Rs Platou 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.

Three of of Swiber Holdings vessels had been seized in an arrest moved by a syndicate of banks, reports Business Times. All three vessels were arrested at ASL Shipyard, the litigant in the arrest is United Overseas Bank (UOB), acting as security agent for the syndicate of banks that had extended financing to the vessel owner in relation to a sale and leaseback deal. The recent filing for liquidation by Swiber Holdings, an oil and gas business listed on the Singapore Stock Exchange, sent jitters through the markets. Total claims received by struggling offshore engineering group Swiber Holdings stood at about US$288.8 million as at Dec 29, 2016, the group said in an update filed to the Singapore Exchange.

Norwegian-born billionaire John Fredriksen has teamed up with investment bank Arctic Securities to form a ship broking company aimed at taking on bigger rivals and betting on a recovery in the global shipping market. Many segments of the shipping industry, including dry bulk commodities, are struggling with tougher conditions due to world economic worries and a surfeit of vessels. Fredriksen, via his family's investment company Geveran Trading Co, and Oslo-headquartered Arctic Securities said on Monday they had established a 50-50 joint venture broking company, Arctic Shipping Norway, which they expect to start operations in the first half of this year. "I am truly convinced that both the shipping and the offshore markets will recover.

Shipping company Clarksons has  published profits of GBP6.2mln, down 36.7 per cent on the first six months of the previous year, citing “severe challenges faced by the dry bulk market” (of unpackaged raw commodities) as the primary cause of the decline. Its interim results showed its pre-tax profit fell to GBP10.8 million from GBP14.1 million in the same period last year,  despite the shipping services company reporting a strong performance in the 1H. It reported a strong performance in tankers, but rates in the dry bulk markets halved compared to the same time last year. The company's broking division saw returns of GBP22 million, up from GBP15.1 million in the 1H14, led by a strong tanker market, and a rise in sale and purchase activity for container ships towards the end of the half.

Clarkson PLC, world’s leading shipping services group, reported robust performance during the six months ended 30th June 2015. Andi Case, Chief executive, commented, “The multi-cyclical and volatile nature of our markets has once again been demonstrated by the sudden shift in oil and other commodity prices, giving rise to a consequential change in the demand supply balance in many markets. Across our broking and banking businesses, this backdrop has created both opportunities and challenges. The group made a solid start to the year, testament to the strength and breadth of our strategy and unique client offer. “The acquisition of RS Platou completed during the first quarter and we are delighted with the level of interaction between the teams…

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained flat for the second straight session on Friday on muted vessel activity. The index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, was unchanged at 580 points. The capesize index rose five points to 466 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased by $65 to $4,272. While capesize rates were increasing, it was still at "dire levels," ship broker RS Platou said in a note on Friday, adding that the freight market was currently suffering on expectations of lower iron ore prices in the coming months.

Africa-focused proprietary investment firm L.A.T Cleveson (LATC) has signed an order with Damen Shipyards Group for the supply of two PSV 3300 Platform Supply Vessels and two FCS 5009 Fast Supplier Vessels. This transaction will bring next generation Damen PSVs to the offshore industry of Nigeria and the Gulf of Guinea for the first time. The purchase is being made by LATC Marine Ltd, a subsidiary of L.A.T Cleveson, which has quickly established a positive reputation by providing…

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday, mostly on higher capesize rates. The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose three points to 602 points. The capesize index rose 15 points to 475 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, rose $114 to $4,415. Analysts, however, say capesize rates remain very low and do not cover operating expenses as there is abundant supply of ships in the market. There was "very little activity (in capesize segment) and plenty of idle ships", ship broker RS Platou said in a note on Monday.

Zamakona Yards has signed an agency agreement with the Stewart Group, owned by RS Platou&Clarksons, the shipyard announced.   The agreement will see the Stewart Group will offer its customers Zamakona Yards repair and maintenance services both afloat and in our shipyards.   The Stewart Group was founded in 1922 by Samuel Stewart and was purchased in 2008 by the Platou Group. Subsequently the Platou/Stewarts group has been purchased by Clarksons in 2015. It operates globally with major offices in Aberdeen, London, Accra, Cape Town, Singapore and Houston.

