Public Investment News

Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), has launched the masterplan for THE RIG – a world-first adventure tourism destination to be built on an offshore platform in the Arabian Gulf.The vision for THE RIG project is to redefine the sea sports and leisure experience while celebrating the legacy of Saudi Arabia's rich oil and gas heritage.The project will be developed by PIF’s subsidiary the Oil Park Development Company (OPDC), under its CEO Raed N.

U.S. Secretary of the Navy Carlos Del Toro on Tuesday called for a “new maritime statecraft” to prevail in an era of intense strategic competition.During remarks at the John F. Kennedy School of Government at Harvard University, Secretary Del Toro stated that maritime statecraft, in a broad sense, encompasses not only naval diplomacy, but a national, whole-of-government effort to build comprehensive U.S. and allied maritime power, both commercial and naval.“Our new maritime statecraft should be bold…

Saudi Arabia's sovereign wealth fund, the Public Investment Fund, announced on Saturday the launch of "THE RIG", which it said would be the world's first tourism destination on offshore platforms.The fund, the engine of Crown Prince Mohammed bin Salman's economic transformation plans for Saudi Arabia, manages a portfolio worth $400 billion.It added in a statement that the project was located in the gulf and spanned an area of more than 150,000 square meters.It said the project would feature a number of attractions, including three hotels, restaurants, helipads, and a range of adventurous activ

The Public Investment Fund, Saudi Arabia's sovereign wealth fund, and COSCO SHIPPING Ports Ltd have completed a deal to buy a combined 21.2% stake in Red Sea Gateway Terminal Ltd from Saudi Industrial Services Co (SISCO).SISCO will receive gross proceeds of 556.5 million riyals ($148 million) for the deal, it said in a statement.The proceeds will support the company’s strategic objectives of enhancing shareholder returns and optimizing its portfolio, it said.LogiPoint also divested its 4% direct equity stake in the terminal and will receive gross proceeds of 105 million riyals, it said.JPMorga

Investment company United Overseas Group (UOG) is to acquire Dubai-based shipping company United Arab Chemical Carriers (UACC), the two companies said on Thursday.The deal is subject to regulatory approvals and is expected to close in the first quarter, they said in a statement, without disclosing the value.UOG is controlled by shipping industry veterans Peter Georgiopoulos and Leonidas Vrondissi.The sale of UACC, whose shareholders include the sovereign wealth funds of Saudi Arabia and Qatar, was held up in 2017 after a bitter diplomatic rift broke between the Gulf Arab states, sources familiar with matter had told Reuters.The countries agreed this week to end the dispute that had seen Saudi Arabia and some allies cut ties with Qatar over accusations it supports terrorism.

Carnival Cruise Line said on Monday it has extended its pause in operations for North American voyages until September 30, as it determines how to safely resume service amid the COVID-19 pandemic.The cruise line, owned by Carnival Corp, had previously said it would resume some voyages on August 1.Industry trade group Cruise Lines International Association (CLIA) said on Friday its ocean-going cruise line members, which include Carnival, Royal Caribbean Cruises Ltd, and Norwegian Cruise Line Holdings Ltd, would voluntarily extend their pause in operations from U.S. ports until Sept.

Norwegian Cruise Line Holdings Ltd has hired investment bank Goldman Sachs Group Inc to explore financing options that could include the sale of a stake in the company, people familiar with the matter said on Friday.Norwegian’s attempt to bolster is finances comes as cruise operators have been forced to suspend their operations due to the novel coronavirus outbreak. They have been left out of a $2.3 trillion stimulus package that U.S. lawmakers have adopted to support the economy…

Riyadh’s Public Investment Fund may have found the perfect time to board ship. The country’s sovereign wealth fund has built an 8% stake in Carnival, the cruise group at the waterborne epicenter of the coronavirus pandemic. The company’s shares, down 83% for the year as of Friday, jumped more than 25% on Monday after it persuaded bond and stock investors to stump up $6.25 billion last week – albeit at a pricey 11.5% coupon for senior secured debt.Carnival’s bosses reckon they now have enough cash for at least 12 months…

