Wilhelmsen and Wallenius to Merge
Wilhelmsen and Wallenius have signed a letter of intent to establish a new ownership structure for their jointly owned investments. The new entity, Wallenius Wilhelmsen Logistics ASA, will form a more efficient management structure and enable further synergies between the joint ventures. “The markets in which the jointly owned entities operate are going through rapid change and require a more agile and efficient business model. In addition to establishing a common owner and governance structure, the proposed merger is expected to enable synergies between USD 50-100 million by combining the assets and harvesting economies of scale, including more optimal tonnage planning…
Obituary: Christer Olsson, Stolt-Nielsen Chairman of the Board
The Board of Directors of Stolt-Nielsen Limited announced the passing of Christer Olsson, Chairman of the Board. He was 70. Mr. Olsson had served as a Director of the Company since 1993, and as Chairman of the Board since December 15, 2009, when he succeeded Jacob Stolt-Nielsen, the company's founder. The Board of Directors will elect a new chairman at the Company's Annual General Meeting in April 2016. "For more than two decades, Christer provided constructive guidance and thoughtful insights to Board discussions, helping the Company to capitalize on opportunities as well as overcome challenges," said Niels G. Stolt-Nielsen, Chief Executive Officer. "Christer has been a trusted support to me since he first was elected to the Board.
Ship Newbuilding Market Remains Active
The newbuilding market has continued to remain active with various new orders being reported placed in a variety of the conventional sectors, including both the Dry, Container markets and PCTC’s, reports the Clarkson Hellas S&P Weekly Bulletin. In the dry bulk market we continue to see a steady stream of orders surfacing in the handymax sector, whilst the other sectors have seen a range of sizes being contracted. In Dry: clients of Spar shipping are reported to have placed an order at Hantong Shipyard for a pair of SDARI Dolphin 64K bulkers. These vessels follow a variety of ultramax orders at the yard this year and are expected to deliver in 1H 2015, pricing stands in the region of USD 25 Mill.
Norwegian Manufacturers Maintain Edge
The cliche “the more things change, the more they stay the same,” certainly applies to the past, current and future role of the Norwegian maritime cluster in the grand scheme of the international ship and boat building communities. Few countries, if any, can boast the maritime history of Norway, a history that entails many colorful tales surpassed only by the number and magnitude of marine innovations, which have emerged from a country with a population (approx. five million), which is smaller than many large cities. And while corporate consolidations around the globe continue to morph the marine market — including many notable Norwegian companies such as Ulstein…
WW and OW Acquire HMM’s Car Carrier Division
Representatives from Wilh. Wilhelmsen ASA (WW) and Wallenius Lines AB (OW) on August 10, 2002 signed the agreement with Korea’s Hyundai Merchant Marine Co., Ltd. (HMM) on the acquisition of HMM’s car carrier division. The terms of the agreement include long-term exclusive contracts with Hyundai Motor Company (HMC) and Kia Motor Corporation (KMC) on shipping their car exports for an initial five-year period, with provision for extensions. The newly-established company, which will acquire HMM’s car carrier division, will be incorporated in Korea, with WW and OW together holding 80 percent and with HMC and KMC together holding 20 percent. The price for the acquisition will be $1.3 billion plus the assumption of future vessel charter obligations.
