Shipping Investment News

Braemar, expert advisors in shipping investment, chartering, and risk management, today announced the appointment of John Beckwith as Group Director of Human Resources.The hire of Beckwith strengthens Braemar’s leadership team, enhances and enables Braemar’s ability to grow organically and via Mergers and Acquisitions (M&A), and it represents a further investment in the professional development of its shipbroking and corporate finance teams.Beckwith has been the HR/people subject-matter expert on multiple mergers, demergers, and acquisitions throughout his career, including an IPO process.

Braemar Shipping, a shipbroker and consultant within shipping investment, chartering, risk management, and logistics services, on Thursday, announced the appointment of Tristram Simmonds as its Chief Operating Officer.He will join the board as executive director, while Elizabeth Gooch MBE will also join the Board as a non-executive director. The appointments will take effect from August 1, 2021.Simmonds is the Managing Director of Braemar Atlantic Securities, Braemar Shipping's brokerage business. He has c.

Norwegian offshore vessel operator GC Rieber Shipping is reducing its ownership in the seismic acquisition giant Shearwater GeoServices.GC Rieber said Thursday it had agreed to sell shares in Shearwater decreasing its ownership from 17.0% to 8.5%. Gross proceeds from the sale will be USD 50.5 million, GC Rieber said."The sold shares had book value of USD 41.6 million per 31 March 2021. Following the transaction, which is expected to be completed shortly, GC Rieber Shipping will…

Swiss-Italian international shipping line MSC Mediterranean Shipping Company (MSC) announced that its vessels bunkering in Rotterdam, the Netherlands, will now bunker biofuel blends on a routine basis - the first  major shipping line to do so.Following successful trials with biofuel blends earlier this year, MSC has decided to continue bunkering responsibly sourced biofuel blends on a routine basis.The trials were completed with a minimal 10% blend fuel and following further trials the company is now using much higher 30% blends.“We are pleased to see these trials completed successfully and look forward to now using biofuel on our vessels as a routine matter.

Mediterranean Shipping Company (MSC), the world’s second-biggest container shipping line, has decided not to use the Arctic as a new short cut between northern Europe and Asia and will instead focus on improving environmental performance on existing global trade routes.In declaring the northern sea route out of bounds, MSC follows CMA CGM and Hapag-Lloyd that have similarly eschewed the commercial benefits of an Asia-North Europe option that is 30 percent shorter than the southern route via the Suez Canal.The Northern Sea Route lies entirely in Arctic waters and has been trialed by other shipping lines seeking to take advantage of melting ice from global warming.“As a responsible company with a longstanding nautical heritage and passion for the sea…

Marine and offshore vessel management and support services provider V.Group said it has acquired Graig Ship Management Ltd, part of Graig Shipping PLC, which has developed a reputation for new build supervision and ship management of dry bulk vessels. This reputation, which has its roots as part of Graig Shipping PLC’s 100 year history and is supported by a global maritime workforce, has grown steadily over the past 25 years. Graig Ship Management will continue to operate independently within the V.Group portfolio.

A new survey by The Shipping Professional Network in London (SPNL) has identified key ways in which London can remain competitive as a relevant maritime global center, and revealed a broad consensus that London’s credentials in this respect would be strengthened by the U.K. remaining part of the European Union. The survey, organized in conjunction with international accountant and shipping adviser Moore Stephens, canvassed the opinions of young professionals working primarily in the shipowning, shipbroking, ship management, chartering, advisory and associated industries in London. Respondents were asked for their views of the current state of the market, and how they believed it would perform over the next 12 months.

