Andreas Sohmen Pao News

Cadeler and Eneti have officially completed their merger, creating a leading offshore wind installation company.The New York- and Oslo-listed group will be named Cadeler and be headquartered in Copenhagen, Denmark, with offices across the world in Denmark, U.K., U.S., Taiwan, and Japan.Mikkel Gleerup, CEO of Cadeler, said, “This marks a historic moment for Cadeler and the entire offshore wind industry. We offer our partners and clients access to the strongest and most skilled team and the industry's largest, most flexible, most diverse, and modern fleet of windfarm installation vessels.

Cadeler A/S and Eneti Inc., two offshore wind turbine and foundation installation companies, have announced the commencement of a share exchange offer for all the outstanding shares of common stock of Eneti.The offer is being made pursuant to the Business Combination Agreement, announced on June 16, 2023. The offer is expected to close within Q4 2023.The combined group will be named Cadeler, and be headquartered in Copenhagen, Denmark, with its shares to be listed on the New York…

Offshore wind turbine and foundation installation companies Cadeler and Eneti announced they have agreed to merge through a stock-for-stock exchange.The combined company will be named Cadeler, headquartered in Copenhagen, Denmark, with its shares to be listed on the New York Stock Exchange (NYSE) in addition to its current listing on the Oslo Stock Exchange (OSE) with a proforma market capitalization in excess of €1.2 billion. The combined group will operate four vessels on water today and six large-scale state-of-the-art new builds scheduled for delivery from 2024 to 2026.

Shipping companies that transport the world's coal are in the crosshairs of some financial backers who are cleaning up their businesses in the absence of a truly global drive by nations to renounce the dirtiest fossil fuel.In a sign of investors taking the initiative, six European firms collectively representing over 5% of the estimated annual $16 billion capital financing requirements of the dry bulk industry told Reuters they were either reducing their exposure to vessels that…

The Maritime and Port Authority of Singapore (MPA) announced two initiatives on Wednesday to reduce the shipping industry's greenhouse gas emissions, including a S$120 million ($90 million) fund for a decarbonization center."Maritime decarbonization is a global challenge requiring a collective responsibility from all stakeholders involved," MPA Chief Executive Quah Ley Hoon said in a statement.With about 90% of world trade transported by sea, shipping accounts for nearly 3% of…

Private equity firm WL Ross & Co. said it has agreed to sell its approximately 39.1% equity interest in ship owner-operator Navigator Holdings to maritime and offshore company BW Group at a price of $9 per share."Navigator Holdings has been an industry leader since we made the initial investment. We think the company's future is bright, and this long-term investment from BW Group will position the company to realize its potential," said Hal Malone, Head of Transportation of WL Ross.Andreas Sohmen-Pao, Chairman of BW Group, said "BW is excited to be taking an ownership position in Navigator Holdings, a leading company in its sector, and…

DNV GL and Alpha Ori Technologies (AOT) have signed a Memorandum of Understanding (MoU) in which they agree to work together to contribute to the marine industry’s ongoing digital transformation. The MOU will also see the companies work together to unlock the benefits of new digital technologies and methods, including sharing data collaboratively, and the creation of frameworks and standards, to develop new and enhance existing products and services.The MOU is based around the installation of Alpha Ori’s SMARTShip systems on BW LPG vessels…

BW LPG Limited, owner and operator of LPG vessels,  said that Martin Ackermann has decided to step down as CEO at the end of this year for family reasons, after five years leading the company from Singapore.Anders Onarheim, a non-executive director of BW LPG since 2013 and former Managing Director of Carnegie, will act as interim CEO of BW LPG.Martin Ackermann, CEO of BW LPG, said: “It has been a privilege to lead BW LPG through some challenging years and to see it continue as a strong platform for the future”.Andreas Sohmen-Pao, BW LPG Chairman, said: “On behalf of the Board of Directors, I would like to thank Martin for his contributions over the past five years…

Executives at some of the world's top shipping groups are advocating a levy on carbon emissions on shipping in an effort to shape tightening rules on greenhouse gas emissions while providing a means to fund development of cleaner fuel sources."To meet international shipping's decarbonization challenge, the maritime industry needs a carbon levy, it is coming, and we should shape it," said Andreas Sohmen-Pao, chairman of BW Group at the Global Maritime Forum in Singapore this week.The…

The world’s biggest operator of liquid petroleum gas ships BW Group has purchased majority stake of Epic Gas and is looking to buy the remaining shares completing the takeover.BW, based in Norway and Singapore, is making the move after acquiring a 54.7% stake from existing owners, said a press release.With the acquisition of the majority stake BW has launched an unconditional tender for all the remaining shares in Epic Gas at a price of $1.60 per share, plus an additional $3.5m divided across all the shares acquired in the offer, to a maximum of $0.10 per share.Epic Gas is the largest commercial operator and second largest owner of small pressurized LPG carriers.

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. The Committee reaffirmed that Singapore’s global hub port and IMC remain complementing twin engines of growth for Maritime Singapore.

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. "We will not spend time pursuing the DHT track," Frontline Chief Executive Robert Hvide Macleod said in a written comment to Reuters.

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.

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…

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…

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. The award celebrates an individual, family or company who has made a significant contribution to shipping and the maritime industry. The award was received by CC Tung, on behalf of the family.

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. The Maritime and Port Authority of Singapore (MPA) was established on 2 February 1996…

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. Beyond her status as a premier global hub port, Singapore has been ranked by international studies to be a leading IMC.

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, says:  “Stream Tankers has a fleet of quality vessels and newbuildings and BW is pleased to be acquiring this fleet. BW intends to manage the ships commercially through the WOMAR pool system.

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 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.

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.

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.