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Sunday, July 22, 2018

Board Of Management News

Star Bulk Carriers Acquires Songa Bulk Fleet

Photo: Star Bulk Carriers Corp

Greece-based dry bulk shipping firm Star Bulk Carriers has entered into definitive agreements to acquire 18 dry bulk vessels in two all-share transactions. 15 of the vessels will be acquired from Songa Bulk and three of the vessels will be acquired from Oceanbulk Container Carriers. The consideration for the vessels was determined based on average vessel valuations by independent vessel appraisers. The Company has agreed to issue an aggregate of 13.725 million common and pay $145 million in cash for the acquisition of all of Songa’s 15 modern dry bulk vessels .

Energy-efficiency Training Course Now Online

Energy efficiency training Course Photo IMO

A complete package of training materials on IMO’s energy efficiency requirements is now available to download free of charge from the IMO website. The package, including presentations, posters, exercises and assignments, will be of interest to anyone wanting to understand how to implement the regulations in Chapter 4 of MARPOL Annex VI and what the technical and operational implications are for ship designers, shipbuilders, companies and seafarers. The course has been designed to train individuals to become trainers themselves.

Fugro Bags Australian Subsea Contract

Fugro has been awarded a contract from INPEX Operations Australia Pty Ltd (INPEX) for subsea services to be executed across the Ichthys facilities in the Timor Sea, located approximately 220 kilometres from the coast of Western Australia. INPEX is Japan’s largest oil and gas exploration and production company. The five year contract encompasses field operations support, inspection, repair and maintenance (IRM) services and will run for five years, with options to extend. Fugro will provide all services through its office in Perth. The work will be performed under Fugro's QHSE system, which is in accordance with industry leading QHSE and operational standards.

Dorian LPG Post 3Q 2016 Profit

Courtesy Dorian-LPG

Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers, today reported its financial results for the three months ended December 31, 2015. John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "The third quarter was an extremely busy period for Dorian as we took the delivery of seven new Eco-design VLGCs. Our cash flow generated from operations has allowed us to repurchase an additional 480,231 shares of our common stock for $5.8…

Schottel's Strahberger: One Year at the Helm

Dr. Christian Strahberger (Photo: Schottel)

Schottel, a ubiquitous German-based maritime propulsion company, is firing on all cylinders and preparing now for the inevitable maritime market upturn. As Schottel’s new Managing Director, Dr. Christian Strahberger, closes in on his first year at the helm, he discusses the strategy with Maritime Reporter & Engineering News. While the maritime industry endures an overall downturn, quality, long-term companies see opportunity amidst the challenge, using lean times to optimize operations and staff while plotting a course for the inevitable turnaround.

Akzo Nobel Rejects Third PPG Takeover Bid

Photo: Akzo Nobel N.V.

Marine coating major AkzoNobel announced it has declined a third unsolicited, non-binding and conditional proposal submitted by PPG Industries on April 24, 2017, for all outstanding ordinary shares in the capital of AkzoNobel. A statement from AkzoNobel said that it has concluded its own strategy, presented on April 19, 2017, offers a superior route to growth and long-term value creation and is in the best interests of shareholders and all other stakeholders. This decision follows considerable in-depth analysis of PPG’s proposal by the Supervisory Board and Management Board of AkzoNobel…

Frontline Beats Q1 Forecasts, Inks Ship Finance Deal

Crude oil tanker firm Frontline posted first-quarter operating profit above expectations on Friday and said it had renegotiated its relationship with chartering firm Ship Finance to strengthen its balance sheet. Once the world's biggest crude tanker firm, Frontline has struggled for years despite a restructuring in 2012, but increased demand for transport and storage amid the current oil supply glut has boosted demand. To reduce its costs, the tanker arm of shipping tycoon John Fredriksen's sprawling business interests also struck a new deal with Ship Finance, a vessel-owning company leasing out ships, giving the U.S. company a 27.7 percent stake in Frontline and adjusting the way the two split their profits. Ship Finance, spun off from Frontline in 2004, is also controlled by Fredriksen.

Rigdon Named Interim CEO at Tidewater

Larry Rigdon

Larry T. Rigdon will serve as interim president and chief executive officer (CEO) of Tidewater Inc. while a search committee seeks a permanent successor to Jeffrey M. Platt, who has elected to retire from his role as director, president and CEO of offshore service vessels (OSV) owner and operator effective October 15, 2017. “Having successfully completed the financial restructuring of Tidewater at the end of July, which positioned the company to weather current industry conditions and achieve success in the future…

EMGS 2Q Revenue Falls

EMGS reports second quarter 2015 results

Electromagnetic Geoservices ASA (EMGS) recorded revenues of USD 12.1 million in the second quarter 2015, down from 32.3 million in the previous quarter and from USD 42.5 million in the second quarter 2014. Contract sales ended at USD 4.8 million, while sales from the multi-client library ended at USD 7.3 million. The results were negatively affected by extraordinary costs related to the Company's cost reduction program. EBITDA ended with a negative USD 6.0 million after a multi-client investment of USD 14.0 million.

