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Pricewaterhousecoopers News

22 May 2023

US Celebrates National Maritime Day

Source: American Maritime Partnership: Florida Commerce Secretary Laura DiBella was joined by representatives from the American Maritime Partnership, Florida Maritime Partnership, JAXPORT, Crowley and TOTE to celebrate National Maritime Day in Jacksonville, FL.

Each year on May 22 the US celebrates National Maritime Day. May 22 was declared National Maritime Day in 1933 to honor the SS Savannah’s departure from Georgia to England in 1819 to become the first successful steam-powered ship to successfully cross any ocean. The US Merchant Marine has been a pillar in the country’s foundation of prosperity and security. They power the world’s largest economy and strengthen ties with trading partners around the world, all while supporting our military forces by shipping troops and supplies wherever they need to go.During World War II more than 250…

14 Mar 2023

Migeon Named CEO, Chairman of Bio-UV Group

Laurent-Emmanuel Migeon is the new Chairman and CEO of Bio-UV Group. Image courtesy Bio-UV Group

French water treatment specialist Bio-UV Group appointed Laurent-Emmanuel Migeon as its new Chairman and CEO, succeeding company founder Benoît Gillmann.Migeon, who has co-managed BIO-UV Group with Gillmann for the past five years, has a track record in the life sciences, environmental and agrifood sectors, preceded by ten-years in finance with PricewaterhouseCoopers and Arthur Andersen.An agricultural engineer with a master’s degree from Mr Migeon joined BIO-UV Group in early 2018 as COO and Deputy General Manager.BIO-UV Group designs…

13 Jan 2021

Carnival Cruise Line Names Campbell CFO

Darrell Campbell (Photo: Carnival Cruise Line)

Carnival Cruise Line said it has named Darrell Campbell as chief financial officer. He joins the U.S.-based cruise operator from parent company Carnival Corporation where he has served as corporate treasurer since 2017.Prior to his role at Carnival Corp, Campbell served as an audit partner at PricewaterhouseCoopers LLP. He is a licensed CPA in Florida and New Hampshire. He has master's degrees in accounting from Florida International University and in international business from the University of Florida. He also holds a bachelor's degree from University of the West Indies in Jamaica.

19 Oct 2020

Singapore Suspends Hin Leong Unit's Bunker Licenses

© Igor Groshev / Adobe Stock

Singapore has suspended the licenses to sell ship fuel held by a subsidiary of defunct oil trader Hin Leong Trading Pte Ltd since it could no longer meet the licensing requirements, the Maritime and Port Authority of Singapore (MPA) said on Monday.The MPA suspended the licenses for Hin Leong's subsidiary Ocean Bunkering Services Pte Ltd (OBS), an agency spokesperson said in an emailed response to questions from Reuters sent on Oct. 12.MPA typically issues licenses to supply bunker…

19 Oct 2020

Ocean Tankers Looks to Return Most Ships to Owners

Illustration - Credit: anekhoho/AdobeStock

The court-appointed manager for Ocean Tankers Pte Ltd has applied to the Singapore court to return most of the ships the company manages to the shipowners, as cash is running low and Ocean Tankers will not be able to maintain the fleet, two sources with knowledge of the matter told Reuters.If successful, the move will allow Ocean Tankers, the chartering arm of embattled oil trader Hin Leong Pte Ltd, to resume its cash-generating business such as its oil lubricants business, for which a sales process is underway…

17 Sep 2020

Report: Seven Xihe Holdings Tankers Up for Sale

The supervisor of Singaporean shipping group Xihe Holdings Pte Ltd has put seven oil tankers controlled by the company up for sale as part of efforts to recoup funds owed to creditors, three sources said on Wednesday. Xihe Holdings is part of the Lim family business empire, which also includes oil trader Hin Leong Trading and fleet manager Ocean Tankers (Pte) Ltd, both of which were placed under court-appointed supervisors earlier this year.The sale includes three crude oil supertankers and is expected to get fully underway in the coming days, the sources said.The ships were valued at a total of just over $196 million, according to vessel…

10 Jul 2020

Ocean Tankers' Supervisor to Start Restructuring Talks with Owners

EY, the court-appointed supervisor for Ocean Tankers Pte Ltd (OTPL), has proposed two restructuring options to the shipping company's owners and could meet with them as early as next week to discuss the plans, according to an EY report seen by Reuters.The discussions are to ascertain whether the owners - Lim Oon Kuin, his son Evan Lim Chee Meng and daughter Lim Huey Ching, or the Lim family - are "willing to support any future restructuring of OTPL", the report said.EY declined to comment. Its lawyers, Rajah and Tann did not immediately respond to a request for comment.Evan Lim, the director of Ocean Tankers, said in an email that the Lim family would make it known if it decided to release a statement on the report.

