The Strategic Review News

The Australian Government has released the report of the Independent Taskforce on the Strategic Fleet, along with its official response to the report, confirming a commitment to delivering a Strategic Fleet of up to 12 vessels that will help Australia build resilience to freight disruptions while supporting our maritime workforce and sovereign capability.Australia’s maritime sector has long been neglected with a shortage of Australian flagged ships and a skilled workforce, says Federal Minister for Infrastructure…

Australia said a security review of a 99-year lease held by Chinese company Landbridge on the northern port of Darwin, a key focus of its defense strategy, found it was "not necessary to vary or cancel the lease".In a statement, the prime minister's department said: "Australians can have confidence that their safety will not be compromised, while ensuring that Australia remains a competitive destination for foreign investment".It added that monitoring of security arrangements would continue around the northern port…

The Board of Directors of the International Foundation for Aids to Navigation (IFAN) has appointed Catherine Mulvihill as its new CEO.Mulvihill is undergoing a comprehensive management of change process in collaboration with the current CEO, Peter Stanley, and will officially assume full responsibilities as IFAN’s CEO on October 9, 2023.She brings a wealth of experience spanning four decades in the marine industry, including extensive knowledge in container shipping and operations, ports and terminals, and marine insurance within both mutual management and the London and commercial markets.

Brazilian shipping company Wilson Sons' controlling shareholder said on Monday it is conducting a strategic review of its investment in the firm, sending shares in both companies soaring 12%.London-listed Ocean Wilsons said in a statement that "all potential strategic options" would be considered as part of the review, but noted the move was at an early stage and there was still no certainty as to its outcome.It was responding to a Sunday piece by Brazilian newspaper O Globo saying that Swiss shipping group MSC was in talks to buy Wilson Sons, in a deal that could total around 5 billion reais

Loss-making Italian shipbuilder Fincantieri must reach a 3% net profit margin "to make economic and industrial sense," its chief executive said on Wednesday, without setting a date for the goal. "That's where we want to be when our work is done," Pierroberto Folgiero told reporters following a meeting with investors in Milan after taking on the role a year ago. "To 'future-proof' Fincantieri ... we need a green and digitalized business model ... and a 3% margin for the bottom line," he added.

Italian shipbuilder Fincantieri on Wednesday vowed to lower its debt in the coming months by delivering new cruise ships, after reporting a first half net loss of 234 million euros ($237 million).Chief Executive Pierroberto Folgiero, who took over earlier this year from long-serving predecessor Giuseppe Bono, said the company would focus on its core business in order to reap benefits from expected growth in defense spending and a post-pandemic recovery in the cruise market.Intesa Sanpaolo analysts said the proposed strategic review of Fincantieri's non-core businesses, such as infrastructure c

3i Infrastructure has agreed to acquire AMP Capital's stake in the Danish offshore vessel owner ESVAGT.The deal will result in 3i Infrastructure owning a 100% of the equity in ESVAGT. "This further investment is expected to be £268 million. Completion is subject to certain third  party consents and is expected to take place in the first quarter of 2022," 3i Infrastructure said.Peter Lytzen, CEO of ESVAGT said: "ESVAGT has for a  while been subject to a strategic sales process undertaken by our owners 3i and AMP.

Inmarsat sponsored a new report which explores the future of seafaring to 2050, a report that offers not just insights on connectivity, rather recommendations on how shipping, training institutions and welfare services can respond to the changing needs of tomorrow’s seafarers.Dubbed ‘A fair future for seafarers?’, the report was prepared by maritime consultancy Thetius. While published as the world still struggles with the impact of COVID-19, the report suggests epidemics and pandemics may become more common…

Rolls-Royce signed an agreement to sell the Bergen Engines medium speed gas and diesel engines business to TMH International, the international branch of TMH Group, for net proceeds of approximately $180 million.TMH Group, based in Russia, is an engineering company in rail transport technologies and the world’s fourth largest supplier of rail rolling stock. It offers a range of products and services including medium-speed engines for rail applications with current production of more than 850 engines a year.

