When It Comes to Shipping, Norway Forks in the Road
Representing the new owners of Norwegian shipping company Bergesen, Andreas Sohmen-Pao delivered a clear message in his well received speech at the Annual Meeting of the NSA Tank and Bulkship Group last week. Sohmen-Pao told industry members, which had turned out in record numbers, that he thought Norway was at a crossroads when it came to shipping. Politicians had to decide whether to give the shipping industry equal treatment with that enjoyed by competitors internationally, and the industry itself had to decide whether to continue to actively develop the Norwegian shipping cluster or not. "As we all know, Norway took bold steps in tax reform for shipping in 1996, with favorable results.
IMC Envisages Singapore as Global Maritime Hub
The International Maritime Centre (IMC) 2030 Advisory Committee, established by the Maritime and Port Authority of Singapore (MPA) in August 2016, has submitted the IMC 2030 Strategic Review report to the Singapore Government. The Committee’s vision is for Maritime Singapore to be the Global Maritime Hub for Connectivity, Innovation and Talent. The Committee, chaired by Mr Andreas Sohmen-Pao, Chairman of BW Group, comprises 21 other global business leaders and experts from diverse sectors such as maritime, finance, commodities trading, logistics, finance and technology.
Singapore: Committee to Plan Future of International Maritime Center
The Maritime and Port Authority of Singapore (MPA) has established the International Maritime Center 2030 (IMC 2030) Advisory Committee to chart the future directions of Singapore’s IMC. Andreas Sohmen-Pao, Chairman of BW Group, has been appointed as the Chairman of this committee. As part of its work, the committee would review Singapore’s IMC development strategy and identify new growth areas to enhance Singapore’s long-term competitiveness and value proposition as an IMC. Globally, Singapore is known as one of the world’s busiest ports and a top bunkering port.
Eriksen Joins Singapore's International Maritime Centre Plan
DNV GL’s Group President & CEO Remi Eriksen participated in the first meeting of the Maritime and Port Authority of Singapore (MPA) advisory committee for further developing Singapore as an International Maritime Centre (IMC) towards 2030. The committee is chaired by Mr Andreas Sohmen-Pao, Chairman of BW Group, and comprises of 22 global business leaders and experts. As part of its work, the committee will review Singapore’s IMC development strategy and identify new growth areas to enhance Singapore’s long-term competitiveness and value proposition as an IMC.
BW acquires 10 chemical tankers from Stream Tankers
BW has signed a purchase agreement to acquire ten chemical tankers comprising two ships built in 2008 and 2010 and eight newbuildings to be delivered between 2015 and 2018 from Stream Tankers. The two chemical tankers are from Japanese shipyards Fukuoka Shipbuilding Co. Ltd. and Shitanoe Shipbuilding Co. Ltd. The newbuildings are being built with the same shipyards and when complete, they will be equipped with eco-design hulls and fuel efficient engines. Andreas Sohmen-Pao, CEO BW Group…
BIMCO Awards Leadership, Innovation, Pioneering Business Strategy
BIMCO today presented three awards to recognise and celebrate excellence in the global shipping industry among both companies and individuals in the industry – following BIMCO’s conference in Shanghai. This year the importance of leadership, innovation and pioneering business strategy in shipping were clearly recognised by the judges in the choice of winners. BIMCO President Philippe Louis-Dreyfus chose to give the BIMCO President’s Award to the Tung family from Hong Kong, who run OOCL among other companies.
BW Group Grabs Control of Tanker Firm DHT from Fredriksen's Frontline
Shipping tycoons Sohmen Pao, Fredriksen battle over DHT; Sohmen Pao's BW Group becomes top DHT owner with 33.5 percent to surpass Frontline as DHT's top shareholder. The move likely ends Frontline's ambitions to take over DHT, as DHT had twice rejected Frontline's advances. Privately-owned shipping firm BW Group became the top shareholder in tanker firm DHT Holdings on Thursday, in a surprise move that will probably end Frontline's ambitions to take full control of DHT. BW Group…
Frontline Takes Legal Battle over DHT to Marshall Islands
John Fredriksen's Frontline is switching its legal battle for control of tanker operator DHT Holdings from New York to the tiny Marshall Islands after making a fifth offer for the company this week. Frontline, controlled by Norwegian billionaire Fredriksen and owner of a 14.5 percent stake in DHT, has over the past year tried to acquire all of DHT's shares to forge the world's largest shipping tanker company. On Tuesday it made another all-share offer -- 0.8 of a Frontline share for each DHT share -- and set a 24-hour deadline for DHT to respond to the $500 million offer.