28 Oct 2019

Emas Goes Under Judicial Management

EMAS Offshore, a global offshore contractor and provider of integrated offshore solutions to the oil and gas industry, said that its July application to be placed under judicial management approved by High Court of Singapore.According to a press note, the Court had granted the judicial management application on October 21, 2019.Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PWC) have been appointed judicial managers and will seek to achieve the survival of the company, either wholly or partially as a going concern.Judicial managers will  find a compromise or arrangement between Emas Offshore and its creditors…

28 Oct 2019

B.C. Backs LNG Bunkering

The British Columbia Government has joined Vancouver Fraser Port Authority and FortisBC to establish the first ship-to-ship LNG marine refueling – or bunkering – facility on the west coast of North America.The use of LNG to power the world’s ocean-going vessels is forecast to expand and B.C. is well positioned to benefit from this growth.According to industry standards, replacing diesel fuel with LNG has the potential to reduce greenhouse gas (GHG) emissions by approximately 20%. Because FortisBC’s Tilbury facility runs on clean B.C. electricity, LNG produced there could reduce GHG emissions in marine shipping by up to 26%.LNG-fueled…

24 Jul 2019

Great Lakes Region Creates 132K+ Maritime Jobs

According to a new study conducted by PricewaterhouseCoopers (PwC) on behalf of Transportation Institute (TI), the Jones Act continues to fuel a strong maritime industry throughout the Great Lakes region, where the PwC report shows 123,670 Jones Act-related jobs – or 20% of the national total – are based.Between 2011 and 2016, maritime employment in the region increased by 25,400 jobs. Overall, the industry generates $30 billion of economic activity and $8.45 billion in worker income in the eight Great Lakes states.“With our Great Lakes and rich maritime history, it’s no surprise this industry is an important part of Michigan’s economy,” said Sen. Debbie Stabenow (D-MI).

10 Jun 2019

Workboat Report: The U.S. Workboat ($33.8B) Market

Inland pushboat and barge. Source Kirby Corporation

The U.S. towing and tug business is 5,500 boats, more than 31,000 barges with an estimated total impact on U.S. GDP of $33.8 billion.“At a macro level, the bigger ships are causing downward pressure on the ship assist business because there are fewer ship calls given the increased capacity of these vessels. However, certain ports have seen tremendous growth, based on strategic location and infrastructure investments that have attracted these larger ships and been a net plus for these areas.”Kate Fuhrman…

29 May 2019

DeFazio Honored with 2019 SCA Leadership Award

Photo courtesy of The 
Shipbuilders Council of America

The Shipbuilders Council of America (SCA) honored U.S. House of Representatives Chairman of the House Transportation & Infrastructure Committee, Peter DeFazio (R-OR) as a 2019 recipient of SCA’s Maritime Leadership Award.As recipient of the Maritime Leadership Award, Chairman DeFazio is recognized as an exemplary leader in Congress who has demonstrated outstanding dedication and support of the U.S. shipbuilding and repair industry. Overall the American maritime industry, including shipbuilding and repair…

22 May 2019

SCA honors U.S. Senator Susan Collins

The Shipbuilders Council of America (SCA) honored U.S. Senator Susan Collins as a 2019 recipient of SCA’s prestigious Maritime Leadership Award.The national trade association representing the U.S. shipyard industry said that as recipient of the Maritime Leadership Award, Sen. Collins is recognized as an exemplary leader in Congress who has demonstrated outstanding dedication and support of the U.S. shipbuilding and repair industry.Overall the American maritime industry, including shipbuilding and repair, creates more than 650,000 jobs nationwide, and contributes more than $150 billion annually to the nation’s economy, according to a recent economic study by PricewaterhouseCoopers and the Transportation Institute.In Maine…

21 May 2019

Washington Maritime Industry Worth $6.12bln

According to the findings of a new report conducted by PricewaterhouseCoopers (PwC) on behalf of Transportation Institute (TI), the domestic maritime industry in Washington ranks sixth among all American states for jobs and labor income relating to the Jones Act.The industry employs more than 22,500 individuals, produces $6.12 billion for the local economy, and generates more than $1.5 billion in worker income.Regionally, the same study shows that the domestic maritime industry employs over 37,590 individuals, supports $2.5 billion in worker income, and produces nearly $10 billion for the Pacific Northwest regional economy.Washington Senator Maria Cantwell joined business and government leaders from around the region at the Seattle Maritime Festival Breakfast…

07 Mar 2019

On the Hill: Advocacy for Domestic Maritime

File Image: AdobeStock / © sunnyS

Bipartisan Congressional Leaders Highlight Importance of Jones Act, Employing 650,000 Americans incl. Veterans, for National & Economic Security. Following the signing of an Executive Order by President Donald J. Trump to create an easier pathway for veterans to transition into maritime careers in the U.S. Merchant Marine, congressional and maritime leaders convened for two hearings exploring the state of the domestic maritime industry and the role of the Jones Act. These hearings…

30 Jan 2019

Pacific Green Appoints Iain Lees as CEO

Pacific Green Technologies has announced the  appointment of Iain Lees as Chief Operating Officer to support company growth initiatives around proprietary emission control systems for marine vessels.The owner of the ENVI-Marine and ENVI-Clean Exhaust Gas Scrubbing Systems said in a press note that Lees joins the Company from HannawayCA Corporate Finance Limited (HCACF), a leading financial and business advisory firm in Northern Ireland where he has served as Managing Director since January 2017.Pacific Green CEO Neil Carmichael said: “We are proud to welcome a senior executive of Iain’s caliber to the Pacific Green management team. Iain has deep expertise leading key aspects of a variety of organizations including extensive work with energy projects.

