Trygve Munthe News

When the maritime history books are written, 2020 will be viewed as a year of pivots, re-invention and new paradigms. By February 2020, concerns about marine fuel’s sulfur content quickly shifted to near-term disruptions induced by the COVID-19 pandemic. By mid-year, with demand recovering, the conversation turned to longer term questions surrounding the moves towards reduced maritime carbon emissions and alternative fuels. How will this all impact the current fleet?Perhaps the most extreme reaction to the shifting landscape is the ongoing “pivot” of Scorpio Bulk (NYSE: SALT)…

Tanker firm DHT Holdings estimated its net asset value at $5.7 per share on Tuesday, above a non-binding all-share offer made by competitor Frontline , which is currently worth about $5 per share. Frontline, controlled by shipping tycoon John Fredriksen, made an unsolicited offer for its rival during the weekend to acquire all outstanding shares in U.S. listed DHT. On Tuesday's DHT's management generally refrained from making further comments on the Frontline bid during an earnings call.

I.M. Skaugen ASA announced that Skaugen PetroTrans (SPT), its 50 percent owned joint venture company, has appointed Mr. Per Voie as its President. He succeeds Mr. Trygve Munthe, who was named its President of SPT in 1993. Mr. Per Voie (52) comes to SPT after a 28-year career with the Stolt Nielsen Group where he has held a variety of managerial positions. Most recently as General Manager of the recently commissioned "Stolthaven New Orleans LLC". Skaugen PetroTrans is the leading US lightering company handling more than 1.2 million barrels of crude oil per day employing an average of 11 aframax tankers. The company has completed 11,500 lightering operations handling more than 5 billion barrels over its 22 years of operations. SPT is owned 50% by I.M.

Stolt-Nielsen S.A. appointed Otto H. Fritzner as CEO of Stolt-Nielsen Transportation Group (SNTG). Fritzner most recently served as Managing Director, Ship Owning at SNTG. He succeeds James B. Hurlock, who was named Interim CEO of SNTG in July 2003. • SNTG's global operations will be organized into three regions - the Americas, administered from Greenwich, Conn.; Asia-Pacific, administered from Singapore; and Europe, the Middle East, India and Africa (EMEIA), administered from Rotterdam, SNTG's corporate headquarters. • SNTG's Indian Ocean Service and the Europe-to-Asia Pacific Service will be operated out of Rotterdam. I.M. Skaugen ASA announced that Skaugen PetroTrans (SPT), its 50 percent owned joint venture company, has appointed Per Voie as its President.