BW Group Increases Epic Gas Stake
Singapore-based BW Group has increased its stake in the pressurised LPG shipping solutions company Epic Gas to 82.58% with the completion of its voluntary unconditional offer.On 16 April, BW Group received acceptances under the Offer for a total of 9,698,135 shares, corresponding to approx. 13.76% of the outstanding shares and voting rights in the Company.Under the Offer, BW Group has received acceptances for a total of 19,646,947 shares, corresponding to 27.88% of the outstanding shares and voting rights in the Company.Together with the 38…
BW Group Buys LPG Carrier Epic Gas
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…
Pavilion Inks Long-term LNG Charter Deal with BW
Singapore's Pavilion Energy has signed an agreement with commodities shipper BW Group for the long-term charter of two newly built liquefied natural gas (LNG) vessels, the company said on Monday.The 173,400 cubic meter vessels, expected to be delivered between 2019 and 2020, will add to Pavilion's global portfolio and boost its LNG trading expansion, the company said.The M-type, electronically controlled, gas injection (MEGI) vessels offer environmental benefits through greater efficiency and lower carbon emissions, it added."The long-term charters of these MEGI newbuilds ...
Hoegh LNG Vessel to Leave Egypt Before Weekend
Egypt's petroleum minister said on Tuesday that a regasification vessel would leave Egypt by the end of the week, a day after Norway's Hoegh LNG said Egypt was to give up one of its two floating liquefied natural gas (LNG) terminals.The minister, Tarek El Molla, told Reuters the other vessel would stay behind as part of the petroleum ministry's strategy to maintain energy supplies for the country.Hoegh said Egypt Natural Gas Holding (EGAS), having decided to end its charter early…
Hafnia Tankers, BW Tankers USD 2.3bln Merger Soon
Denmark-based shipping company Hafnia Tankers is exploring the possibility of consolidation with BW Tankers, part of BW Group, Hafnia’s CEO Mikael Skov said.In its half year results statement Hafnia said: “Hafnia is exploring the possibility of consolidation with BW Tankers, a company owned by BW Group, one of our shareholders.”BW Group increased its shareholdings in Hafnia in early July when it acquired BTS Tankers Partners LLC. With the acquisition, BW Group became the beneficial owner of 43.5% of the Hafnia Group.Last month…
Bad Weather Stalls Bangladesh FSRU Hook Up
A vessel that arrived in Bangladesh in April to offload its maiden cargo of liquefied natural gas and moor permanently as an import terminal should begin operations "within a week" after bad weather hampered its start-up, an official said on Thursday.The floating storage and regasification unit (FSRU) will allow Bangladesh to import LNG for the first time as its domestic gas production falls and will boost several power projects in a nation where 30 percent go without electricity.Since its arrival at Moheshkhali…
Hafnia Tankers in Leaseback Deal with Sole Shipping Fund
Denmark's Hafnia Tankers has completed two sale and leaseback transactions with a Sole Shipping fund."Hafnia Tankers has successfully completed two sale and leaseback transactions with Skaatholmen Shipping Ltd, a company owned by Sole Shipping Special Opportunities Fund II of its 2010 built LR1 tankers, Hafnia Asia and Hafnia Arctic," said a press release from the company.The vessels have been sold to Skaatholmen Shipping with a seven-year bareboat charter back with annual purchase…
For the Global LNG Industry, is the FSRU Honeymoon Over?
A giant vessel docked at the port of Moheshkhali in Bangladesh two months ago, propelling the populous but poor nation into the fast-expanding club of liquefied natural gas (LNG) buyers.The Excellence is the latest floating storage and regasification unit (FSRU), a type of carrier that has proliferated since 2015 as many countries switch to a cleaner and increasingly cheaper fuel than oil and coal.But the young FSRU industry has been beset by more project delays than successes in the past 12 months as fluctuating energy prices…
Corvus Energy Expands
Corvus Energy, manufacturer of energy storage systems for maritime applications, announced two production and R&D expansion plans underway in Canada and Norway. The new battery factories will be more modern and more automated than other similar factories, result in eight times the production capacity compared to today.First, the Corvus Energy factory in the Vancouver, Canada region will be expanded and upgraded to house a 200 MWh semi-automated battery production facility. A new product R&D, design and engineering facility will also be developed.
BW Group Acquires Higher Stake in Hafnia Tankers
BW Group has entered into a definitive agreement to buy a 36.3% stake in Hafnia Tankers, a shipping company formed by the management team of former Tankers Inc. The majority of the shares will be acquired through BTS, a collaboration between Blackstone-managed funds, Tufton Oceanic and Hartmann, and the balance purchased directly from certain Blackstone-managed funds. ombined with recent purchases from other shareholders, BW Group will own 43.5% of Hafnia Tankers. Carsten Mortensen…
BW LPG Raises Offer for Dorian LPG
Norway's BW LPG, the world's largest liquid petroleum gas shipper, raised its offer to buy rival Dorian LPG on Monday after its first advance was rebuffed.BW offered Dorian shareholders 2.12 BW LPG shares for each Dorian share, up from 2.05 BW LPG shares in an initial offer made on May 29.BW LPG said the offer represents a value of $8.67 per Dorian share.
