Percent Subsidiary News

The offshore vessel KL Sandefjord owned by K Line Offshore AS, a 100 percent subsidiary of Kawasaki Kisen Kaisha, Ltd (“K” Line), is the first offshore vessel with the DNV GL class notation “Shore power”. The “Shore power” notation, verifies the design and installation of a vessel’s on-board electrical shore connection. When in port, the vessel can shut down its engines and rely on a shore based electrical supply for its needs at berth – so called “cold ironing”. Espen Sørensen…

Royal IHC said it has been awarded a contract for the design, construction and delivery of a 164m-long, 44,180kW self-propelled cutter suction dredger (CSD) for DEME in Belgium. The vessel, Spartacus, will be built in the Netherlands for summer 2019 delivery. Spartacus will be the world’s first CSD powered by liquefied natural gas (LNG), following on the order for the first LNG-powered trailing suction hopper dredgers (TSHDs) Minerva and Scheldt River, and the LNG-ready Bonny River, that are currently under construction at IHC’s shipyards.

Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) has announced in a press conference at Rose Rayhaan by Rotana April 19 its expansion plans to increase its assets under management and service-based revenue. The shipping company also revealed the appointment of Khamis Juma Buamim as the new Board Member, Managing Director and Group CEO by the Board of Directors during the event. Chairman Abdulla Saeed Abdulla Brook Al Hemeiri, and Khamis Juma Buamim along with other high-level executives…

Issuer Anthony Veder Group, sole arranger ABN AMRO and sole investor Delta Lloyd Asset Management announcd today that the Anthony Veder €66 million euro private placement concluded in the fourth quarter of 2015 has been confirmed as the first sustainable shipping loan. The loan is fully certified according to the Clean Shipping Index Guidelines by Bureau Veritas, which also verified the sustainable credentials of this transaction. This is a landmark transaction in the global shipping industry which to date, has not joined the ranks of verified sustainable financing. The transaction was solely arranged by ABN AMRO on behalf of Anthony Veder Group as a European Private Placement to finance the building of the 18…

Work on extending operational areas at the Port of Kiel’s Norwegenkai Terminal has now been completed. Construction was officially brought to a close at a ceremony involving the State of Schleswig-Holstein’s Minister of Economics, Science and Transport, Jost de Jager; the Mayor of the Federal State Capital of Kiel, Peter Todeskino; and Dr Dirk Claus, Managing Director of the Seehafen Kiel GmbH & Co. KG. “The extension of Norwegenkai means that the potential of the state capital’s port has been increased yet again,” said Jost de Jager. “Urgently-needed new interim stowage space is now immediately available to accommodate rising cargo traffic to and from Norway.

Royal P&O Nedlloyd has taken full ownership of P&O Nedlloyd which has effectively become independently listed on the Euronext stock market in Amsterdam. This marks the closing of the rights offering and the completion of the acquisition by Royal Nedlloyd of P&O's 50 per cent stake in P&O Nedlloyd. It also is the renaming of Royal Nedlloyd NV as Royal P&O Nedlloyd NV, and the independent listing of P&O Nedlloyd through Royal P&O Nedlloyd. "I am delighted that we have achieved the listing of P&O Nedlloyd on Euronext today. It is the culmination of our plan to give P&O Nedlloyd the independent status it needs to grow and flourish," said Andrew Land, Chairman of Royal P&O Nedlloyd.

The ultra competitive Greek ferry market has not only proven to be a fertile breeding ground for advanced marine technology, it has served as a role model for the direction of shipping services in both the region and the world. The Greek market has provided the collective builders and suppliers of advanced fast and conventional ferries a rich environment for business over the past few months, a trend that seems likely to continue. Specifically, Greek owners and operators have been at the forefront of an international buying binge for large, fast passenger, vehicle and cargo carrying craft. Driven by the need for speed, many owners are turning to advances in marine electronic and propulsion systems to ensure that the multi-million dollar investments are kept running safe and efficient.

Fassmer-Shipyard this year celebrates its 150th year in business, and the companies' chronology is literally a case study in the effective use of and evolution of marine materials. Founded as a one-man boatyard by Johann Faßmer in Bardenfelth in 1850 for the purpose of boat building, the company has evolved from a one-man shop producing wooden boats for hydraulic engineering and fishery to a dynamic medium-sized company, which today builds everything from a 177 ft. (54 m) fishing surveillance craft to a wide range of lifeboats, tenderboat and fast rescue boats for the cruise and ferry markets. Fassmer-Shipyard was literally built of wood, wooden boats that is, and the company served the aforementioned commercial market for its first 30 years admirably.

Shares of ferry operator Minoan Lines fell around 11 percent in late session trade on the Athens stock exchange on Wednesday, near the bourse's 12 percent limit down, after one of its ferries sank late on Tuesday, killing 48 passengers. Traded volume was 979,939 shares. The shares were trading at 2,995 drachmas ($7.78), up slightly from its day low of 2,935 drachmas, representing a fall of more than 11 percent. But brokers said the share price loss was likely to be temporary. "Today's drop in the stock price is logical after such an incident. The slide may continue tomorrow but in the medium term things will change," said an analyst.

SembCorp Logistics said on Monday it agreed to sell its marine business to PSA Marine, a unit of Singapore port operator PSA Corp, for S$207.5 million ($117 million). The company said in a statement the sale would be satisfied fully in cash and represented about 1.35 times the proforma net tangible assets of the marine services business as at December 31, 2000. The sale of the marine services business (a 62 percent subsidiary of SembCorp Industries) is part of the company's long-term strategy to exit non-core businesses to focus on logistics, it said. The sell-off the company, which comprises harbor and ocean towage services, salvage operations and marine transportation, had long been expected.

Minoan Lines expects its group 1999 profit to grow 58 percent to $49.4 million. Company officials said that revenues from its Greece to Italy routes in the first 10 months of the year were up 15.1 percent to $71.9 million. Total revenues in the same period from its international routes were up 9.5 percent to $90.9 billion. "Based on the 10-month results, Minoan Lines managed to achieve significant revenue growth despite the Kosovo crisis which affected the first half results," company officials said. Revenues from domestic routes in the first 10 months of the year were maintained at last year's levels and reached $34.1 million. Minoan Lines has ordered seven newbuildings at a cost of $660 million.