Demand for oil is intimately connected to the demand for transportation in the United States and the other advanced industrial economies. Cars, trucks, airlines, railways and shipping accounted for 71 percent of total U.S. oil consumption in 2013, according to the U.S. Bureau of Transportation Statistics. Petroleum-derived fuels, including gasoline, diesel, jet fuel and fuel oil, met 97 percent of the transportation sector's energy needs. Before the oil shocks of the 1970s as much as half of U.S. oil demand came from power producers and for heating homes, offices and factories. But following the sharp rise in prices, oil's role in other parts of the economy was largely replaced by cheaper coal, gas, nuclear and eventually renewables, leaving oil as a transport fuel.

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, slipped on Wednesday. The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 3 points, or 0.53 percent, to 565 points. The Baltic's capesize index fell 26 points, or 5.69 percent, to 431 points. "A cyclone outside Australia is threatening to close the Dampier port and as a consequence miners are withdrawing from booking vessels as their schedules are unclear," RS Platou Markets analyst Frode Morkedal said in a note on Wednesday. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, fell $242 to $4,357.

Top ship broker Clarkson is seeking to acquire Norwegian brokerage and investment bank RS Platou for 281.2 million pounds ($441 million) in a deal that would create one of the sector's biggest players globally. The deal would be the latest in an industry which has suffered one of its worst-ever downturns in the past five years. Owners ordered large numbers of vessels between 2007 and 2009, just as the global economy started to slow, creating a glut. Prospects have brightened recently as world trade picks up and the glut of ships is absorbed, but recovery remains fragile. In the meantime, many ship brokers view larger operations with global teams as the best way to position for a full market revival.

Shipping market prospects picking up after record downturn; shipbroker M&A deals have gathered pace this year. ICAP's shipping business is in merger talks with rival shipbroker Howe Robinson, the latest potential tie-up among sector players looking for scale after years of freight market turmoil. The shipping industry has suffered one of its worst ever downturns in the past five years. Owners ordered large numbers of vessels between 2007 and 2009, just as the global economy started to slow. Prospects have brightened recently as world trade picks up and the glut of ships is absorbed, but recovery remains fragile. In the meantime, many shipbrokers view larger operations with global teams as the best way to position for a full market revival.

Long-range clean tanker rates were softer on Wednesday as business was slow, with weaker sentiment keeping rates under pressure. Larger Long-Range 2 or LR2, 75,000 tonne shipments on the Middle East Gulf to Japan (MEG-JPN) route were at W115.50 or $21,207 a day on Wednesday. That compared with W116.00 or $21,380 a day on Tuesday and W118.83 or $22,618 a day last Wednesday. "The LR2 market in the East has come down another 2.5 points this week as we are now looking at W115 for MEG-JPN," broker Fearnleys said on Wednesday. That compared with W117.10 or $11,470 a day on Tuesday and W123.55 or $13,653 a day last Wednesday. Rates for medium-range (MR) tankers for 37,000 tonne cargoes on the TC2 route from Rotterdam to New York were W117.75, or $7,442 a day.

Crude oil tanker earnings on the major Middle East route were steady this week, helped by light bookings although rates have yet to rebound after a recent surge late last month. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan <DFRT-ME-JAP> on Thursday reached W42.57 in the worldscale measure of freight rates, or $14,080 a day when translated into average earnings, the latest Baltic Exchange data showed. That compared with W41.21 or $11,142 a day on Wednesday and W46.90 or $20,727 a day last Thursday. "Activity has ... revived but the tempo is firmly in the control of the charterers. Again, firm business is being overwhelmed with offers and the competition among owners remain fierce," broker Fearnleys said.

Höegh LNG Partners LP  a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd., announced today the pricing of its initial public offering of 9,600,000 common units representing limited partner interests in the Partnership at $20.00 per unit. The Partnership has also granted the underwriters a 30-day option to purchase up to 1,440,000 additional common units. The common units being offered represent a 36.5% limited partner interest in the Partnership, or a 42.0% limited partner interest if the underwriters exercise in full their option to purchase additional common units. Höegh LNG Holdings Ltd. will own the Partnership's general partner and the remaining limited partner interest.

