Marine Link
Thursday, June 21, 2018

Financial Services News

Shipping Tycoon Livanos Tied to New Investment Firm

Former senior Goldman Sachs and HSBC banker Matthew Westerman is launching a private investment firm alongside a former colleague and a Greek shipping tycoon, he said on Friday.Westerman will partner his former Goldman Sachs colleague Julian Metherell and Peter Livanos, who owns Greek shipping company Ceres Hellenic, in a new firm called MW&L Capital Partners.The trio will invest in small-to-medium sized targets based on knowledge built up in their respective careers covering financial services, oil and gas, and shipping, Westerman said."We think there is a gap in the market for long-term capital; ours is not '5 year fund money' so we don't have money burning a hole in our pockets and we can afford to be flexible and supportive of management when we see an opportunity…

ICHCA, IAPH Joins for World Ports Sustainability Program

Photo: ICHCA International

ICHCA International, the global NGO and membership association for cargo handling operations, technical, HSSE and risk professionals has signed a Memorandum of Understanding (MoU) with the International Association of Ports and Harbors (IAPH) to pursue cooperative projects of mutual interest. This includes the sharing of the research and findings of ICHCA’s Technical Panel (ITP) with the IAPH membership through its own working groups. The ICHCA Technical Panel has recently launched four new working groups on Dangerous Goods, Digital & Innovation, Straddle Carrier Safety and Dry Bulk Cargoes.

Clausen to Head V.Ships Danish Office

In a move to expand the group’s range of financial services, V.Ships has appointed Jesper Clausen as Managing Director of V.Ships Denmark. V.Ships Denmark, forms a part of V.Investments, the financial services arm of the V.Ships group which is responsible for its investment in MC Shipping, the Amex-listed ship owner, its chartering venture and its advisory and arranging services. Jesper assumes a senior position in building the financial team and in continuing to expand the range of V.Ships Group activities. This move builds on V.Investments’ portfolio of financial services which includes a joint venture with KGAL, AL Ships, GIE financing through V.Ships France, and more general advisory and arranging work performed from offices in London, Singapore and Rotterdam.

Orix Buys RBS Shipping Loans

Photo: Orix

Japanese financial services firm Orix Corp has agreed to buy $290 million (272 million euros) worth of Greek shipping loans from Royal Bank of Scotland (RBS), Reuters reported quoting sources with direct knowledge of the deal. Reuters reported last month the British bank was close to selling at least $600 million worth of shipping loans to financial institutions including Orix. Germany's Berenberg Bank would purchase around $300 million of loans. Most of the loans Orix is buying from RBS are of investment grade and made to Greek borrowers…

Grindrod Shipping Makes US Debut

Photo: Grindrod Shipping Holdings

"On 18 June 2018 at 09h30 EST in New York City, the bell rang on the Nasdaq trading floor signifying the first day of trade for Grindrod Shipping Holdings. The seven-storey Nasdaq Tower in Times Square lit up with the Grindrod Shipping logo and displayed Grindrod Shipping’s majestic vessels," said a press release from the company. The separation and listing of the Shipping division on an offshore stock exchange was contemplated for many years. The separate listing will enable…

DP World Joins World Ocean Council

Image: World Ocean Council

Global trade enabler DP World has become the first company in its sector to join the World Ocean Council (WOC) as part of its leadership journey to actively engage in the protection of the world’s oceans. By becoming a member of the growing international multi-industry alliance on “Corporate Ocean Responsibility” DP World will commence, enhance and advance our role as a responsible leadership company. The WOC is a global, cross-sectoral business leadership alliance with a network of over 35,000 stakeholders addressing corporate ocean responsibility.

US Drillers Continue to Add Oil Rigs

U.S. energy companies added oil rigs for a 14th week in the last 15, extending a nine-month recovery as drillers take advantage of crude prices that have held mostly over $50 a barrel since OPEC agreed to cut supplies in late November. Drillers added eight oil rigs in the week to Feb. 10, bringing the total count up to 591, the most since October 2015, energy services firm Baker Hughes Inc said on Friday. During the same week a year ago, there were 439 active oil rigs. Since crude prices first topped $50 a barrel in May after recovering from 13-year lows last February, drillers have added a total of 275 oil rigs in 33 of the past 37 weeks, the biggest recovery in rigs since a global oil glut crushed the market over two years starting in mid 2014.