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years, according to the latest Shipping Confidence Survey from international accountant and shipping adviser Moore Stephens. Respondents complained predominantly about low freight rates and overtonnaging, while some expressed continuing doubts about private equity funding. In May 2015, the average confidence level expressed by respondents in the markets in which they operate was 5.3 on a scale of 1 (low) to 10 (high)…

Mumbai-based shipping firm Varun Shipping Co. Ltd  will be split into two listed entities after the Bombay high court approved a demerger scheme. The Company announced that according to the Composite Scheme of Arrangement and Amalgamation, the Company will be split into two separate listed entities, namely, Varun Global (ship management and shipping investment business) and Varun Resources (shipping business). Both the hived off companies will be independently listed on the stock exchange. Currently these companies are in the process of completing the formality of allotment of shares. As part of the scheme, the debt relating to the shipping business have been transferred to Varun Resources…

China Shipping Development and Sinopec Kantons are to spend HK$11.71 billion to buy six LNG carriers, which will be chartered to Sinopec. The two companies have set up a joint venture China Energy Shipping Investment (CESI) which is 51 percent controlled by China Shipping and 49 percent by Sinopec Kantons, for the deal, reports the 'Hong Kong Standard'. Both companies said the deal is to expand their logistics business. China Shipping consider that steady rental income will be generated as Sinopec will lease the carriers for the transportation of LNG to and from its Australia Pacific Project. The delivery date of the six LNG carriers will be from April 2016 to November 2017. Source: Hong Kong Standard

Award to be presented March 20, 2013 at the conclusion of the CMA's Shipping 2013 Annual Conference and Exposition. Mr. Peter Evensen, President and Chief Executive Officer (CEO) of Teekay Corporation (Teekay) has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2013. Mr. Evensen follows a long succession of influential maritime industry leaders as Commodore. The 2013 Commodore Award will be presented to Mr. Evensen on March 20, 2013 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.

A.P. Moller-Maersk will not invest significantly in its shipping business over the next five years and will focus on its oil, drilling rigs & ports. Maersk intends to move away from the shipping side of things and go towards sectors which generate higher profits and are more stable, reports Reuters, as informed by a recent Financial Times article. Maersk Line, the company's container shipping unit, has struggled with profitability due to the global economic slowdown and an oversupply of vessels that could intensify next year. The subsidiary is a barometer of world trade as its fleet carries more than 15 percent of all sea-borne containers. Source Reuters/Financial Times

A 'Creating Climate Wealth Summit Germany' hosted by Carbon War Room aims to accelerate clean technology adoption. Over 90 percent of the world’s trade cargo spends time on the ocean during its journey to market, carried by any one of approximately 60,000 active commercial vessels. Although the shipping industry, relative to other freight modes, is already very energy efficient, the widespread adoption of additional market-scale clean technologies which improve hull, engine and propeller design will produce further reductions in fuel consumption. With the global financial slowdown and increasing fuel prices precipitating a restructuring of resources across the shipping industry…

Hong Kong-based Profit Summit Deluxe Cruise partner with Thailand's Eastime Shipping for China – Thai cruises. China’s rapidly increasing involvement in cruise shipping investment has been underlined by a recently completed first cruise voyage in the Gulf of Thailand, the first since Star Cruises pulled out of the market in 2002. The first cruise aboard the 1,000 passenger 'Ocean Dream' was from Laem Chabang to Samui Island and on to Sihanoukville in Cambodia for a four day, three night trip. The Chinese company set up with Thailand’s Eastime Shipping to run the 1,000 passenger MV Ocean Dream, a 1972-built ship that was bought two years ago by the Hong Kong firm, rescuing it from a trip to the breakers.

The Telemar Group through its German subsidiary Telemar GmbH is to provide broadband satellite communication for the entire Rickmers fleet. The Rickmers Group, operating a fleet of 102 vessels, is a diversified group with activities in the business fields of ship owning and ship management, liner shipping, investment and real estate as well as maritime related services. Today, the Rickmers Group employs more than 3,200 crew on board and more than 450 staff ashore worldwide. The contract encompasses satellite airtime through Telemar’s partner Vizada until the end of 2014. Moreover, Telemar will - in a turnkey approach - deliver and install a customized hardware solution including Thrane & Thrane FB500 terminals as per Rickmers’ specifications…

Senator Cantwell (D-WA) introduced a bill (S. 3359) to amend the Internal Revenue Code of 1986 to repeal the shipping investment withdrawal rules in section 955 and to provide an incentive to reinvest foreign shipping earnings in the United States.  The official text of the bill is not yet available, but an advance copy has been circulated. (HK Law).

