Shareholder News

Norwegian shipowner MPC Container Ships (MPCC) has signed a $55 million pre and post-delivery ECA covered financing agreement with Deutsche Bank and SINOSURE for its two dual-fuel methanol newbuildings.The vessels are scheduled for delivery towards the end of 2024 and are secured by 15-year time charter agreements with North Sea Container Line (NCL). The loan matures in 2036, according to MPCC.Chinese-based shipyard Taizhou Sanfu Ship Engineering is in charge of the construction…

Hess Corp on Wednesday said its board has set April 12 as the record date for the determination of the stockholders entitled to vote on the proposed merger with Chevron Corp.Shareholders will vote on the proposed deal in a meeting whose date is yet to be set, the company said in a U.S. securities filing. Neither Chevron nor Hess can predict the actual date on which the transaction will be completed, it said in the filing.Exxon Mobil and CNOOC Ltd filed cases before the International Chamber of Commerce last month…

Since our last market update in the subsea space about a year ago both our current market view and forecasts have strengthened significantly.While the demand picture is looking solid and arguing for a strong multi-year upcycle, the supply side has also started to wake from its slumber albeit ever so slightly at the time of writing. Moreover, we register an interesting dynamic on the shipowner side, where everyone is trying to position themselves for the impeding market boom.Please note that vessel definitions and abbreviations in this part of our industry can vary…

Kristian Siem, founder and longtime leader of Siem Offshore, is stepping down as chairman of the Norwegian offshore support vessel (OSV) firm after reaching a deal to acquire nine vessels in exchange for his 35% stake in the company.The company announced it has reached an "amicable agreement" to sell Siem Barracuda, Siem Stingray, Siem Opal, Siem Pearl, Siem Topaz, Siem Pilot, Siem Pride, Siem Symphony and Siem Thiima to Kristian Siem's Siem Sustainable Energy S.a r.l and related companies in exchange for 35% of the company’s shares.The other major shareholder is Christen Sveaas' Kistefos…

Star Bulk Carriers Corp. on Tuesday announced that it has completed its merger with fellow dry bulk shipping company Eagle Bulk Shipping Inc.Eagle Bulk shareholders this week voted to approve the $2.1 billion deal, which was first announced in December 2023.Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.Petros Pappas…

Energy storage group VTTI will get a 70% stake in Italy's biggest liquefied natural gas (LNG) terminal, with grid operator Snam owning the rest, the Milan-listed group said on Wednesday, announcing a deal to be finalised by year-end.Snam, which is controlled by the Italian government, said in a statement it had exercised its pre-emption right to increase its stake in the infrastructure dubbed Adriatic LNG to 30% from 7.3%.The move comes after ExxonMobil and QatarEnergy last week agreed to sell their stakes in the terminal to a consortium led by Dutch group VTTI.

Norwegian shipbuilder Vard, a subsidiary of the Fincantieri Group, has appointed Cathrine Kristiseter Marti as its new Chief Executive Officer (CEO).Starting from June 1, 2024, Marti will take over from the current CEO, Alberto Maestrini, who will remain in his position as Chairman of the Board.Maestrini will continue to lead the Offshore and Special Vessels business in Fincantieri and through this continue to support Vard’s integration in the Fincantieri Group.The appointment…

Shipowner SFL Corporation on Wednesday announced it has agreed to acquire three new LR2 product tankers in combination with long term time charters to an energy and commodities company.The vessels are currently under construction in China, with the latest eco-design features, SFL said, noting the sellers are affiliates of the company’s largest shareholder Hemen Holding Ltd.SFL said it will acquire the three ships for an aggregate purchase price of approximately $230 million, in…

Norwegian shipowner Gram Car Carriers announced it has refinanced the Viking Adventure with an undisclosed Japanese bank.The new $41 million loan has a duration matching the vessels current charter ending in mid-2028 and a margin of SOFR +1.73%. This compares a margin of SOFR +4.26% under the previous lease financing which was repaid earlier this year, the company said.“We are pleased to welcome one of the premier banks in Japan in our banking group as we optimize our capital structure and cost base to maximize profit and shareholder returns.

Norwegian shipbuilder Vard has secured a contract for the design and construction of one tailor-made offshore wind commissioning service operation vessel (CSOV) for Norwind Offshore, with options for two additional vessels.Vard signed the contract with Navigare Capital Partners, a shareholder in Norwind Offshore.The new CSOV vessel, scheduled for delivery in the first quarter of 2026, is of VARD 4 19 design, developed by Vard Design in Ålesund in close collaboration with Norwind Offshore.The hull will be built in Vard Shipyards Romania – Braila and the outfitting…

With the launch of Hanwha Engine, South Korea’s shipbuilder Hanwha has become fully equipped to provide total shipbuilding solutions, including engine production with in-house manufacturing and technology capabilities.Hanwha has officially launched its new affiliate, Hanwha Engine, after successfully acquiring HSD Engine, the world’s second-largest marine engine company in terms of market share.According to the company, it will leverage Hanwha Engine’s abundant experience in marine engine production and the synergy among Hanwha affiliates to develop and commercialize eco-friendly fuel engines…