Boskalis Posts Highest Profit

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Royal Boskalis Westminster N.V. (Boskalis) achieved a very busy first half year with historically high profit and realized a net profit of EUR 306.5 million in the first half of 2015, a rise of 21% (H1 2014: EUR 253.0 million). Revenue in the first half of the year rose 1.6% to EUR 1.57 billion (H1 2014: EUR 1.55 billion). Adjusted for (de)consolidation and currency translation effects, revenue was stable. EBITDA in the first half of the year amounted to EUR 500.1 million (H1 2014: EUR 466.4 million) and the operating profit (EBIT) was EUR 359.3 million (H1 2014: EUR 338.3 million).

MV Kobi Ruegg Joins Fugro Survey Fleet

MV Kobi Ruegg (Photo: Fugro)

A 58-meter, multi-role survey vessel MV Kobi Ruegg has joined Fugro’s fleet and is set to begin her first project in the Egyptian sector of the Mediterranean Sea. Working on behalf of Saipem, Fugro will deploy its large diameter piston core system to collect soil samples in the Zohr gas field; geophysical surveys for Pico and Shell will follow. Having previously operated in the Gulf of Mexico for Fugro, the three-year-old vessel has recently been renamed in honor of a former member of Fugro’s management board who passed away in March 2017.

Paefgen Named Chairman of ZF's Supervisory Board

The Supervisory Board of ZF Friedrichshafen AG appointed Dr.-Ing. Franz-Josef Paefgen as its new chairman, at an extraordinary meeting on December 4, 2017. Paefgen, a member of the Supervisory Board since 2008, will succeed Prof. Dr. Giorgio Behr. Since 1976, Paefgen has held various managerial positions in the automotive industry. From 1995 until 2002, he was member of the Board of Audi AG, and from 1997, he was chairman of the Board of Management. From March 2002, he was responsible for the Bentley brand, and as chief representative of Volkswagen AG, was also responsible for Volkswagen's Corporate Research and Motorsports. Between 2003 and 2005, Paefgen was head of Bugatti Engineering GmbH. From 2007 up to his retirement in 2011, he was president of Bugatti Automobiles S.A.S.

Wärtsilä: Holm to lead Marine Solutions

Roger Holm will take the helm of Wärtsilä's Marine Solutions Business.

Roger Holm (43) M.Sc. (Econ.), has been appointed President of Marine Solutions, Executive Vice President and member of the Board of Management of Wärtsilä Corporation, effective 1 November 2015. In this position, he is responsible for Wärtsilä's Marine Solutions business globally, and will report to President & CEO Mr Jaakko Eskola. Holm joined Wärtsilä in 1997 and has held several managerial positions, most recently leading the Engines organisation, responsible for Wärtsilä's engine production and R&D for the marine and energy markets. has worked as CIO for Wärtsilä Corporation.

Kildahl Named to Höegh LNG Board

Jørgen Kildahl

Höegh LNG Holdings Ltd. has appointed Mr. Jørgen Kildahl to the Board of Directors of the Company with effect from 15 September 2015. The Board now consists of eight members. Kildahl has since 2010 been a Member of the Board of Management (Vorstand) in E.ON SE. He served as an Executive Vice President in Statkraft AS from 1999 to 2010, where he was also part of the Executive Management Board from 2001. Mr. Kildahl has also held positions in a PR consultant group, as fund manager and served at several boards. In his previous positions, Mr.

Deutz Names Strecker CFO

Dr. Andreas Strecker was named CFO, Deutz AG. (Photo: Deutz)

Dr. Andreas Strecker, 56, was appointed as a member of the Board of Management of DEUTZ AG, effective 1 March 2018, and will assume responsibility for Finance, Purchasing, Human Resources and Information Services from 1 April 2018. He succeeds former CFO Dr. Margarete Haase, 64, whose contract ends on April 30 2018. Dr. Strecker previously worked in managerial positions in the Bus and Controlling units of the Daimler Group, most notably for many years as the President and CEO of Daimler Buses North America.