Singapore's Keppel Offshore & Marine, a company famous for its offshore rig construction, is set to undergo a major transformation, look for opportunities as a developer and integrator of offshore energy and infrastructure assets, and exit the offshore rig building business.The company will be restructured into three parts, separating construction and ownership of legacy drilling rig assets from its core operations, "which will be slimmer, asset-light and people-light.""Keppel Corporation announced today that amidst the global energy transition and major disruptions facing the oil industry…

Singapore shipping company Pacific International Lines (PIL) has announced that it is quitting the Transpacific market as part of an optimization strategy. The shipping line has been participating in a half-dozen trans-Pacific services, mostly in slot-charter arrangements.PIL’s last Transpacific sailing will be in March 2020.The company said it has taken the decision as part of a wider strategic review of its business. Henceforth, PIL will focus on further strengthening its position in the North-South Trade such as Africa, Middle East / Red Sea, India Sub-Continent, Latin America and Oceania.PIL is one of the world’s top 10 container ship operators and is the largest shipowner in Southeast Asia.

Singapore state investor Temasek Holdings is offering to buy control of conglomerate Keppel Corp in a S$4.1 billion ($3 billion) deal that could hasten a consolidation in the rig building sector which is battling the effects of low oil prices.The announcement, which confirmed what two sources with knowledge of the matter told Reuters earlier on Monday, boosted shares in rig builder Sembcorp Marine by 12% on expectations of a likely shake-up in the industry. Shares in Sembcorp's parent Sembcorp Industries rose 10%.Keppel's offshore and marine unit…

South African freight and logistics company Grindrod signed an agreement to sell its 20.3% stake in grain services provider NWK to NWK Holdings for R204-million (USD 14 million).According to the press release, the sale is subject to the fulfillment of conditions precedent which is expected to be concluded by the end of the last quarter of 2019.During August 2019, Grindrod announced as part of its strategic review process, its intention to dispose of certain non-core businesses which included its agricultural investments in NWK and Senwes.Said Andrew Waller, CEO Grindrod Limited: “As was communicated at the interim results announcement…

Svitzer intends to sell its Portuguese marine operations to Pioneiro do Rio, Serviços Maritimos, Lda., a company which has Rui Cruz, the current managing director of Svitzer Portugal, among its owners.The operation in Portugal has faced declining volumes and the synergy between the Portuguese ports and Svitzer’s remaining European and global portfolio has proven limited. Svitzer’s operation in Portugal covers three ports: Lisbon, Setubal, and Sines and holds a fleet of 15 tugs.

Dutch oil and chemicals storage company Royal Vopak has agreed to sell three terminals - Algeciras, Amsterdam and Hamburg - to First State Investments for 723 million euros ($812 million)."This divestment follows the strategic review of these terminals as announced on 17 August 2018. The transaction is subject to certain customary closing conditions and is expected to complete in the second half year of 2019. The combined operational capacity of the three terminals is 2,288,000 cbm," said a press release from the company.The total agreed transaction value of EUR 723 million includes a contingent consideration of EUR 15 million, which is subject to certain revenue conditions.

MEG Energy announced its Board of Directors has unanimously determined that Husky Energy's unsolicited bid to acquire MEG significantly undervalues the common shares of MEG and is NOT in the best interests of MEG or the holders of Common Shares.On October 2, 2018, Husky made a formal offer to acquire all of the issued and outstanding Common Shares, at the election of the MEG Shareholder, for (i) $11.00 in cash or (ii) 0.485 of a common share of Husky for each Common Share, subject to a maximum aggregate cash consideration of $1 billion and a maximum aggregate number of Husky Shares of approximately 107 million.The Husky Offer must remain open until at least January 16…

Listed bunker company Aegean Marine Petroleum has entered a memorandum of understanding with Mercuria Energy Group for a billion dollar refinancing and strategic partnership, says a company press release. Aegean Chairman and independent director of the Board, Donald Moore, said, “As part of the announced strategic review, the new leadership at Aegean has, in short order, brought forward an opportunity to completely redefine and optimize the Company’s capital structure, enhance near term liquidity and position the Company for a dynamic partnership with one of the world’s largest privately held integrated energy and commodity groups. “We…

