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Tuesday, May 18, 2021

Finance News

12 May 2021

Hapag-Lloyd Plans More Capacity Investments

(Photo: Hapag-Lloyd)

German container liner Hapag-Lloyd will make more investments in vessel capacity this year to grow in line with the global market, where it is the number five operator, Chief Finance Officer Mark Frese told analysts on Wednesday.Apart from the unspecified further investments in containers, there would also be selected second hand tonnage purchases, he added in a call as the company published first quarter results.Last December, Hapag-Lloyd ordered six ultra-large-container-vessels (ULCCs) in a $1 billion investment and last month, it ordered standard and reefer containers worth $550 million.(R

12 May 2021

Invenergy, BW LNG Secure Financing for FSRU Project in El Salvador

Illustration only - An LNG Tanker - Credit: Altin Osmanaj/AdobeStock

Sustainable energy developer Invenergy and LNG solutions provider BW LNG have secured a $128.3 million loan from IDB Invest to fund the construction of a floating storage and regasification unit (FSRU), a key part of the Energía del Pacífico (EDP) LNG-to-power project in El Salvador.The financial package has a 15-year contractual term granted to FSRU Ltda. de CV in El Salvador. Invernergy said the loan provided valuable resources for the purchase and conversion of the BW Tatiana LNG carrier to an FSRU.

12 May 2021

TORM Buys Secondhand Tanker Trio from Okeanis

© Sakis Antoniou /

Tanker shipping company TORM announced on Wednesday it has purchased three 2015-built Aframax vessels from Okeanis Eco Tankers Corp. for $120.8 million.The three 114,322 dwt LR2 tankers Nissos Schinoussa, Nissos Heraclea and Nissos Therassia are expected to be delivered during the second and the quarters of 2021, TORM said. The trio was built at South Korea's Hyundai Heavy Industries, and each is fitted with scrubbers and ballast water treatment system.TORM said it has obtained commitment for the financing of two of the vessels from Danish Ship Finance for $60 million…

06 May 2021

Finnlines Names Pippingsköld Deputy CEO

(Photo: Finnlines)

Finnish shipping company Finnlines has appointed Tom Pippingsköld as vice president and deputy CEO. In this new position Pippingsköld serves as the deputy to the president and CEO.Pippingsköld has been CFO of the ro-ro and passenger shipping operator since October 1, 2013. He will continue in his current position and is in charge of the group’s finance, administration, legal, human resources, communications and IT functions.Finnlines, part of the Italian-based Grimaldi Group, said Pippingsköld is a member of the executive committee and reports to the president and CEO, Emanuele Grimaldi.

29 Apr 2021

Indonesia Pledges New Homes for Relatives of Doomed Submariners

File photo: Indonesian submarine KRI Nanggala (402) (Photo: Alonzo M. Archer / U.S. Navy)

Indonesian President Joko Widodo said on Thursday that authorities would build houses for the relatives of the crew of a submarine that went missing before being found in pieces on the bottom of the Bali Sea, killing all 53 inside.The German-built KRI Nanggala-402 was discovered at a depth of nearly 840 meters (2,756 ft) on Sunday after losing contact days earlier while preparing for a torpedo drill."We will build houses for you...

28 Apr 2021

China's Fuel Clampdown Curbs Its LCO Imports

© Igor Groshev / Adobe Stock

China’s imports of light cycle oil (LCO) are set to fall in coming months as authorities crack down on its illicit trading and sales in South China, dealing a blow to the $10 billion market and to refiners in top supplier South Korea.China’s imports of the cheaper but more pollutive diesel blending fuel nearly doubled to record levels in 2020, but a clampdown in top oil consuming Guangdong province has curbed demand.The amount of South Korean LCO, a refinery by-product, to be loaded for shipment to China in May is down 60% from March while spot premiums have halved…

21 Apr 2021

Harren Bulkers Grows its Managed Fleet to Three

(Photo: Harren Bulkers)

Just several months after the launch of Harren Bulkers, three 93,000 tdw Post-Panamax bulkers have been secured for the company's fleet on a long-term basis.The newly formed Bremen-based shipping company on Wednesday announced the acquisition of the 2011-built Post-Panamax bulker Topas. The ship will be named Pablo, and with an overall length of 229.2 meters (38-meter beam, 14.9-meter draft) it is currently the largest ship in the Harren Bulkers fleet. The two 2012-built sister…