Cummins-Case Credit Financial Services Expands

In the midst of a successful first year in the commercial marine market, Cummins-Case Credit Financial Services is announcing significant expansion of its commercial marine financing operation; with a new office in Seattle, and new employees appointed to manage the Gulf and Pacific regions. Since entering the market, sales have exceeded expectations. The company is entering into high quality financing contracts for barges, tug boats, push boats, fishing boats, other work boats and passenger vessels powered by Cummins engines in the U.S. and Canada. The company announced the appointment of Dean Chinnery, who joins as marine-sales finance manager, Pacific region, including Western Canada, Alaska, Hawaii and the western U.S. The company also announced the appointment of Robert F.

Is 'Seablindness' a Myth?

© Gerhard1302 / Adobe Stock

UK politicians and the general public have demonstrated overwhelmingly that they recognize shipping as the biggest mover of the nation’s imports and exports, according to a new study commissioned by the UK Chamber of Shipping. Guy Platten, CEO of the UK Chamber of Shipping, said of the study: “The findings confirm that we can forget about so-called ‘seablindness’ – it just does not exist. Leading pollster Comres surveyed 2,026 members of the British public and 127 UK MPs during the first four months of this year.

Brunswick and Transamerica Form Financial Services Joint Venture

Brunswick Corporation and Transamerica Distribution Finance announced the formation of Brunswick Acceptance Company, LLC (BAC), a joint venture between Brunswick and Transamerica. BAC will offer wholesale financing to the domestic Brunswick Boat Group and Mercury Marine dealer networks. “Over the past 10 years, many financial institutions have gotten into, and out of, marine lending. Our goal is to provide stability and to assure a source of floor plan financing for our dealers over the long term," said Brunswick Chairman and Chief Executive Officer George W. Buckley. "We're extremely pleased to partner with Brunswick in the formation of this new venture and to provide the products and services that we will jointly bring to market," said Steven J.

CEFC Bags Bunker Licence for Zhoushan Free Trade Zone, China

Image: CEFC China Energy Company Limited

CEFC China Energy was awarded a licence by Zhoushan Free Trade Zone for supply  marine bunker fuel off the east coast of China to vessels on international voyages, reports Reuters. The report quoted two CEFC officials saying that the license is to supply bunker fuel from bonded storage to vessels that call at the Zhoushan area. The Zhoushan Free Trade Zone is in the coastal province of Zhejiang and is a new free trade zone the Chinese government approved earlier this year to boost commodities trade.

Cochin Shipyard's $231 Mln IPO Subscribed Over 76 Times

Cochin Shipyard Ltd's initial public offering, which aims to raise up to 14.68 billion rupees ($231 million), was subscribed more than 76 times on the last day of the sale on Thursday, indicating strong interest in the state-run shipbuilder. Investors bid for about 2.59 billion shares, compared with nearly 34 million shares on offer, data from stock exchanges showed as of 0130 GMT. The company, which also repairs ships, was selling about 22.7 million new shares in the price range of 424 rupees to 432 rupees apiece, while the Indian government was selling about 11.3 million shares in the company. SBI Capital Markets, Edelweiss Financial Services and JM Financial Institutional Securities are the lead banks managing the IPO. The stock is set to make its trading debut on or around Aug. 11.

Moore Stephens Offers Financial Services for Superyacht Crew

Moore Stephens Yachting now provides financial advice and services to yacht crew, ranging from offshore bank accounts to pensions.  For over 100 years, Moore Stephens has a long-standing reputation in the global shipping industry.  Moore Stephens Isle of Man has been active in the superyacht industry for over eighteen years, particularly in the provision of turnkey yachting and VAT solutions.

OPOL Appoints Charles Taylor for Administration/Financial Services

Alistair Groom

Oil industry company Offshore Pollution Liability Association Limited (OPOL) has appointed Charles Taylor to provide administrative and financial services following a competitive tender. All offshore operators currently active in exploration and production on the United Kingdom Continental Shelf are party to a voluntary oil pollution compensation scheme known as OPOL. It applies to all offshore facilities from which there is a risk of a discharge of oil causing pollution damage.