Credit Suisse, BNP Paribas and French public investment bank Bpifrance are the latest lenders to join an initiative to link provision of shipping finance to cuts in carbon dioxide emissions.Global shipping accounts for 2.2% of the world's CO2 emissions and the industry is under pressure to reduce those emissions and other pollution. About 90% of world trade is transported by sea.Last year, a group of leading banks signed up to environmental commitments known as the "Poseidon Principles"…

German-based international cargo container shipping line Hapag-Lloyd AG announced an increased participation of two core shareholders, which has reduced the free float to below nine percent.“We naturally regret the reduced free float, but the demand among our anchor shareholders also underlines their interest in and commitment to Hapag-Lloyd as a strategic investment,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd AG.Shareholder structure of Hapag-Lloyd AG as of 18 June 2019: CSAV Germany Container Holding GmbH - 27.3%,  Klaus Michael Kühne (incl. Kühne Holding AG and Kühne Maritime GmbH) - 25.5%, Qatar Investment Authority…

Greek utility company Gastrade has extended the timeline for completion of its Greek LNG development by six months to allow more time for the delivery of offshore floating, storage and regasification unit (FSRU) for the Alexandroupolis Independent Natural Gas System Project.Gastrade, the developer of the 5.5 billion cubic metre per year regasification project, has pushed back its completion date from the end of 2020 to the second quarter of 2021 to give interested suppliers more time to deliver an FSRU.The project is being developed by Gastrade, and consists of an offshore FSRU, as well as a mooring, and a system of subsea and onshore gas transmission pipelines…

Saudi Arabia's Bahri is targeting acquisitions in Asia and the Middle East as the exclusive oil shipper for state energy giant Saudi Aramco seeks to expand its reach, the chief executive said on Wednesday.Bahri is the world's largest owner and operator of very large crude carriers (VLCCs). Saudi sovereign wealth fund the Public Investment Fund (PIF) owns 22 percent of the company and Aramco has a 20 percent stake."We are looking at multiple acquisitions in the Middle East and Asia worth tens of millions of dollars…

State-owned Saudi Arabian Military Industries (SAMI) signed an agreement with Spain's Navantia to set up a joint venture in the kingdom to build five warships, the state news agency SPA reported on Thursday.The deal is part of a wider framework agreed in April by Spain and Saudi Arabia for Spanish state-owned shipbuilder Navantia to supply warships to the Gulf Arab state under a deal estimated to be worth around 1.8 billion euros ($2.2 billion).SPA said the agreement between SAMI…

Hapag-Lloyd AG shareholders approved with the required majority all items on the agenda put to a vote at the Annual General Meeting in Hamburg. This included an agreement upon the use of the net profit (item 2) and thereby the payment of a dividend of EUR 0.57 per share. Shareholders also formally approved the actions of the sitting members of the Executive Board for the financial year 2017 (item 3) and also the actions of the sitting members of the Supervisory Board (item 4) for that period. “Our fast and successful merger with the United Arab Shipping Company has significantly strengthened our competitive position. We achieved good results for the last financial year and have made a solid start to the first quarter of 2018.

The environmental ambitions of the politicians in Hordaland were very high when it came to cutting emissions from ferry operations. A tender for new ferries, supported by DNV GL, resulted in a record investment of 140 million euros in zero-emission technology. When ferries pass the stunning scenery of Norway’s Hordaland County today they leave a sizeable pollution and CO2 footprint behind. Hordaland’s 20-vessel ferry fleet has an average age of 29 years and emits as many noxious fumes as all the buses of the county combined. With the current contracts expiring between 2018 and 2020, this seemed to be a good starting point for a review of the entire fleet and the definition of new, low emission targets. And the ambition went high.

The Chief Executive of the British Ports Association (BPA), Richard Ballantyne, has outlined the Association’s key priorities for 2018. These include continued interaction and influencing on the Brexit discussions, promotion of planning and freight policy reform, calls for increased transport connectivity investment and the rectification of the ‘definition of a ship’ legal anomaly. Discussions with the various parts of Westminster and the Devolved Governments on Brexit will continue to be a major feature for the ports industry this year. “2018 will be a critical for UK ports as by the end of the year we should know what Brexit will look like.