21 Mar 2018

American Pride: Working Hard in the US Dredging Industry

World Marine of Alabama (WMA) completed work on a contract valued at over $14 million to drydock and repair the Dredge Wheeler, a hopper dredge owned and operated by the USACE. (Photo: WMA)

We have had a great first couple of months at the Dredging Contractors of America. As the new CEO and Executive Director, I have begun to visit the companies, their facilities and associated dredging projects. So far, I have surveyed the beach re-nourishment project in Ocean City, Md. undertaken by Great Lakes Dredge and Dock. I’ve canvassed Weeks Marine’s repair and yard facility in Jersey City, N.J. In the last week of February, I visited Mike Hooks Inc.’s corporate headquarters and boatbuilding and repair yard in West Lake, La.

20 Dec 2017

Wah Kwong Maritime's Chao is 2018 CMA Commodore

Award to be presented March 14, 2018 at the conclusion of the CMA’s Shipping 2018 Annual Conference and Exposition. Ms. Sabrina S. M. Chao, Executive Chairman of Wah Kwong Maritime Transport Holdings Ltd. has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2018. Ms. Chao follows a long succession of influential maritime industry leaders as Commodore. The 2018 Commodore Award will be presented on March 14, 2018 at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and trade exposition, at the Hilton Hotel in Stamford, Connecticut, USA. The Award is given each year to a person in the international maritime industry who has contributed to the growth and development of the industry.

27 Sep 2017

Torqeedo Acquired by DEUTZ

Independent engine manufacturer DEUTZ announced it has acquired Torqeedo, provider of electric drive systems for watercraft. As an independent subsidiary of DEUTZ AG, Torqeedo will continue product development under its established Torqeedo brand and with its current leadership. Founded 12 years ago in Starnberg, Germany, and supported by venture capital so far, DEUTZ said the acquisition marks a new phase in its development. “As part of DEUTZ, Torqeedo will realize substantial opportunities in the areas of industrialization, supply chain management, sales and service. We will use these to further accelerate the development of sustainable and modern mobility on the water,” said Christoph Ballin, CEO of Torqeedo.

24 Jul 2017

Study Examines Economic Impact of US Waterways

© Tak Inaba / Adobe Stock

A study unveiled today documents the contribution of the American tugboat, towboat and barge industry to the U.S. economy. The study, developed through a cooperative agreement between the American Waterways Operators (AWO) and the Maritime Administration (MARAD) and conducted by PricewaterhouseCoopers, explores the industry's economic contributions to employment, gross domestic product and taxes at the national and state levels; details the types and quantities of vital commodities transported on American waterways…

27 Dec 2016

Only One Bidder for STX France

The South Korean court handling the bankruptcy proceedings of STX Offshore & Shipbuilding Co. said that only a single bidder had submitted a binding proposal to buy the shipyard's profitable French unit, says a report by AFP. STX France, which specialises in building cruise ships, is the only profitable unit of STX Offshore, which filed for receivership in May. Italian shipbuilding giant Fincantieri SpA, Netherlands-based Damen Shipyards Group and French state-controlled naval shipbuilder DCNS had initially expressed interest in acquiring STX France, which specialises in building cruise ships. The four  were supposed to undertake due diligence of STX’s assets for up to two weeks before offering final takeover proposals. But only one bidder has met the deadline for making a binding offer.

29 Oct 2016

HMM Among 5 Bidders to Take Over Hanjin’s Transpacific Routes

South Korea’s Hyundai Merchant Marine (HMM) is one of five bidders for the trans-Pacific and intra-Asia networks of  Hanjin Shipping Co, reports WSJ. HMM submitted letters of intent to bid on Friday, the last day for such submissions. The five bidders now have until Nov. 4 to review the assets, which include the vessels that operate on the trans-Pacific route. The final bids due Nov. According to various reports, the Korea Line Corporation, and the Korea Shipowners’ Association (KSA) are among five bidders for Hanjin Shipping’s transpacific operations. However, a judge at the Seoul Central District Court, which is handling Hanjin’s insolvency proceedings, confirmed the five bids, but declined to identify the bidders.

15 Sep 2016

Rickmers Maritime to Restructure Debt

Singapore-listed Rickmers Maritime, which owns and operates containerships, said on Thursday it was seeking noteholders' support to restructure debt worth S$100 million ($73.21 million) in a bid to avoid potential liquidation. The business trust also said it was unable to repay $179.7 million of senior debt due March 2017. "Rickmers Maritime needs to restructure its debt to operate as a going-concern," it said in a presentation to noteholders, a copy of which it sent to the stock exchange. It is seeking bondholders' approval to convert their debt into S$28 million of new perpetual convertible bonds with a step-up coupon starting at 3.88 percent, to avoid potential liquidation or judicial management, which it said would be "likely to result in zero recovery for noteholders".