FSL Trust Sells Vessel to Trim Debt

Photo: FSL Trust

FSL Trust Management, as trusteemanager of First Ship Lease Trust (FSL Trust), announces that the Trust has sold its chemical tanker, FSL Tokyo, for a cash consideration of US$13.8 million. FSL Tokyo is a 2006, Japanese-built, 20,938 DWT chemical tanker that has been deployed in the spot market. The net proceeds from this Disposal will be applied in full to the outstanding loan facility in 1Q2018. FSL Trust will record a related impairment charge of approximately US$9.0 million in 4Q2017.

Voith Turbo CEO Reinhardt Resigns

Carsten J. Reinhardt, President and CEO of Voith Turbo and member of the Corporate Management Board of Voith GmbH, has resigned Tuesday in order to pursue other interests, the company announced. Dr. Uwe Knotzer will become the new Chairman of the Board of Management of Voith Turbo GmbH & Co. KG and member of the Corporate Board of Management of Voith GmbH with immediate effect Dr. Knotzer has been on the Board of Management of Voith Paper since 2012, where he is in charge of the Products & Services business line.

Dorian LPG Posts 2Q Profit

Photo Dorian LPG

Dorian LPG Ltd. a leading owner and operator of modern very large gas carriers today reported its financial results for the three months ended September 30, 2015. John Hadjipateras, Chairman, President and Chief Executive Officer, commented, "We took the delivery of five new Eco-design VLGCs this past quarter and are nearing the completion of the build-out of our fleet. We continue to find prompt employment out of the yard for our newbuildings, which highlights the underlying strength of the VLGC freight market and the success of the Helios LPG pool.

PSA International Profit Jumps by 5.1% for 2017

Fock Siew Wah, Group Chairman, PSA International. Photo: PSA International

Port and terminal operator PSA International posted a 5.1 per cent jump in net profit to S$1.23 billion for the year ended 31 December 2017 on higher revenue and container throughput at its terminals worldwide. The Group’s terminals saw a 9.8% year on year increase in box volumes handled to 74.2m teu. PSA’s flagship Singapore Terminals contributed 33.35 million TEUs, increasing 9.0% over 2016. PSA terminals outside Singapore delivered a total throughput of 40.89 million TEUs, increasing 10.4% over 2016. PSA Group revenue rose 7.8% and profit from operations grew 5.0% compared to previous year.

Boskalis Profits Zoom as Expected

Royal Boskalis Westminster N.V.  closed the third quarter of 2016 in line with expectations. Image Boskalis

Royal Boskalis Westminster N.V. (Boskalis) closed the third quarter of 2016 in line with expectations. Both revenue and operating profit were higher than the average seen in the first two quarters of the year. The increase was wholly attributable to the contribution from the offshore activities acquired from VolkerWessels, which are consolidated with effect from the third quarter. Adjusted for these activities there was a slight decline in revenue and operating profit compared to the average seen in the first two quarters of the year.

Schaller Takes Over as Head of the Voith Group

Stephan Schaller (Photo: Voith Group)

As of April 1, 2018, Stephan Schaller has begun in his role as head of the Corporate Board of Management at Voith GmbH & Co. KGaA and will lead the international technology company. He succeeds the long-serving head of the Board, Dr. Hubert Lienhard, who, at the age of 67, is retiring as planned. Schaller has supported Voith since 2015 as a member of Voith’s Shareholders’ Committee. Schaller has many years of international experience in various sectors and industries outside Voith.

ZF Acquires Bosch Rexroth Industrial Gears Arm

The now fully completed acquisition of the industrial gears and wind turbine gearbox portions of Bosch Rexroth consolidates ZF's industrial gears business portfolio – these will also be used for heavy tunnel drilling machines. (Photo: ZF)

Following the go-ahead from antitrust authorities, on December 1, 2015 ZF has officially taken over the industrial gears and wind turbine gearbox business from Bosch Rexroth AG. With this, some 1,200 employees altogether at the Witten, Beijing and Lake Zurich (USA) locations will thus join the technology company. The purchase price has not been disclosed. For ZF, the acquisition is an entry into the business with large industrial gears that are used in oil rigs, mine vehicles, tunnel drilling machines, or cableways, for instance.

Rolls-Royce, ZF Strengthen Propulsion Ties

Wilhelm Rehm and Dr. Ulrich Dohle sign the collaboration agreement (Photo: ZF)

An agreement between ZF Friedrichshafen AG and Rolls-Royce Power Systems will see the two companies collaborate even more closely on the development, marketing, sales and service of marine propulsion systems. The combination of MTU engines from Rolls-Royce Power Systems and marine transmissions from ZF have long been a match for many commercial ships and yachts. Now, the two companies plan to work together even more intensively to develop new technologies and products to help ensure clients are provided with fully optimized propulsion solutions.

Maritime Reporter Magazine Cover Jul 2018 - Marine Communications Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

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