20 Apr 2021

James Fisher Names CFO

Credit: joyfotoliakid/AdobeStock

Marine and offshore services provider James Fisher and Sons on Tuesday announced the appointment of Duncan Kennedy as Chief Financial Officer and as an Executive Director with effect from May 4, 2021, when he will join the Board.Group Finance Director Stuart Kilpatrick in March informed the James Fisher Board of his intention to step down from the Board on April 29, 2021, following the Company's Annual General Meeting.Kennedy joins James Fisher from BTG plc ("BTG"), previously a FTSE250 international specialist healthcare company…

20 Apr 2021

Libya's NOC Declares Force Majeure on Port of Hariga Exports

Credit: NOC

Libya's National Oil Corp (NOC) declared force majeure on Monday on exports from the port of Hariga and said it could extend the measure to other facilities due to a budget dispute with the country's central bank.Daily lost income "may exceed 118 million dinars ($26 million)", NOC said in its statement.The port was expected to load about 180,000 barrels per day (bpd) in April, on board six tankers, according to a loading schedule.Libyan oil output hit 1.28 million bpd in March…

16 Apr 2021

Clean Crude? Oil Companies use Offsets to Claim Green Barrels


In January, Occidental Petroleum announced it had accomplished something no oil company had done before: It sold a shipload of crude that it said was 100% carbon-neutral.While the two-million-barrel cargo to India was destined to produce more than a million tons of planet-warming carbon over its lifecycle, from well to tailpipe, the Texas-based driller said it had completely offset that impact by purchasing carbon credits under a U.N.-sponsored program called CORSIA.Carbon credits…

16 Apr 2021

Damen, Purus Marine Offering Green Financing

(Photo: Damen)

Damen Shipyards Group is partnering with Purus Marine, an environmentally focused maritime vessel and infrastructure company established by EnTrust Global for the financing of green shipping projects. The partnership, named DP Lease, aims to support decarbonization of the maritime industry by providing flexible and attractively priced long-term lease financing solutions to solve the financing gap created by additional capital expenditure requirements associated with the purchase of environmentally-advanced vessels.Jan-Willem van Helden…

12 Apr 2021

Sovcomflot Ready to Buy Back up to $400 Mln of Eurobond-2023

(Photo: Sovcomflot)

Russia's biggest shipping company Sovcomflot says, according to Interfax news agency:The company is ready to buy back up to $400 million of Eurobond-2023, to finance it via new issue;The offer price is $1,072.25 per paper of a nominal price of $1,000;Sovcomflot plans to issue 7-year Eurobond, will hold calls with investors starting from April 14, Interfax cites a source.(Reporting by Moscow Newsroom)

02 Apr 2021

Germany to Propose Beirut Port Reconstruction with 'Strings Attached'

© Ali / Adobe Stock

Germany will next week present a multi-billion-dollar proposal to Lebanese authorities to rebuild the Port of Beirut as part of efforts to entice the country’s politicians to form a government capable of warding off financial collapse, two sources said.A chemical explosion at the port last August killed 200 people, injured thousands and destroyed entire neighborhoods in Lebanon’s capital, plunging the country deeper into its worst political and economic crisis since the 1975-1990 civil war.According to two diplomatic sources with knowledge of the plans…

24 Mar 2021

Santos, BW Offshore Sign $4,6B Barossa FPSO Deal

Credit: BW Offshore (Screenshot)

Australian oil and gas company Santos has signed a contract with FPSO supplier BW Offshore for the delivery of an FPSO for the Barossa gas field, located 300 kilometers offshore Darwin in Australia. The contract is subject to Final Investment Decision (FID) by Santos and its partners, with the FID expected in the coming weeks.The Lease and Operate contract has a firm period of 15 years, with 10 years of options. The firm period contract value is USD 4.6 billion. BW Offshore will be responsible for the engineering…

23 Mar 2021

Norway, Germany to Buy Six Submarines from Thyssenkrupp

Norway has agreed to order four submarines from Germany's Thyssenkrupp for 45 billion crowns ($5.3 billion), with Germany agreeing to order another two, the Norwegian defense ministry said on Tuesday.Norway and Germany, both NATO members, are jointly procuring identical submarines from Thyssenkrupp's shipbuilding division.The Norwegian defense ministry said Germany had agreed to order two submarines from Thyssenkrupp, pending approval from the German parliament.The signing of the contract is due this summer…

22 Mar 2021

Geelen Nominated as Fugro CFO

Barbara Geelen (Photo: Fugro)

Dutch-based geo-data specialist Fugro said its supervisory board has nominated Barbara Geelen for appointment as member of the board of management and chief financial officer. She will succeed Paul Verhagen, who is slated to step down as Fugro CFO at the upcoming general meeting of shareholders.Geelen's nomination as member of the board of management in the role of CFO for a period of four years until the general meeting of shareholders in 2025, will be submitted to shareholders for approval at an extraordinary general meeting of shareholders to be convened on May 12.