Moore Stephens said it is important the UK government does not introduce changes in next week's Budget which would adversely affect the UK shipping sector. Noting that UK shipping is in a positive mood after years of decline, Moore Stephens says that positive moves must not followed by negative ones, particularly given the long-term nature of shipping investment. The government's pre-Budget report last December contained no specific proposals that might disadvantage the shipping industry. But Sue Bill, tax partner at Moore Stephens, warns, "There are a number of proposed changes to UK corporation tax rules under discussion which would adversely affect UK shipping. "Capital allowances may in future be available to the lessee rather than the lessor for certain types of leases.

Much as has transpired in mainstream consumer markets, the dot com craze has recently enveloped the maritime world with promises of cost savings and operational efficiencies. While an attrition and natural process of consolidation can eventually be expected, the world of e-commerce solutions for the maritime market is definitely in its infancy. While it is impossible to judge the full working models in this report, the following text contains synopsis reports on some of the more noteworthy market entrants. Recently launched by Boston-based WebPark Corp., Boat-Park.com is an on-line virtual trade show, which seeks to bring together worldwide participants into its virtual trade show, which is open 24/7.

Norwegian shipping investment company NorFerries said it wanted to buy Finnish ferry company Silja Line from US-stocklisted Sea Containers. Silja Line runs ferries in the Baltic, mostly from Helsinki to Sweden and Estonia. The ferry line carried around five million passengers last year. NorFerries, known mostly for setting up routes for cargo ships and passenger ferries, is offering $671m for Silja Line. Bermuda-based Sea Containers said last year that it wanted to sell off Silja Line and its other ferry operations to stem losses. NorFerries' bid is expected to be challenged by Silja Line's rivals in the Baltic, Tallink and Viking Line. Both have said they're interested in buying Silja as well. (Source: Aftenposten)

The Dung Quat Shipbuilding Industry Corporation and the Oil and Gas Shipping Investment Joint Stock Co on Tuesday signed a contract to construct ten 54,000-DWT freighters in a deal worth about $200 million. The vessels were designed by the Shipbuilding Science and Technology Institute, and are 190m long and 32m wide. Dung Quat Shipbuilding Industry Corp is expected to complete the first freighter by June 2008, and the remaining nine in four month intervals there after. Last month, Dung Quat Corp began building a 104,000 DWT oil tanker, which will be the largest such vessel ever made in Viet Nam when completed. Christened "Dung Quat 1", the ship will be 245m long and 43m wide, and cost $56 million.

A new 1,600 TEU containership built for Hamburg-based issuing house Hansa Hamburg Shipping was christened the MS Reinbek at a special ceremony at the Port of Hamburg's Überseebrücke terminal. MS Reinbek is the second newbuilding in a series of four identical feeder ships built at the Meyer Werft shipbuilding company's Papenburg shipyard for Hansa Hamburg Shipping. Its christening comes six weeks after the christening of the first vessel in the series, the MS Eilbek. The latter has already successfully completed its second return voyage to Montreal via Antwerp and Liverpool for international shipping company CP Ships. The MS Reinbek has also been chartered to CP Ships and will likewise operate on its Northern Europe-Canada service.

The Baltic Exchange and the Centre for Shipping, Trade & Finance at London’s Cass Business School unveiled plans today (10 March) to deliver a series of executive courses focusing on the management of a range of financial risks in the shipping markets. The two day course “Shipping Risk Management” will cover freight, bunker, ship price, credit, foreign exchange and interest rate risk and will be held in London, Hamburg, Athens, Hong Kong and Singapore during 2005. The course will be delivered by the Centre for Shipping, Trade & Finance through Cass’s Executive Education division, CassExec. “The shipping markets are becoming increasingly risky as fluctuations in freight rates and ship prices have increased substantially.