Pwc News

Shipping’s journey of digital transformation is as much about cultural change - from the boardroom to onboard vessels - to adapt to new ways of working with data collaboration at the core as it is about technology adoption, according to a new Bureau Veritas-backed research study.Digital transformation of the industry “demands a systemic shift in how we work together,” Bureau Veritas Marine & Offshore’s VP Digital Solutions & Transformation, Laurent Hentges, said in the foreword to the report by research firm Thetius…

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…

Crowley Maritime Corporation announced it has appointed Massimo Messina as vice president, mergers and acquisitions (M&A).Based in Jacksonville, Fla., Messina will lead Crowley’s corporate expansion goals by identifying and assessing potential M&A candidates and execute transactions that align with the global enterprise’s future growth projection and endeavors across all business units.“Massimo has the vision and experience needed to source and obtain target opportunities to integrate into our business model and help keep Crowley on the cutting edge as a leader of our industry…

Britain’s markets regulator has been urged to sanction cruise ship company Carnival and food delivery company Just Eat Takeaway.com for poor disclosures in a complaint seen by Reuters.Both companies have breached their legal obligations by failing to adequately tell investors the risk climate change poses to their businesses, legal NGO ClientEarth said.While the Financial Conduct Authority has yet to sanction a company over its climate disclosures, the latest ClientEarth complaint…

About one third of the roughly 150 ships owned by companies controlled by Singapore tycoon Lim Oon Kuin and his family have been sold as part of efforts to repay billions of dollars of debt owed to creditors, two sources told Reuters.Accounting firm Grant Thornton, court-appointed supervisor of Xihe Holdings, put up several vessels for sale through shipbrokers in September last year. Xihe Holdings is owned by the Lim family and held the bulk of their fleet.The rest of the ships are majority-owned by Xihe Capital - currently under liquidation according to Singapore business registry records - and 10 single purpose companies.The ships…

In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s oil trade.Within weeks, a little-known company based in the United Arab Emirates took over management of several tankers that had been shipping Venezuelan oil. The vessels got new names. And then they resumed transporting Venezuelan crude.The company, Muhit Maritime FZE, is one of three UAE-based entities identified by Reuters that have shipped Venezuelan crude and fuel during the second half of this year. Their role emerges from an examination of internal shipping documents from Venezuela’s state oil company as well as third-party shipping and vessel tracking data.

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…

Members of Singapore’s Lim family have asked a court to stop law firm Rajah & Tann Singapore LLP (R&T) from working for court-appointed supervisors to two companies in the Lim’s embattled oil trading empire, Evan Lim Chee Meng told Reuters.Lim and his sister, Lim Huey Ching, filed an application to restrain R&T from acting for the judicial managers of fleet manager Ocean Tankers Pte Ltd, Lim said in an email on Friday. A similar application had been made in regard to oil trader Hin Leong Trading Pte Ltd, he said.They filed application on behalf of Ocean Tankers and Hin Leong Trading. Lim and his sister are directors of both companies.The actions are the latest in a series stemming from the collapse earlier this year of Hin Leong and Ocean Tankers…

Singapore oil trader Hin Leong held a call with banks on Tuesday after they failed to provide a letter of credit to the firm to purchase at least one cargo of oil products due to load this month, four sources said.The coronavirus pandemic has led to an unprecedented slump in fuel demand and hammered oil prices, making it difficult for trading firms to make a profit. Hin Leong is one of the largest fuel traders in Asia and an operator of a major tanker fleet.Several banks which offer credit facilities to Hin Leong held a call with the company and its advisers on Tuesday…

Lasse Carøe Henningsen, 46, will become the new Chief Financial Officer (CFO) at Hamburg Süd, succeeding Jakob Wegge-Larsen, who has held this position since December 2017 and will be returning to Maersk in Copenhagen at the end of June. Already at the end of February 2020, he in parallel assumed the position of CFO of the Maersk division Ocean & Logistics there. When Henningsen starts at Hamburg Süd on June 1, he will be in charge of the Business Finance and Accounting divisions as well as the important SAP project. He and Dr.

The “new normal” is a phrase tossed around often in offshore energy circles today as those servicing and operating in the sector grapple with the harsh realities of the prolonged industry downturn. Operators, service companies and equipment suppliers have been forced to adjust to oil selling at prices well below the $100+ per barrel mark seen in years past. As of this writing, Brent oil was hovering around $62 per barrel, and analysts expect prices will remain in this range for some time into the future.On top of this…

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…

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…

Britain's position as a top hub for maritime services is being eroded by competition, a loss of shipping finance business and the removal of tycoon-friendly tax breaks, a report said, deepening uncertainty for its financial sector as Brexit nears.The UK has been a pivotal global shipping centre for centuries, especially the City of London, and has dominated marine insurance, ship broking, shipping finance and other maritime services.These contribute $5.6 billion a year to Britain’s economy…

Singapore has launched its first Maritime Sustainability Reporting Guide to support local companies' sustainability development practices.The guide was jointly launched by the Maritime and Port Authority of Singapore (MPA), Singapore Exchange Limited (SGX), Global Compact Network Singapore (GCNS), Institute of Singapore Chartered Accountants (ISCA), and sustainability consultants from Ernst & Young LLP, KPMG and PwC Singapore.According to MPA, the Guide provides a practical framework, including best practices for creating a maritime sustainability report, for both listed and non-listed maritime companies.The need for the Guide was spurred by industry feedback on the growing need for sustainability reporting guidelines…

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).

Over eight out of ten leading voices in Ireland’s marine industry are confident about the future growth potential for Ireland’s marine economy, according to a PwC and the Irish Marine Institute joint survey.The research reveals a number of interesting points that are on the minds of leaders in the marine industry, including the use of offshore technology to further develop wind energy, the fact that sustainability is high on their agenda, that regulation and licensing are proving challenging, and that talent and funding are vitally important for future viability.There is also a call for Government and the industry to work together to prioritise environmental sustainability.PwC partner Declan McDonald said…

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…

The provider of testing and advisory services to the energy value chain including renewables and energy management, DNV GL has joined European signatories including ABB, EDP Renewables, Enel Green Power, Ge Renewable Energy, Pöyry, Prysmian, PwC, Siemens Gamesa and Vestas."DNV GL has signed a ‘declaration of intent’ to commit its interest and participation to the initiative renewAfrica, aimed at boosting renewable energy investments in Africa, alongside leading players in the African and European renewable energy market," said a statement.The renewAfrica launch event was hosted by RES4Africa and reflects the need for a strong joint effort…

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…

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…

McDermott International shareholders on Tuesday approved a merger with Chicago Bridge & Iron Co that creates a vertically integrated onshore and offshore engineering and construction company, thwarting an attempt by offshore drilling contractor Subsea 7 to block the deal.More than 50 percent of McDermott shareholders supported the deal and approved a 3-to-1 reverse stock split, according to a spokesman. CB&I shareholders also voted in favor the merger, the companies said, and the combination is expected to close on May 10.Shares of CB&I were up about 6 percent…

Africa needs to take advantage of the economic potential of its ports and shipping sector if it is to realise its growth ambitions. Globally, ports are gateways for 80% of merchandise trade by volume and 70% by value. Investment in ports and their related transport infrastructure to advance trade and promote overall economic development and growth is therefore vital – particularly in emerging economies that are currently under-served by modern transportation facilities. However, port investment must be channelled appropriately to ensure financial sustainability and economic growth. Investment is not always about building new ports or…