Privatization News

Swiss-based MSC, the world's biggest container shipping company, has offered to buy almost half of the main operator of Hamburg port in a deal that could be worth nearly 1.3 billion euros ($1.4 billion), setting the stage for a potential bidding war.Shares in HHLA, which runs Germany's biggest port, soared 49% to a 19-month high as shortly after Wednesday's announcement German logistics billionaire Klaus-Michael Kuehne said he was considering a counter offer."We are examining the submission of a public takeover bid, but would prefer an agreement with the city of Hamburg on privatization - be i

Greece has secured 24 million euros ($26 million) in European Union funding to upgrade its northern Aegean Sea port of Alexandroupolis, privatization agency HRADF said on Wednesday.Alexandroupolis, which is close to Bulgaria and Turkey, has been used by U.S.

The Indian government plans to invite financial bids for the privatization of Shipping Corp of India Ltd (SCI) next month, as it looks to sell the state-run company after years of delay, two government officials told Reuters.The Prime Minister Narendra Modi-led government had, in 2019, announced plans to privatize a number of state-run companies, including selling its stake in SCI, which was stalled due to regulatory delays.SCI – which owns and operates bulk carriers and crude oil tankers, among others – had to spin off its non-core assets before the government could sell its 63.75% stake, which hit a roadblock over the amount of funds to be transferred to the demerged entity.SCI completed the spinoff last month after getting regulatory approval late in February.This demerged entity…

Brazil's government will not proceed with the privatization of the port of Santos, the largest in Latin America, the incoming minister of ports and airports was quoted as saying on Thursday by a Brazilian newspaper.Marcio Franca, tapped to head the ministry in President-elect Luiz Inacio Lula da Silva's government, told O Estado de S. Paulo's online edition that the decision had been made not to privatize the port, located just southeast of Sao Paulo and a key gateway for exports of agricultural commodities including soybeans and sugar.Franca could not be reached for comment on the decision…

On the night of September 26, near the end of the calm season on the Baltic, a broiling kilometer-wide circle disturbed the face of the sea and a huge mass of methane erupted into the air. The gas formed a cloud that crossed Europe, in what’s considered the greatest single release of this potent greenhouse gas ever recorded.It was caused by four breaches of Russia’s Nord Stream 1 and 2 gas pipelines, located in or near the territorial seas of Denmark and Sweden. Seismologists detected explosions at a depth of 70-90 meters on the seabed.

Adani Ports and Special Economic Zone said its acquisition of Haifa Port with a local Israeli partner will boost trade lanes with the company's Indian ports and could better connect Europe and the Middle East in the longer term.After a two-year tender process, Adani Ports and local chemicals and logistics group Gadot clinched the 4.1 billion shekel ($1.18 billion) winning bid for Haifa Port, Israel announced on Thursday.Adani Ports will have a 70% stake and Gadot will hold the remaining 30%…

Israel said on Thursday it will sell Haifa Port, a major trade hub on its Mediterranean coast, to winning bidders Adani Ports APSE.NS of India and local chemicals and logistics group Gadot for 4.1 billion shekels ($1.18 billion).Gadot and Adani made it to the end of a two-year tender process that Israel hopes will lower import prices and help shorten notoriously long wait times at Israeli harbors."The privatization of the port of Haifa will increase competition at the ports and lower the cost of living…

Dubai's DP World has pulled out of a joint bid with an Israeli company to privatize Israel's Haifa port, Israel's privatization body said.Israel is selling its state-owned ports and building new private docks in an effort to encourage competition and lower costs.DP World had signed an agreement with Israel Shipyards Industries for exclusive cooperation in the privatization of the Haifa port, one of Israel's two main sea terminals on its Mediterranean coast.But in a statement released late Thursday…

Greece's privatizations agency transferred shares corresponding to a 16% stake in Piraeus Port Authority to Chinese port operator COSCO Shipping after an amendment to a previous concession agreement, it said on Thursday.Last month Greek lawmakers amended a deal with COSCO allowing it to raise its stake in Greece's biggest port of Piraeus, paving the way for Greece to secure a major investment.Under a 2016 privatization deal, COSCO Shipping bought a 51% stake in Piraeus Port Authority for 280 million euros ($328 million) and committed to mandatory investments worth about 294 million euros over

The market for marine services in support of the installation and maintenance of undersea telecommunications cables has matured over a period of more than 100 years to reach its present state of development. The largest providers of marine services (companies such as the Global Marine Group, SubCom, Alcatel Submarine Networks and Orange Marine) take different approaches to operations, but provide a mature and assured set of services that play a critical role in the industry. Marine services support the suppliers of undersea cable systems (delivering 50…

Chinese shipping group COSCO hopes to reach a deal with the Greek government to complete the purchase of an extra stake in Piraeus, despite running out of time to fulfil a key condition, a top official at the port said.Under a 2016 Greek privatization agreement, COSCO Shipping bought a 51% holding in Piraeus Port Authority (PPA) for 280 million euros ($341 million) and committed to mandatory investments worth about 300 million euros over five years to acquire an additional 16%…

Greece on Monday launched a tender for the sale of a majority stake in a port on the island of Crete, a popular tourist destination in Europe.The conservative government has been keen to attract investment and upgrade its port facilities across the country after years of underspending and a decade-long financial crisis.Investors can submit expressions of interest for a 67% stake in the port of Heraklion, the busiest on Crete, by July 30, the country's privatization agency, which is managing the sale…

