Energy Conglomerate News

Spanish police on Monday impounded a superyacht belonging to Russian oligarch Viktor Vekselberg on behalf of U.S. authorities, the first time the United States has seized property belonging to a Russian oligarch since its invasion of Ukraine in February.Valued at more than 90 million euros ($99 million), the 78-metre-long "Tango" (255 ft) was seized in a shipyard on the Mediterranean island of Mallorca, the Guardia Civil police and the U.S. Justice Department said in parallel…

Temasek-owned Pavilion Energy has signed a 10-year fully-termed agreement to jointly develop an LNG bunker supply chain in the port of Singapore with Total Marine Fuels Global Solutions (TMFGS),  a subsidiary of French energy conglomerate Total SA.Global law firm Norton Rose Fulbright has advised  on signing the contract.The agreement includes the shared long-term use of 12,000 cu m LNG bunker vessel (LNGBV). In February this year Pavilion chartered an LNGBV newbuilding from Mitsui OSK Lines (MOL) which is currently being constructed at Sembcorp Marine’s Tuas Boulevard Yard in Singapore.Working in support of Total Marine Fuels’ in-house legal team…

The International Bunker Industry Association (IBIA) has introduced its new Chief Executive, Justin Murphy, who akes up his new position from February 13, 2017. From 2013 to 2015, Murphy was CEO of Brightoil Shipping, Singapore and Executive Director at HKSE listed Brightoil Petroleum (Holdings) Ltd, an Energy conglomerate with bunkering and ship owning divisions. Prior to that, Murphy held director and board positions at several firms involved in shipping, including Teekay, AET, and a stint as head of shipping at Macquarie Bank.

Danish shipping and offshore energy conglomerate Maersk Group reported its profit at US$ 224 million for the first quarter of 2016, a drop of 86 percent compared to $ 1.6 billion seen in the same period a year earlier. Hit by low oil prices and freight rates, the world's largest shipping company AP Moller-Maersk A/S says revenue fell almost 20 percent from a year earlier to $8.5 billion. Maersk Line, the world’s largest container operator by capacity and traditionally the company’s biggest earner, posted first-quarter underlying earnings of $32 million, having contributed $710 million in the year-earlier quarter. Maersk Line said it…

Danish shipping and energy conglomerate Maersk Group delivered a profit of USD 925m for the full year ending December 31st 2015, against USD 5.2bn reported in 2014, a drop of 82%. Maersk’s underlying profit for full year was USD 3.1bn down from previous year's being USD 4.5bn. After a satisfactory result in the first half of the year with a ROIC of 10.2%, Maersk Group was severely impacted by a widening supply-demand gap across most of our businesses, leading to significant oil price and freight rate reductions. ROIC for the second half of the year was negative 6.3%, impacted by impairments of USD 2.5bn after tax in Maersk Oil and for Q4 there was an underlying loss of USD 9m (profit of USD 1.0bn).

Danish shipping and offshore energy conglomerate, Maersk Group, kept a reduced forecast made two weeks ago for a 2015 underlying profit of $3.4bn, down from the $4.0bn previously expected. The Danish  shipping giant  said on Friday that lower oil prices and lower average container freight rates had hurt its earnings. The Maersk Group – and especially Maersk Line – was severely impacted by continued low economic growth and significant market imbalances. Global container demand is expected to have grown by 0-1%, whereas the global container fleet grew by almost 9%. Container freight rates declined significantly across all trades except North America, and especially Maersk Line’s key Europe trades were impacted severely.

Marine and fire safety equipment and servicing provider VIKING Life-Saving Equipment A/S announced the acquisition of Nadiro A/S, a company owned by maritime and energy conglomerate Maersk Group and SH Group. Established in 2009, Svendborg, Denmark-based Nadiro manufactures lifeboat and rescue craft systems, developing and promoting its Drop-in-Ball technology to help ensure crew safety. VIKING has had the status of Preferred Distributor and Service Provider, supplying the company’s…

Leading marine and fire safety equipment and servicing provider VIKING Life-Saving Equipment A/S has today announced the acquisition of Nadiro A/S, a company owned by maritime and energy conglomerate Maersk Group and SH Group. Established in 2009, Svendborg, Denmark-based Nadiro manufactures high-quality lifeboat and rescue craft systems, developing and promoting its Drop-in-BallTM technology to help ensure crew safety. VIKING has had the status of Preferred Distributor and Service Provider, supplying the company’s LRRSs (lifeboat release and retrieval systems) to enable the world’s shipowners to comply with new SOLAS regulations by or before 2019. Hook retrofitting is necessary to prevent serious accidents resulting from unsafe lifeboat deployment systems.

MISC Bhd  is selling AET Tanker Holdings Sdn Bhd, which owns a fleet of 74 crude oil and product tankers, to US-listed Teekay Tankers Ltd, reports local media. AET is a wholly-owned subsidiary of Malaysia's MISC Bhd. and a major global shipowner and operator with a fleet of around 80 tankers including 13 VLCCs, 48 Aframaxes and four Suezmaxes. MISC is a subsidiary of Malaysian energy conglomerate Petronas. “MISC is not in a position to comment on Teekay’s business plans,” the shipping company’s corporate communications arm responded when asked to verify news reported by Oslo-based shipping press Tradewinds. “It is difficult to quantify the disposal gain at this point of time without the actual acquisition price,” Kenanga Research said.

Concordia Maritime has now completed the upgrade of two of its P-MAX tankers to chemical class III, so-called IMO III classification. This means that the vessels are now also able to transport vegetable oils, in addition to refined petroleum products and crude oil. The vessels in question are the Stena Performance, re-delivered from her time charter at the end of June, and the latest addition to the fleet, the Stena Premium, delivered from the shipyard in June. An IMO III upgrade means that the vessels’ flexibility in the market is increasing and more days laden than in ballast can be achieved. The Stena Performance has been employed on the open market since July. Her operation is handled by Stena Weco on our behalf.