19 Mar 2021

Seanergy Buys Two Secondhand Capesize Bulk Carriers

© Francisco Neto /

Greek headquartered shipowner Seanergy Maritime said it has entered reached a deal to purchase two Capesize bulk carriers for $55 million, growing its fleet to 14 Capesize vessels with an aggregate cargo capacity of approximately 2.5 million deadweight tons (dwt).The first vessel due to join the Seanergy fleet by the end of April 2021 has a cargo-carrying capacity of approximately 176,000 dwt and shall be renamed Flagship. The second, to be renamed Patriotship, is scheduled to be handed over by the end of May 2021 and has a cargo-carrying capacity of approximately 182,000 dwt.

18 Mar 2021

New Offshore Wind Service Firm Looking to Raise up to $89M via Private Placement


Integrated Wind Solutions, a newly formed offshore wind service company owned by Norway's Awilhelmsen investment group, is eyeing a private placement of new shares in the company in connection with a listing on Euronext Growth Oslo, aiming to raise up to $89 million.Integrated Wind Solutions describes itself as a company that aims to be a leading offshore wind service player by integrating service operation vessels with engineering and manpower services in the windfarm’s construction and operations phase.

16 Mar 2021

Top Japanese Lenders Join Shipping Industry Scheme to Cut Carbon

© Photo Gallery / Adobe Stock

Leading Japanese lenders have joined an initiative that links the provision of shipping finance to cuts in carbon dioxide emissions as the sector accelerates efforts to go green.In recent weeks, Shinsei Bank Ltd, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Finance & Leasing and MUFG Bank have signed up to the scheme, the banks said.With about 90% of world trade transported by sea, global shipping accounts for nearly 3% of the world’s CO2 emissions.In 2019, a group of leading banks signed up to environmental commitments known as the “Poseidon Principles”…

16 Mar 2021

Awilco LNG Names New CFO

Image by Nick Reynolds/

Oslo-listed LNG tanker operator Awilco LNG has appointed Per Heiberg as its CFO. Heiberg will assume his new position on April 6, 2021.The news follows the announcement from October 2020, when CFO Øyvind Ryssdal gave his notice of resignation.Heiberg comes from the position as CFO in Golden Ocean Group Limited where over his 15-year career also held the positions as Risk Manager and Vice President Finance."The Board and I are very pleased to have Mr. Per Heiberg onboard as CFO in Awilco LNG.

16 Mar 2021

Tidewater Names CFO, COO

A Tidewater offshore vessel - Credit: John Regan/

U.S. offshore support vessel company Tidewater has announced the promotion of two key members of the company’s executive team, Sam R. Rubio and David E. Darling, to the positions of Chief Financial Officer and Chief Operating Officer, respectively.Rubio has been promoted to Executive Vice President and Chief Financial Officer, following his accomplishments serving as the Company’s Chief Accounting Officer and Controller since joining Tidewater following the combination with GulfMark Offshore, Inc. in 2018.

15 Mar 2021

Edda Wind Orders Two More Offshore Wind Support Vessels. Plans IPO

Credit: Wilhelmsen

Norwegian offshore wind vessel owner Edda Wind has ordered two additional Commissioning Service Operation Vessels (CSOV), as it expects long-term growth for the renewable energy sector. The company is also set for an initial public offering, which is aimed at helping finance its growth.The company, owned by Wilhelmsen and Østensjø, and which owns and operates service vessels supporting the maintenance work conducted during the commissioning and operation of offshore wind farms…

13 Mar 2021

Tech File: ASRY Moving to Infor's Cloud-based Digital Transformation Platform

His Excellency Shaikh Mohammed bin Khalifa AlKhalifa, the Minister of Oil, welcomed a number of representatives of the executive management of  ASRY and Infor at the National Oil and Gas Authority (NOGA) headquarters, prior to the official ceremony of contract signing between the two parties where, ASRY signed a contract with Infor, a New York-headquartered multi-national enterprise software firm, to implement a new facility-wide Enterprise Resource Planning (ERP) system. Photo: ASRY

The Arab Shipbuilding and Repair Yard Company (ASRY) aims to streamline business processes and boost transparency with Infor CloudSuite Industrial Enterprise on Amazon Web Services (AWS) cloud.His Excellency Shaikh Mohammed bin Khalifa AlKhalifa, the Minister of Oil, welcomed a number of representatives of the executive management of  ASRY and Infor at the National Oil and Gas Authority (NOGA) headquarters, prior to the official ceremony of contract signing between the two parties where…

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