Hapag-Lloyd has successfully completed the capital increase with subscription rights agreed upon on 28 September 2017. By partially utilizing the authorized capital, the gross issue proceeds amount to approximately EUR 352 million (approx. USD 414 million). 96.5 percent of the existing shareholders exercised their subscription rights. A total of 11,717,353 new no-par value shares were placed at a subscription price of EUR 30.00 each. As a result the Company's share capital will be increased to EUR 175,760,293.00. The new shares will carry full dividend rights as of 1 January 2017. The registration of the capital increase with the commercial register of the local court (Amtsgericht) of Hamburg is expected to take place on 17 October 2017…

Hapag-Lloyd AG will now carry out the capital increase that was agreed upon as part of the merger of Hapag-Lloyd and UASC. The gross proceeds are expected to amount to approx. EUR 352 million (approx. USD 414 million). The official merger of the two companies occurred on 24 May 2017. At the Annual General Meeting on 29 May 2017, the shareholders approved new authorised share capital for a capital increase. The capital increase is backstopped by the primary shareholders CSAV Germany Container Holding GmbH, Kuehne Maritime GmbH, Qatar Holding Germany GmbH and The Public Investment Fund of the Kingdom of Saudi Arabia for a total of approx. EUR 352 million. They have committed to exercise their subscription rights and to acquire new shares that are not acquired by other shareholders.

Hapag-Lloyd and United Arab Shipping Company (UASC) merged yesterday (May 25, 2017). The merger between the two liner shipping companies was completed in Hamburg. With 230 vessels and a shared fleet capacity of approximately 1.6 million TEU, Hapag-Lloyd is the fifth-largest liner shipping company in the world. Hapag-Lloyd will remain a publicly traded company registered in Germany with its headquarters in Hamburg. “This is an important strategic milestone and a big step forward for Hapag-Lloyd,” said Rolf Habben Jansen, Chief Executive Officer of Hapag-Lloyd. “We now not only have a very strong market position in Latin America and the Atlantic, but also in the Middle East, where we will become one of the leading carriers.

German shipping line Hapag Lloyd and Arab sector peer UASC have completed a delayed merger which creates the world's fifth-biggest shipping company. The German company said on Wednesday that the deal to combine the two businesses, announced in April 2016 and sealed in July last year, has closed and been listed in commercial registers as of May 24, including a capital increase of 45.9 million euros. Qatar Investment Authority, through Qatar Holding, now holds 14.4 percent of Hapag Lloyd…

The Fundo Soberano de Angola (FSDEA) Angola’s sovereign wealth fund, today announced that it has committed to invest $180 million in a strategic deep sea port in Angola. The commitment is made as part of FSDEA’s $1.1 billion infrastructure fund. Commenting on the project, José Filomeno dos Santos, Chairman of the Board of Directors, FSDEA stated, “Investments in the industrial sector and infrastructure support trade in the sub-Saharan region have shown high rates of profitability and resistance to the risks associated with the countries on our continent. Allocating capital to maritime infrastructure and logistical and industrial support in Angola allows diversifying other investments in the international financial markets present in FSDEA’s portfolio.

Based on the present traffic and cargo scenario of Major Ports, a Master Plan has been prepared for expansion of port capacity, which includes a number of new ports. Sagar Island (West Bengal):  Public Investment Board (PIB) has appraised the project subject to the condition that state Government shall ensure possession of the land is available to National Highways Authority of India (NHAI)  or any other Agency providing road connectivity and to railways/agency providing rail connectivity. Projected Traffic is to be around 3.5 MTPA in 2020 increasing to around 27 MTPA in 2035. Enayam near Colachel, (Tamilnadu): Detailed Project Report (DPR) is under preparation. The Port is proposed to be developed under the Landlord model. Projected traffic is around 127.05 MTPA by 2030.

Peel Ports has hosted the inaugural meeting of the Northern Powerhouse partnership at the Port of Liverpool today (8 December). The initiative is creating a new network to help grow the Northern economy and aims to champion the area’s strengths and promote local developments. Topics at the first meeting included transport and connectivity, the government’s industrial strategy, quality of life improvements and how partners can work together to support the Northern Powerhouse programme. The event was attended by over 40 leading businesses, including Atkins, Barclays, Deloitte, Drax, Siemens and Vodafone, as well as universities, local enterprise partnerships and business organisations.