Finance News

31 Mar 2020

V.Group Names Traaholt CFO

Petter Traaholt (Photo: V.Group)

Ship management and marine services company V.Group announced it has appointed Petter Traaholt as Chief Financial Officer and a member of the V.Group Board.Traaholt joined V.Group from Eltel Group where he was Group CFO, based in Stockholm. Prior to joining Eltel in 2017, he held a number of senior operations and finance roles in Wilhelmsen Holding ASA; initially combining roles as CFO and Deputy CEO of Wilhelmsen Maritime Service, then in 2010 becoming President of Wilhelmsen Technical Solutions.

30 Mar 2020

Qingdao Cruise Terminal Construction Kicks Off

(Photo: Stadt Qingdao)

An event officially signalling the start of construction on Qingdao International Cruise Terminal in China was held alongside a global promotion launched to attract investment. At the event, the People's Government of Qingdao signed a cooperation agreement with Shandong Port Group for a RMB10 billion project, and inked contracts with a number of partners for 14 industrial projects with a total investment of RMB31.35 billion.The government of Qingdao's Shibei District is pushing…

26 Mar 2020

Hempel Makes Executive Changes

Pernille Lind Olsen becomes new Group Vice President for Hempel Europe & Africa starting on 1 July 2020. Photo: Hempel

Current Group Vice President for Hempel South & East Asia, Pernille Lind Olsen, becomes new Group Vice President for Hempel Europe & Africa starting on 1 July 2020. At the same time, current Finance Director for Hempel Middle East Jonathan Mercer will take over Pernille Lind Olsen’s position as Group Vice Presi-dent for Hempel South & East Asia.Olsen has been with Hempel since November 2013. Since then, she has held positions as Group Product Director, Group Product & Portfolio Director and…

26 Mar 2020

Ferry Industry Seeks Financial Assistance Amid COVID-19

© luengo_ua / Adobe Stock

Ferry operators stuggling financially due to the COVID-19 pandemic will need government backing to help offset billions of dollars of unsustainable losses, Interferry says.The trade association is asking governments globally to include the ferry industry in their respective COVID-19 financial aid packages so that ferry operators can continue providing essential services, and to ensure that critical infrastructure and personnel are available once the global economy begins to recover.Specifically…

26 Mar 2020

CMA CGM Completes Sale of Eight Terminals

© miraswonderland / Adobe Stock

CMA CGM said on Thursday it has completed the sale of stakes in eight port terminals for $815 million to its joint venture with China Merchants Port Group.Late last year, CMA CGM reached a deal with China Merchants to sell stakes in 10 port terminals to the companies' Terminal Link venture for $968 million, as part of efforts by CMA CGM to finance its acquisition of Swiss-based CEVA Logistics and reduce group debt.The first eight terminals included in the transaction are Odessa Terminal (Ukraine)…

26 Mar 2020

Singapore Passenger Vessel Sector to Receive Economic Aid

© yacht_bluette / Adobe Stock

Economic relief is on its way for Singapore's passenger vessel owners and operators, as well as passenger terminal operators, who have seen a drop in passenger volumes due to the COVID-19 outbreak, Deputy Prime Minister and Minister for Finance, Heng Swee Keat, announced Thursday, as part of the Resilience Budget.The 50% port dues concession to passenger vessels from March 1 to August 31, announced by the Maritime and Port Authority of Singapore's (MPA) in February, will extend for another four months until December 31, 2020.

24 Mar 2020

Reduced Appetite Expected for DP World’s $9bn Loan

© Sebastian / Adobe Stock

Appetite for UAE global port operator DP World's $9bn loan financing is expected to weaken due to market turmoil caused by the coronavirus, bankers said.The loan was fully underwritten by Citigroup and Deutsche Bank, and went out to a wider group of DP World’s relationship banks in senior syndication, which closed at the end of last week, one of the bankers said.These banks included Abu Dhabi Commercial Bank, MUFG, Emirates NBD, First Abu Dhabi Bank and HSBC, a second banker said.“Senior…

24 Mar 2020

Shipping Industry Urges G20 to Keep Freight Flowing

© Image'in / Adobe Stock

Ships and their crews must be able to trade freely with minimal port restrictions to ensure supply lines don't freeze up while the coronavirus shuts down much of the globe, shipping and port officials said on Tuesday.After draconian steps to stop the spread of the virus, China's economy is slowly coming back online but logistics chains are backing up in other parts of the world.This has been compounded by ships being quarantined for up to two weeks and seafarers held up as countries impose lockdowns to stop the spread of the virus.The International Chamber of Shipping (ICS) association…

