissions Control Areas (ECAs) in Europe and North America…
CMA CGM Stake in NOL Edges Past 10%
French container shipping giant CMA CGM now owns 10.07% of its takeover target Singapore's Neptune Orient Lines (NOL) as open share buys continue on a near daily basis. The European Commission has approved CMA CGM's $3.38 billion acquisition of NOL. The acquisition of 636,500 more shares on Wednesday helped the French liner giant to pass the psychological threshold. NOL is being bought for $1.30 a share, subject to anti-trust clearances from the European Union, China and the United States. But CMA CGM acquired latest bulk of shares in NOL for SGD1.29 ($0.94), one cent below its takeover offer price. Privately owned CMA CGM has said its aim is to delist NOL, and CMA CGM would need more than 90 per cent to get NOL delisted.
CMA CGM Ups NOL Stake to 2.32%
French container shipping group CMA CGM bought an additional 2.4 million shares in takeover target Neptune Orient Lines (NOL) from the open market on Thursday at $1.235 and $1.24 per share, says a report in the Business Times. Following the latest transaction, the Marseille-based company now owns 2.32% of its takeover target, NOL. Since CMA CGM announced its takeover plans in December 2015 the latest open market purchases were at a level below the SGD1.30 per it has offered for the Singapore company. The French liner giant has made several open-market purchases of NOL's shares since December 2015 when it launched a pre-conditional voluntary general offer for all shares in the Singapore-listed liner.
CMA CGM Keeps Buying NOL Shares
French liner giant CMA CGM has acquired last week a total of 2.26 million shares in Neptune Orient Lines (NOL), six months before it is scheduled to make good its S$3.4 billion takeover bid for the Singapore-listed liner, reports Business Times. It acquired 1.33 million (0.05 per cent stake) at $1.233 apiece) and 930,700 shares (0.04 per cent) at S$1.235 each on Jan 4 and Jan 5 respectively. This information was revealed by CMA CGM's financial advisers comprising the Singapore branches of BNP Paribas and The Hongkong and Shanghai Banking Corporation as well as JP Morgan. Marseilles-based container shipping group now has a 1.18% stake in NOL according to Singapore Exchange disclosures.
Maersk Axes Capacity on South America-Europe Trade
Danish liner giant Maersk Line has cut capacity by 10 percent on the trade between the east Coast of South America and Europe and the Mediterranean in response to the “steady decline” in market demand. It has decided to axe the capacity as it battles with an oversupply situation. The Danish carrier said there was substantial “open capacity” on services between the Mediterranean and north Europe and South America. To achieve this, the line will phase-in smaller 4,500-6,500 teu ships to replace the 8,500 teu vessels. Prior to the move, vessels with an average size of 7,900 teu were in use on the route. It said this would reduce trade lane capacity by 10%, including reefer plugs.