Greece on Friday received nine non-binding bids for a 67% stake in Igoumenitsa port, its privatization agency said on Friday.Bids were submitted by Aegean Oil, Attica Holdings and a consortium of Archirodon Group and ANEK & Trident Hellas Group.The other bidders were a consortium of Grimaldi Euromed and Minoan Lines, Danthia Shipping, MRG Ltd, Portek International, Quintana Infrastructure and Thessaloniki Port Authority , the agency said.The deadline for bidding expired at 1500 GMT on Friday.Greece embarked on an ambitious privatization plan in 2010, at the start of a decade-long financial cri

Greece has received five non-binding bids to operate part of a port in northern city of Kavala, the country's privatization agency (HRADF) said on Friday.HRADF received expressions of interest for a sub-concession to operate a multipurpose terminal of Philippos II port, currently operated by Kavala Port Authority.The initial bidders are a consortium of IMERYS SA, Goldair Cargo and I.M.G., and the International Port Investments Kavala consortium, which includes Black Summit Financial Group, EFA Group and GEK TERNA.

Russia's top shipping company Sovcomflot plans to sell a 15.5%-17% stake in new shares and raise around 42.25 billion roubles ($534 million) in an initial public offering (IPO) on the Moscow Exchange, the company and analysts said on Monday.Sovcomflot's IPO comes at a difficult time for the Russian currency as rising coronavirus cases worldwide threaten an oil price recovery and reduce risk appetite among investors.The rouble was trading close to a 6-month low against the U.S.

Dubai's DP World is partnering with an Israeli group to bid for one of Israel's two main ports and to examine opening a direct shipping line between the two Middle East states, it said on Wednesday.The announcement came a day after Israel and the United Arab Emirates signed an historic agreement to normalize ties, and marks a big development in trade and economic collaboration.Dubai state-owned DP World, which operates ports from Hong Kong to Buenos Aires, signed a series of agreements with Israel's DoverTower including a joint bid in the privatization of Haifa Port on the Mediterranean…

Sovcomflot plans to raise at least $500 million in an initial public offering (IPO) on the Moscow Exchange, Russia’s top shipping company said on Tuesday, in a deal that could value it at roughly $10 billion according to sources.The move by the state-controlled firm comes as Russian airline Aeroflot also plans to raise capital in a secondary public offering (SPO).For Aeroflot, the cash is needed to fight the economic fallout from the COVID-19 pandemic.Sovcomflot (SCF) which is raising money to spend on new projects and reduce debt aims to list in early October…

UAE global port operator DP World has launched a $9 billion financing into a targeted syndication process involving less than 10 banks, according to banking sources.The financing, which backs the borrower's privatization, was expected to sell down in a general syndication, but instead DP World decided to offer the deal to a select group of relationship banks.“(The deal is) going out to less than ten relationship banks that have already showed interest in the deal but were unable to join in the senior phase…

Admiral James Steele Gracey, USCG (retired), 17th Commandant of the Coast Guard, passed away on Sunday, April 5, 2020, in Falls Church, Va., at the age of 92.Born in Newton, Mass. in 1927, Adm. Gracey graduated from the United States Coast Guard Academy in 1949. Adm. Gracey was a 1956 graduate of the Harvard Graduate School where he earned a Masters Degree in Business Administration.His career included diverse tours both ashore and afloat, including Commanding Officer, LORAN Station Ocean Cape…

Greece plans to sell majority stakes in four ports as part of a privatization plan agreed with its lenders after the country exited the bailouts in 2018, a document of its privatization agency (HRADF) showed on Tuesday.HRADF will sell majority stakes in the share capital of Alexandroupolis, Igoumenitsa, Heraklion and Volos ports, the agency said in an invitation to hire financial advisers for the sales released on this website.China's COSCO has bought a 51% stake in Piraeus Port, the country's biggest, in 2016.

The global port operator DP World has been awarded a 30-year Build-Operate-Transfer (BOT) concession by the Saudi Ports Authority (Mawani), for the management and development of the Jeddah South Container Terminal at the multi-purpose Jeddah Islamic Port.According to a press release from the UAE-based world leader in global supply chain solutions, under the agreement, DP World will invest up to $500 million to improve and modernize the Jeddah Islamic Port, including major infrastructure development to enable the Port to serve the ultra-large container carriers (ULCC’s), which are considered the world’s largest mega containerships.Established in 1976, the Jeddah Islamic Port is on the red sea and the largest port in the Kingdom of Saudi Arabia with annual volumes of over 6 million TEU’s.

A consortium led by Hill International has won a contract from Thessaloniki Port Authority (THPA) in Greece to support major expansion works at Thessaloniki port.Hill International, a player in managing construction risk, announced that it has signed an agreement with THPA as leader of a consortium including Rogan Associates SA, to provide design and project management services for the planned expansion of the marine works infrastructure of Pier 6.The Port of Thessaloniki is the most important port of Northern Greece and a key transportation hub for Southeast Europe as a part of the Core Network of the Trans-European Transport Network.It occupies a total area of approximately 1.5 million square meters and hosts a variety of activities…

The biennial Posidonia Sea Tourism Forum will be held from May 28-29, 2019, at the Domotel Kastri Conference Center, in Athens’ northern suburbs. Here there will be more than 30 senior cruise executives responsible for ports and destinations from the world’s biggest cruise lines, including MSC Cruises, Royal Caribbean Cruises, Holland America Group, Disney Cruise Line, Silversea Cruises, Fred Olsen Cruise Lines and Celestyal Cruises among others.Elisabetta De Nardo, VP Port Development…