23 Mar 2020

Oil, Fishing, Tourism: Alaska Economy Faces Triple Hit from Coronavirus

© Stephen Finn/AdobeStock

The U.S. state of Alaska is so far distant from the worst medical ravages of the coronavirus pandemic, but its economy is in critical condition. Alaska is especially vulnerable because it depends on oil, tourism and fisheries – basic industries that are reeling from the global coronavirus pandemic – and the state government gets most of its revenue from investment earnings that have now evaporated."Alaska is experiencing a perfect storm, a most terrible trifecta, the hat trick from hell," said state Senator Natasha von Imhof, co-chair of the Senate Finance Committee, at a hearing Saturday.

23 Mar 2020

FSL Trust Names Wenker CFO

Markus Wenker (Photo: FSL Trust)

Singapore-based First Ship Lease Trust (FSL Trust) has appointed Markus Wenker as chief financial officer, to replace Alan Mitchell, who is retiring.Wenker will take over the role and responsibilities May 4, following a handover process.Wenker was most recently head of ship finance at Hellenic Bank from 2016. Previously, he held a number of roles at HSH Nordbank from 2002 to 2016.FSL Trust's current fleet of 16 vessels comprises containerships and a variety of tankers. Of these, 10 vessels are leased to international shipping companies on long-term bareboat charters.

18 Mar 2020

Seaspan Marine Transportation Names Wortman CFO

© edb3_16 / Adobe Stock

Seaspan Marine Transportation said it has appointed Linda Wortman as Chief Financial Officer.Wortman brings to this position more than 25 years of accounting and finance experience. She joined Seaspan in 2008 as Controller, Marine and was promoted to Vice President, Corporate Finance, Accounting in 2016. Her responsibilities were expanded to include Seaspan’s Corporate Supply Chain Management and Risk and Insurance functions in 2017.

17 Mar 2020

Chembulk Tankers to Join Womar

Chembulk Tankers signed commercial management agreements for its entire fleet of owned and chartered stainless-steel chemical tankers to enter commercial pools managed by Womar Logistics. “Chembulk’s commercial shift to the Womar chemical pools places our quality vessels in an established and growing revenue sharing platform, providing commercial efficiencies, logistics flexibility and a seamless continuation of the performance our customers expect from Chembulk vessels," said Bart Kelleher, CEO, Chembulk. "All other ownership responsibilities will remain fully within Chembulk.”Together with several current Chembulk chartering and operations professionals, the fleet will transition to commercial management by Womar.

13 Mar 2020

Sumitomo Mitsui Trust Bank Joins the 'Poseidon Principles'

© tawatchai1990 / Adobe Stock

Sumitomo Mitsui Trust Bank (SMTB) joined the Poseidon Principles. The Principles were developed by international shipping banks, in collaboration with leading maritime industry players, to promote greener global shipping. They establish a common, global baseline to quantitatively assess and disclose whether financial institutions’ ship lending portfolios are in line with decarbonization targets.With SMTB’s commitment, Signatories to the Poseidon Principles now represent over $150 billion in loans to international shipping – more than a third of the global shipping finance portfolio.

13 Mar 2020

Japanese Wind Fans Bank Interest

Domestic and international lenders are vying for a slice of Japan’s nascent offshore wind power sector, which is expected to provide as much as ¥3trn (US$29bn) in project financing opportunities, albeit at very low margins.Akita Offshore Wind completed the nation’s first fundraising for a major offshore wind project last month, raising ¥80bn to build wind turbines near two ports in western Japan.Auctions for sites off Japan's shores are due to kick off in April, and lenders are…

10 Mar 2020

Scorpio Bulkers Sells 3 Vessels

Image: Scorpio Bulkers

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has entered into agreements with unaffiliated third parties to sell two ultramaxes and one kamsarmax for about $53.5 million in aggregate.The vessels are the SBI Jaguar and SBI Taurus, 2014 and 2015 built Ultramax vessels, respectively, and the SBI Bolero, a 2015 built Kamsarmax vessel.None of the three vessels have been fitted with scrubbers, said a press release from the Monaco-headquartered firms…

10 Mar 2020

Golar LNG Appoints New CFO

© Eugene Sergeev / Adobe Stock

Golar LNG said on Tuesday it has appointed Callum Mitchell-Thomson as its new Chief Financial Officer, effective April 20.In October 2019, Golar LNG announced its current CFO, Graham Robjohns, would step down. Robjohns will remain in his current position until April 20, 2020 and will leave Golar on April 30, 2020.Robjohns' successor, Mitchell-Thomson, has 21 years of experience advising energy, utility and infrastructure companies on M&A and capital markets transactions while working for JP Morgan.