Three years ago in March, Vuyk Engineering Rotterdam gained full independence, and since then, the company has taken strategic steps to chart its own course and strengthen its independent position within the maritime sector.After the closure of the Vuyk shipyard in Capelle aan den IJssel in 1979, marking the end of all shipbuilding activities, former employees established a new company: Vuyk Engineering and Trading. Founded on the principles of technical know-how combined with experience in cost calculation…

Singapore's Temasek Holdings has shortlisted energy giants Shell and Saudi Aramco among a handful of companies to purchase most of the assets of liquefied natural gas (LNG) trading firm Pavilion Energy, sources with knowledge of the matter said.The sale process comes a decade after the state investment firm set up Pavilion Energy to focus on LNG-related investments, and takes place as spot Asian LNG prices LNG-AS have fallen more than 40% since mid-August, potentially weighing on the deal's valuation.Temasek is evaluating bids for the sale of Pavilion Energy's assets…

The U.S. government said it is spending more than $7 million a year to maintain a superyacht it seized from a sanctioned Russian oligarch, and urged a judge to let it auction the vessel before a dispute over its ownership is resolved.Authorities in Fiji seized the 348-foot (106-meter), $300 million Amadea in May 2022, pursuant to a U.S. warrant alleging it was owned by Suleiman Kerimov, a multibillionaire sanctioned by the U.S. Treasury Department in 2014 and 2018 in response to Russia's activities in Syria and Ukraine.Efforts to auction the yacht are being challenged by Eduard Khudainatov…

Seattle-headquartered Saltchuk Holdings has renewed its bid to take over Overseas Shipholding Group (OSG), a New York-listed marine transportation company based in Tampa, Fla.Privately-held Saltchuk—OSG’s largest shareholder—had previously offered to acquire OSG in June 2021 but suspended those discussions several months later, citing pandemic-related market uncertainties.OSG, which operates U.S.-flag tankers and articulated tug barges (ATB), on Monday confirmed its board of directors…

Cyan Renewables, a portfolio company of Seraya Partners, has acquired a majority stake in Sentinel Marine to strengthen its position in the UK offshore wind market and boost its local content.Singapore-based Cyan Renewables, Asia’s first dedicated offshore wind vessel operator, has reached an agreement to acquire a 75% stake in Sentinel Marine, a maritime environmental response vessel operator in the UK that currently owns the youngest fleet of Emergency Response and Rescue Vessels (ERRVs) in the UK.Sentinel Marine boasts a fleet of 13 modern…

Offshore LNG infrastructure company Energos Infrastructure has completed the acquisition of two floating storage and regasification units (FSRUs) from the affiliates of Greek Dynagas.The two 174,000 m3 closed-loop FSRUs, built in 2021, will be renamed Energos Force and Energos Power, said Energos Infrastructure, a joint venture majority-controlled by Apollo and minority shareholder New Fortress Energy.Earlier in 2023, the FSRUs commenced long-term charter contracts with the German…

Oslo-headquartered dry bulk shipping company Golden Ocean Group announced its board has appointed Lars-Christian Svensen as CEO, effective January 1, 2024.Svensen had been serving as interim CEO following the resignation of the company's previous CEO, Ulrik Andersen, in June 2023.Svensen joined Golden Ocean as chief commercial officer in December 2020 and was previously senior vice president in Norway and president of U.S. trading activities in Seattle for Western Bulk. Before that, he was a downstream analyst for Petredec and a tanker broker for Cmarine Services PTE Ltd. in Singapore.

Advanced Technology Industrial Group, a company controlled by Alpha Private Equity, has reached an agreement for the sale of 100% of Remazel Engineering to Italian shipbuilding giant Fincantieri.The anticipated completion of the transaction, expected in the first quarter of 2024, will result in Remazel becoming part of Fincantieri.The integration will combine Remazel's engineering and technological expertise in the offshore energy sector with Fincantieri's strategic vision, propelling the Italian shipbuilder's advancements in the realm of energy transition…

Belgian tanker operator Euronav and its controlling shareholder CMB have entered into a share purchase agreement for the acquisition of 100% of the shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.Euronav said the transaction is part of its renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.CMB.TECH builds…

Gastrade’s new floating storage regasification unit (FSRU) has arrived to Greece after completing an almost 10-month conversion at the Seatrium shipyard in Singapore.The FSRU, dubbed Alexandroupolis, sailed away from Singapore on November 26, and has now entered the waters of the Thracian Sea. In the following days, the FSRU will be anchored through a spread 12-point mooring system, ahead of connection to the high-pressure subsea and onshore gas transmission pipeline.The pipeline…

Germany's emerging liquefied natural gas (LNG) terminal in the Elbe river port of Stade expects its floating regasification vessel (FSRU) to arrive in February, allowing seaborne gas cargoes to be fed into local pipeline grids, its management said on Wednesday.The move is part of Germany's quest to increase LNG import capacity so it can end reliance on Russian pipeline gas, which Europe has heavily depended on prior to Moscow's invasion of Ukraine last year."The Transgas Force (the designated ship) is anticipated to arrive in February and will remain for three years, ahead of the commissioning

Dry bulk shipping companies Star Bulk Carriers and Eagle Bulk Shipping have reached a deal to merge in a $2.1 billion all-stock deal.The terms of the definitive agreement have received unanimous approval from the boards of directors of both New York-listed ocean carriers, and the companes expect the deal to close in the first half of 2024 following approvals from regulators and Eagle shareholder.Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.