Energy trader Mercuria Group has agreed to provide a $1 billion trade finance facility to Greece's Aegean Marine Petroleum Network, the marine fuel logistics and supplies company said on Thursday, sending Aegean's stock up more than 150 percent.New York-listed Aegean Marine underwent a major leadership change this year after losses prompted an activist investor revolt to sever ties with the company founder, shipping and oil tycoon Dimitris Melissanidis.Aegean announced a $200 million write-off in early June after a new chairman, Donald Moore, was appointed in May to lead a strategic review.Shares in Aegean were up 127 percent at $1.43 as of 1359 GMT, having risen as high as $1.53.Swiss-based Mercuria will initially inject at least $30 million in cash, Aegean Marine said.Aegean Marine also

Q2 profit S$161 million versus S$205 million year ago; O&M division net order book at S$3.4 billion. Singaporean conglomerate Keppel Corp posted a 21 percent drop in its quarterly profit and warned it did not expect a speedy recovery in the offshore and marine market. The conglomerate and its smaller cross-town rival Sembcorp Marine have been hit by an oversupply of offshore oil drilling rigs, with customers delaying contracts and refraining from placing new orders with oil prices expected to stay lower for longer. "Despite some pick-up in activity in the offshore market, the general consensus is that, with the prevailing uncertainty in the oil market, and oversupply in the jackup market, a quick recovery is unlikely," said CEO Loh Chin Hua.

A merger between two of the Singapore’s largest offshore rig builders, Keppel Offshore & Marine and Sembcorp Marine, might be on the cards, report local media quoting the Development Bank of Singapore (DBS). DBS said that with orders at a trough and expectations for only a modest recovery, a merger of Singapore's two major rigbuilders could create a global giant that is more competitive and resilient. “A merger could make sense to further streamline their operations, achieve cost synergies and eliminate competition in the medium term,” DBS said. The report analysed  the possible scenarios for rationalization of the O&M assets involving Keppel, SCI, and its listed subsidiary Sembcorp Marine (SMM). The  two companies were in similar talks back in 2001, but were unable to reach an agreement.

The Baltic Exchange will close its freight derivatives platform Baltex at the end of the year after a strategic review, the London-run business said on Monday.   Baltex was launched by the centuries-old Baltic Exchange in June 2011 as the first central electronic marketplace for freight forward agreements, which allow investors to take positions on freight rates at a point in the future.   Singapore Exchange completed its 87 million pound ($114.19 million) acquisition of the Baltic in November last year.   Reporting by Jonathan Saul

Commodities trader Noble Group reported a second- quarter loss of $1.75 billion on Thursday, weeks after warning it faced its steepest quarterly loss in a year and a half and would slash jobs and sell assets to cut debt. Once Asia's largest commodities trading house, Noble is slimming down drastically to its core Asian coal trading business after a crisis-wracked two years. Last month, it announced the sale of its U.S. gas and power business and began a process to sell its oil liquids unit. "Conservative liquidity management, scaling back of risk positions and constraints placed on the group's access to trade finance lines led to disruption costs and prevented the group from taking advantage of profitable opportunities," the Singapore-listed company said in a statement on Thursday.

The International Maritime Centre (IMC) 2030 Advisory Committee, established by the Maritime and Port Authority of Singapore (MPA) in August 2016, has submitted the IMC 2030 Strategic Review report to the Singapore Government. The Committee’s vision is for Maritime Singapore to be the Global Maritime Hub for Connectivity, Innovation and Talent. The Committee, chaired by Mr Andreas Sohmen-Pao, Chairman of BW Group, comprises 21 other global business leaders and experts from diverse sectors such as maritime, finance, commodities trading, logistics, finance and technology. The Committee reaffirmed that Singapore’s global hub port and IMC remain complementing twin engines of growth for Maritime Singapore.