BW Adds KVH Connectivity Services to 45 More Vessels
KVH Industries, Inc. announced that BW Group has chosen KVH’s connectivity services for 45 additional vessels in its fleet. The two companies will also continue with a connectivity contract for the LPG and LNG vessels in BW’s fleet that have had KVH’s VSAT systems and services since 2013.“We chose KVH because of their commitment to excellence, the ease of working with a sole provider, and the cost advantages that we can achieve with fast, reliable connectivity and global coverage,” says Tor-Egil Gjulem, BW Group’s global head of procurement.
BW LPG Offers to Buy Dorian LPG in $1.1 Bln Deal
The world's largest liquid petroleum gas (LPG) shipper, Norway's BW LPG, is offering to buy competitor Dorian LPG in a $1.1 billion all-stock deal in an effort to boost its earnings in a weak market, it said in a statement on Tuesday.Dorian shareholders will receive 2.05 BW LPG shares for each Dorian share, equal to $7.86 per share, a premium of 13 percent from Friday's closing price, and based on BW LPG's share price on May 28.New York-listed Dorian LPG's equity is valued at about $441 million and including debt the transaction is valued at $1.1 billion.The deal is backed by shipping conglome
BW Group, Mitsui Form FSRU Joint Venture
A joint venture agreement between Japan’s Mitsui & Co. and Singapore’s BW Group Limited will see Mitsui purchase a 49 percent share in the floating storage and regasification unit (FSRU) BW Integrity, while BW will maintain a 51 percent share. The deal is expected to close as soon following payment for the acquisition. BW Integrity is currently in Port Qasim on a 15-year charter to PGP Consortium Limited (PGPC), to provide LNG regasification services at Pakistan’s second LNG import terminal. BW will continue to provide commercial and technical management services.
Reedy Joins DHT Holdings Board of Directors
DHT Holdings, Inc. said it has appointed Susan Reedy to its board of directors as a Class I Director with a term expiring at the company's 2020 annual shareholders meeting. In connection with Reedy's appointment, the company's board has increased to six directors. Reedy’s appointment as a director is in accordance with the Investor Rights Agreement (IRA) entered into between the company and BW Group Limited on April 20, 2017. Pursuant to the IRA, BW Group is entitled to nominate two persons to the company's board. Reedy is the second person to be nominated by BW Group as a director. Reedy has over 17 years of corporate legal experience. She is currently Head of Legal - Special Projects for BW Group and served as Deputy Managing Director & General Counsel of BW Ventures from 2011 to 2016.
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.
DHT Holdings Completes Delivery of 9 VLCCs
Bermuda-based DHT Holdings has completed the delivery of the nine VLCCs acquired from the BW and the contracts for the two newbuildings due for delivery in 2018 have been transferred to DHT. DHT has a fleet of 30 VLCCs, 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet is 9,502,995. The average age of the VLCC fleet is 6.8 years. "In June 2017, we entered into a financing with DNB and Nordea totaling $82.5 million to fund the acquisition of the two VLCC newbuildings ordered from HHI in January 2017.
BW Group Completes VLCC Deliveries to DHT
DHT Holdings, Inc. said it has taken delivery of nine VLCCs acquired from the BW Group Limited, as well as the contracts for two VLCC newbuilds due for delivery in 2018. "The delivery of the fleet acquired from BW has been conducted in a speedy and efficient manner," DHT senior management said it a press release. The deal was announced in March 2017. With the latest vessel deliveries, DHT now has a fleet of 30 VLCCs, including 26 in the water and four under construction scheduled for delivery in 2018, as well as two Aframaxes. The total dwt of the fleet is 9,498,752.
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.
Marshall Islands Dismisses Frontline's Bid to Stop DHT Takeover
The High Court of the Marshall Islands has dismissed with prejudice a lawsuit brought by tanker firm Frontline to stop rival DHT selling a major stake to shipper BW Group, DHT said on Monday. Frontline, which according to Thomson Reuters Eikon data holds a 10.3 percent stake in DHT and is controlled by shipping tycoon John Fredriksen, has been trying for the past year to take over its New York-listed rival. However, DHT struck a tankers-for-shares deal with BW Group in March, making the latter DHT's biggest shareholder with a stake of over 30 percent.
Court Rejects Frontline's Complaint against DHT-BW Group Deal
A court in the Marshall Islands rejected tanker operator Frontline's complaint against DHT Holdings over a rival deal with BW Group. Frontline, controlled by shipping tycoon John Fredriksen, owns around 14.5 percent of DHT. Frontline has been trying for the past year to take over its New York-listed rival. (Reporting by Ahmed Farhatha; Editing by Maju Samuel)
Marshall Islands Court Sets Date for Frontline Case against DHT
Oil tanker firm Frontline said on Friday the high court in the Marshall Islands has agreed to hear on May 17 its complaint against takeover target DHT Holdings, which is incorporated in the remote Pacific republic, over a rival deal with BW Offshore. Frontline, controlled by Norwegian-born billionaire John Fredriksen and owner of a 14.5 percent stake in DHT, has been trying for the past year to take over its New York-listed rival and is opposing what it called "unfair transaction…
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.