Höegh LNG Partners LP ("Partnership"), a Marshall Islands limited partnership formed by Höegh LNG Holdings Ltd. ("Company"), announced today that it has commenced an initial public offering of 9,600,000 common units representing limited partner interests in the Partnership pursuant to a registration statement on Form F-1 previously filed with the U.S. Securities and Exchange Commission (the "SEC"). The Partnership intends to grant the underwriters a 30-day option to purchase up to 1,440,000 additional common units. The common units are expected to trade on the New York Stock Exchange under the symbol "HMLP". The common units being offered represent a 36.5% limited partner interest in the Partnership…

Rising oil exports from Libya after months of disruption helped push Mediterranean tanker rates to the highest levels in nearly six months on Wednesday, and shipping players expected more gains in earnings as shipments from the OPEC member step up. Aframax tankers on the Mediterranean route, which transport the majority of Libya's crude oil, normally carry loads of up to 600,000-700,000 barrels. Rates have been depressed in recent months due in part to slower exports from Libya. Cross Mediterranean rates for aframax tankers rose on Wednesday to W126.70 in the worldscale measure of freight rates, or $32,080 a day when translated into average earnings, their highest level since late January, Baltic Exchange data showed.

Braemar Shipping Services will buy fellow British shipbroker ACM Shipping Group in the latest industry shake-up as players look to grow after years of freight market turmoil. In the biggest deal to date, Braemar, whose businesses include ship broking, said on Tuesday it had agreed to acquire the entire share capital of ACM. "What this transaction is about is growing our shipbroking presence collectively," said Braemar chief executive James Kidwell. Ship owners ordered large numbers of vessels between 2007 and 2009 just as the global economy sank into crisis…

Crude oil tanker earnings on the major Middle East route remained under pressure on Tuesday as the market struggled to absorb a glut of tankers due to slower business. The world's benchmark VLCC export route from the Middle East Gulf (MEG) to Japan reached W36.71 in the Worldscale measure of freight rates, or $5,550 a day when translated into average earnings. That compared with W36.85 or $5,430 a day on Monday and W38.42 or $8,273 a day last Tuesday. "(VLCC) rates remain at a relatively weak level due to high vessel availability," Pareto Securities said. In January, average earnings reached just over $61,000 a day - their highest since February 2010, before the rally lost steam.

Nordic American Offshore Ltd. (NAO) announced that Tor-Øyvind Bjørkli will join the company as chief executive officer (CEO), effective April 1, 2014. Tor-Øyvind will be working from out of the Oslo office on the same premises as Orion Tankers; the chartering department of Nordic American Tankers Limited (NAT). A subsidiary of Nordic American Tankers is the manager of the recently established Nordic American Offshore Ltd. (NAO). Tor-Øyvind graduated from Vestfold University College with a Bachelor of Science degree in Marine Engineering in 1992. He completed the Royal Norwegian Naval Officer Training School in 1993 and his Master of Science degree at Norwegian University of Science and Technology (NTNU) in 1999.

Deliveries of new gas tankers have created a glut that is threatening to tip some operators into losses, just as other shipping markets emerge from their worst downturn in decades. The liquefied natural gas (LNG) tanker market was until recently the only bright spot in an otherwise depressed freight industry. A global surge in the demand for gas, led by Japan in 2011, boosted trade, tied vessels to longer routes and drove rental rates to record highs. But the 119 new carriers ordered from 2011 will have expanded the fleet by over 30 percent by end-2017.

Reuters - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday. The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 19 points to 1,562. The Baltic's capesize index rose 43 points or 1.4 percent to 3,023 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $505 at $24,748. The panamax index increased 13 points, or 1.2 percent, to 1,088 points. Average daily earnings for panamaxes, which usually carry 60,000- to 70,000-tonne cargoes of coal or grains, were up $106 at $8,757.