09 Mar 2020

US to Warn Shipping Industry Against Storing Iranian Oil

© Vladimir / Adobe Stock

The Trump administration will soon issue an advisory warning ports, tankers and shipping industry players against storing Iranian oil in violation of U.S. sanctions, a State Department official said on Monday.David Peyman, the deputy assistant secretary of state for counter threat finance and sanctions, said the United States will also encourage ship captains and others to take photos of anyone conducting ship-to-ship transfers in case those transfers involve sanctioned oil.

05 Mar 2020

LR Appoints Papageorgiou as M&O President

Elina Papageorgiou (Photo: LR)

Lloyd’s Register (LR) has appointed Elina Papageorgiou as its new Marine and Offshore President for UK and Ireland, commencing on April 1, 2020.Papageorgiou has held a variety of roles across North and South Europe in sales, marketing and finance functions since joining LR in 2004. Most recently, she led LR’s Marine and Offshore sales teams in 11 different countries across South Europe.Papageorgiou graduated with a BSc in Economics from Brunel University and has an MBA from Imperial College London.

03 Mar 2020

MHI Vestas Wins First OWF Order in Japan

Image: MHI Vestas

MHI Vestas Offshore Wind has signed a firm order with Akita Offshore Wind Corporation (AOW) to supply turbines for the Akita Noshiro Offshore Wind Farm (OWF) Project. This is the first firm order in Japan for the Danish wind turbines manufacturer."In a sector first for a utility-scale project in Japan, MHI Vestas Offshore Wind has completed firm and unconditional orders to supply turbines for the Akita and Noshiro offshore wind farms, jointly referred to as the Akita Noshiro Offshore Wind Farm Project…

26 Feb 2020

Singapore Gives 50% Port Dues Concession

Image: Maritime and Port Authority

Singapore's Maritime and Port Authority (MPA) will be giving a 50% port dues concession to passenger ships, to provide relief to ship owners and operators who have seen a drop in passenger volumes because of the COVID-19 (Coronavirus Disease 2019) outbreak.All cruise vessels and regional ferries with a port stay of not more than five days, and passenger-carrying harbour craft will qualify for the new concession.According to MPA, it is expected to benefit more than 600 cruise vessels…

23 Feb 2020

Belships Sells Bulker to Marti Shipping

Image: Belships ASA

Belships ASA, a bulk carrier operator and ship management company, has confirmed that it  entered into an agreement with Marti Shipping & Ship Management of Turkey for a bareboat charter and subsequent sale of BELEAST.The 50 000 dwt bulk carrier was built in 2006 and was the oldest ship in Belships fleet. BELEAST was delivered in December as planned and Belships realized a gain of USD 4.4m.The Charterer has an obligation to purchase the vessel within 24 months and the net cash flow during the period will be approximately USD 3.5m after repayment of outstanding loans.In October…

25 Feb 2020

Saudi-led Coalition Thwarts Red Sea Attack

© momentscatcher  / Adobe Stock

Naval forces from the Saudi-led coalition fighting in Yemen on Sunday foiled an "imminent terrorist" attack by the Iran-aligned Houthi movement in the southern Red Sea, a major commercial shipping channel, the coalition said.The forces destroyed an unmanned boat laden with explosives that was launched from Hodeidah province in western Yemen, coalition spokesman Colonel Turki al-Malki said in a statement on Saudi state news agency SPA, without identifying the targets.There was no immediate confirmation from the Houthi movement…

18 Feb 2020

EU Loan Supports Ystad LNG Upgrades

Artist's impression of the new port (© Port of Ystad)

The European Investment Bank (EIB) has signed a SEK 445 million ($45.6 million) loan agreement with the Municipality of Ystad to expand harbor facilities so that new, larger liquefied natural gas (LNG) vessels on the Swinoujscie-Ystad line can access the harbor.The port in the southern-Swedish town is a busy connection point to the Polish Port of Swinoujscie and the Danish island of Bornholm. The project aims at increasing the capacity and upgrading the Port of Ystad facilities in order to accommodate larger ro-pax vessels over 240 meters in length…

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News