US Court Rejects Frontline's Bid to Stop BW-DHT Deal
A U.S. court has rejected a last-minute effort by billionaire investor John Fredriksen's Frontline to prevent BW Group from acquiring a major stake in rival oil tanker firm DHT Holdings, DHT said on Thursday. The New York County Supreme Court's decision means that privately-owned BW Group, led by shipping tycoon Andreas Sohmen Pao, can proceed with the sale of 11 very large crude carriers (VLCCs) to DHT in exchange for DHT's shares. "The transaction will proceed as planned, and in fact the first ship is being transferred to DHT today…
Frontline Alters Course, Drops DHT Pursuit
CEO: Frontline will continue to expand its fleet; won't pursue M&A now, though consolidation may come later. Oslo-listed oil tanker firm Frontline has abandoned its pursuit of New York-listed rival DHT Holdings and is not working on any alternative acquisitions, Frontline's CEO told Reuters on Monday. DHT last month rejected a fifth takeover proposal from billionaire shipping tycoon John Fredriksen's Frontline, calling the $500 million all-share bid "woefully inadequate". Frontline has now admitted defeat and switched course away from takeovers for the time being.
Tankship Seized by Pirates on W. Africa Coast Pillaged, Released
Pirates have freed a gasoline tanker they hijacked, after stealing some of the cargo, the shipowner reports, in a fresh example of a growing trend in the region to hold vessels briefly to offload valuable oil products. The fully-laden BW Maritime owned 75,687 dwt product tanker BW Rhine was forcibly removed from a safe anchorage position off Lome, Togo on 28, April 2012. On 4, May, owners reported BW Rhine hasf been released off Nigeria by its captors. All 24 crew members were reported safe.
Nor-Shipping 2013 Announce Speaker Lineup
Nor-Shipping 2013 opens just three months from now with a cast of speakers featuring top executives from world-leading companies covering the entire value chain of themaritime industry – from shipowners and technology and service companies to regulators and financiers. Among speakers welcoming delegates to the Opening Conference on June 4 will be Norway’s Minister of Trade and Industry Trond Giske, who will provide a governmental perspective, and IMO Secretary-General Koji Sekimizu, who will share regulatory insights.HRH Crown Prince Haakon of Norway will also attend.
Maersk Tankers Sells its Entire VLGC Fleet
Maersk Tankers exits Very Large Gas Carrier (VLGC) segment by selling its fleet to the BW Group. The BW Group buys Maersk Tankers five owned vessels and takes over the five existing time charter commitments, which Maersk Tankers explains is part of its divestment strategy to focus on fewer segments. Hanne B. Sørensen, CEO Maersk Tankers: “This transaction supports our strategy to focus on fewer segments. Andreas Sohmen-Pao, CEO BW Group, says: “Maersk Tankers has a fleet of high quality vessels and BW is pleased to be acquiring this fleet.
Bergesen Board Recommendation Shareholders to Accept World Nordic Offer
accept the offer from World Nordic Aps to buy all shares of Bergesen. registered as shareholders as of 24 April 2003. paid on May 14 2003. On 7 April 2003 World Nordic ApS, a Danish limited company controlled by the Sohmen family, announced a mandatory cash offer for the A- and B-shares of Bergesen d.y. ASA (“Bergesen”). On 6 April 2003, World Nordic ApS entered into an agreement with Petter C. G. Sundt and Morten Sig. Bergesen to acquire their shares in Bergesen, in aggregate 16,575,106 A-shares. The price was NOK 180 per share, and included the proposed dividend of NOK 7 per share. capital of Bergesen. Pursuant to the Securities Trading Act Section 4-16, the Board of Directors of Bergesen shall make a statement regarding the offer.
BW Group May Sell Shares in Offshore Unit
Helmut Sohmen, chairman of BW Group Ltd. may sell shares in its offshore unit as producers order oil platforms to drill fields in deeper water, according to a Bloomburg report. An initial public offering of shares in BW Offshore is possible within the next two years, Sohmen, 66, said, according to the report. The unit operates a fleet of eight tankers converted into platforms used to pump oil from undersea fields. BW Group acquired the offshore business in 2003 when World-Wide Shipping, started in Hong Kong by Sohmen's father-in-law in 1955, acquired Oslo-based Bergesen d.y. ASA. BW Offshore's FPSOs, operate in seas off Mauritania, Nigeria and Equatorial Guinea in West Africa, New Zealand, and Mexico.
Grand Elena's Hundredth Voyage
The gas tanker Grand Elena, jointly owned by PAO Sovcomflot and the Japanese company NYK, has embarked on her hundredth voyage from the port of Prigorodnoye in Russia to Japan. The vessel is undertaking her latest shipment of liquefied natural gas (LNG) on behalf of Sakhalin Energy Investment Company Ltd. The LNG carrier is chartered to Sakhalin Energy under a long-term time charter agreement and is operated along with two other vessels of the same series, Grand Aniva and the Grand Mereya, as part of the Sakhalin-2 project.
SCF's New Icebreaker Named Fedor Ushakov
Russia’s PAO Sovcomflot (SCF Group) currently operates 10 vessels that serve the Sakhalin-2 project, including three oil tankers, two liquefied natural gas (LNG) carriers and five icebreaking supply and standby vessels. Its latest addition to this specialized fleet, a newly built multifunctional icebreaking standby vessel (IBSBV), was formally named Fedor Ushakov at a ceremony on October 11. The vessel is the third in a series of four IBSBVs purpose-designed for operating in the…
International Bunkering Welcomes Two New Traders
The Dubai office team welcomes Andreas Johansen, and the Singapore office Maureen Leong. Both Andreas and Maureen will work as bunker and lubricant traders for International Bunkering. One year after the launch of International Bunkering's office in Singapore trading results have been favourable, and on that basis the company has signed up Maureen Leong to join the team there led by Managing Director, Felix Teo. Andreas, who has a background within the bunker and shipping industry in general will join the team in Dubai.
Schell, Appointed CEO, Rolls-Royce Power Systems
Rolls-Royce announces today that Andreas Schell has been appointed as Chief Executive Officer (CEO) of Rolls-Royce Power Systems (RRPS). Andreas will join Rolls-Royce later this year, reporting to Chief Executive Warren East, and take up his new position from 1 January 2017, succeeding Dr Ulrich Dohle who is retiring. Andreas has a wealth of international leadership expertise, running large complex organisations involved in high-technology engineering across a number of sectors including aerospace and automotive in Germany, the UK and US.
Sovcomflot Buys Nine PRISCO Tankers
Russia’s PAO Sovcomflot (SCF Group) subsidiary SCF Tankers Ltd. has won an auction for nine arctic-going tankers that belonged Primorsk International Shipping Ltd. (PRISCO), who filed for chapter 11 protection in January 2016. The purchase deal is worth $215 million, and the auction results have been approved by the U.S. Bankruptcy Court for the Southern District of New York, which is handling PRISCO’s bankruptcy case. SCF Tankers outbid Denmark’s Hafnia Tankers Ltd., who submitted a $208 million offer, the Wall Street Journal reported. The nine ships comprise one Aframax crude oil tanker: Zaliv Amerika (104,535-dwt); three LR2 oil product tankers: Zaliv Amurskiy (104…
PAO Sovcomflot Lays Keel for New Supply Vessel
Arctech Helsinki Shipyards Oy (part of United Shipbuilding Corporation) held a keel laying ceremony last week (17 December) for a new icebreaking platform supply vessel ordered by PAO Sovcomflot under a long-term agreement with Sakhalin Energy. Originally signed in April 2014 following an international tender held by Sakhalin Energy, the agreement provides for the operation of one multifunctional icebreaking platform supply vessel (ice class Ice-15) and three ice class platform supply vessels for 20 years under the Sakhalin-2 Project.
Strong Returns for Sovcomflot
Russia’s biggest shipping company PAO Sovcomflot (SCF Group) surpassed its own expectations and went forward on both revenue and net profit in the first six months. It has posted a gross revenue increase of 11.8 per cent in the first half of 2015 worth USD 754.9 million against last year’s equivalent of USD 675. 2 million. In addition, the company’s net profit marked a hike from USD 63.6 million in 2014 to USD 216.3 million in the first six months of this year. “Sovcomflot achieved…
SCF Group Secures Funds for New Arctic LNG Tanker
PAO Sovcomflot (SCF Group) and VTB Bank have signed a $260 million 13-year loan agreement, providing financing of construction of an Arctic liquefied natural gas (LNG) tanker for the Yamal LNG project. The agreement was signed on June 17, 2016 by Sergey Frank, President and CEO of PAO Sovcomflot, and Andrey Kostin, President and Chairman of the Management Board of VTB Bank, as part of the 20th International Economic Forum in Saint Petersburg. The new tanker, due for delivery in the first quarter of 2017, will be able to carry up to 172,600 cubic meters of LNG and has an Arc7 enhanced ice class, enabling independent navigation in ice fields of up to 2.1 meters thick. The vessel will have a 45 MW propulsion system, which is comparable to that of the nuclear ice breakers.