Hyundai Merchant Marine to buy Hanjin's 'Good' Assets

South Korea's financial regulator said on Wednesday that Hyundai Merchant Marine Co Ltd will seek to acquire healthy assets of troubled shipper Hanjin Shipping Co Ltd. The Financial Services Commission said in a statement that Hanjin will soon file for court receivership but that the impact from the filing on domestic financial markets will be limited. A Hyundai Merchant Marines spokesman told Reuters nothing has been decided on any potential acquisition of Hanjin assets and that the firm will be in talks with Hanjin lead creditor Korea Development Bank concerning future plans. Reporting by Joyce Lee and Changho Lee

Hyundai Eyes Samsung, LG Cargo

Photo: Hyundai Merchant Marine Co Ltd

South Korea’s second-largest container line Hyundai Merchant Marine Co Ltd is in talks with South Korean firms such as home appliance makers Samsung and LG to carry their cargo, Reuters reported quoting the chairman of South Korea's Financial Services Commission. Hanjin Shipping Co Ltd was handling cargo of Samsung Electronics Co Ltd and LG Electronics. Hyundai plans to deploy 13 more vessels to the U.S. and Europe to help ease cargo disruptions after its bigger rival Hanjin's collapse, according to a report in Bloomberg.

Foss Names Sumner CFO

Bryceon Sumner (Photo: Foss)

Bryceon Sumner has joined Foss Maritime as chief financial officer, hired to oversee all aspects of the organization's financial function and performance. Sumner brings to the role years of experience gained at a number of organizations ranging from education technology and real estate, to architecture and financial services. Prior to joining Foss, Sumner served as COO and CFO for public and private companies, family offices and as a senior financial officer of a $60 billion government banking insurance fund.

Ex-chairwoman of Hanjin Under Scrutiny

Photo: Hanjin Shipping

The former chairwoman of bankrupt Hanjin Shipping Choi Eun Young  is under investigation for alleged insider trading BBC reports qoting South Korea's Financial Supervisory Service. She has come under scrutiny after it was revealed she sold all her shares in the firm days before it filed for a debt restructuring programme in April. Ms Choi and her two daughters sold shares worth 3bn won ($2.7m, £2.1m) in April. She left the company in 2014. The sell-off saved Ms Choi and family around S$1.35 million as Hanjin continued to sink amidst the global downturn in trade…

China Seeks to Strengthen Financial Services to Maritime Sector

© Tom Baker / Adobe Stock

China’s central bank on Thursday issued guidelines to strengthen financial services for maritime sector development, part of China’s efforts to build the country into a maritime power. China will support maritime firms to raise funds through capital markets, according to the statement jointly issued by eight government agencies, including the People’s Bank of China and State Oceanic Administration. China will also accelerate development of maritime related insurance and encourage insurance funds to increase investment in the maritime sector.

First Women in Maritime Taskforce Meeting Held

Maritime Minister, Nusrat Ghani MP. Photo: Maritime UK

UK Maritime Minister Nusrat Ghani MP joined the first meeting of maritime sector's new Women in Maritime Taskforce, demonstrating government support for the initiative. At the meeting she said: “This task force will be crucial in opening up the wealth of career opportunities in the maritime industry to women around the country. “The UK has one of the most competitive maritime sectors in the world and with only 3% of the workforce being women, it is vital more take advantage of the exciting opportunities the sector has to offer.

Cosco Raises $1.8bln Capital

Photo: COSCO

China’s COSCO Shipping Development Co Ltd  announced a proposed nonpublic issuance of about 3.28 billion shares to specific investors, including its parent company, to raise up to 12 billion yuan ($1.79 billion), reports China Daily. COSCO Shipping Development will become a financing platform of its parent company-China Cosco Shipping Corp, the country's largest shipping company, according to its public statement. The company will use 6 billion yuan and 2.4 billion yuan from the proceeds for the capital injection into two of its subsidiaries…

Grindrod to Float Listing of Shipping Business Offshore

Photo: Grindrod

Grindrod, the South Africa-listed freight logistics and shipping services firm, said on Friday it will list its shipping business offshore, with a secondary listing on the Johannesburg bourse. Grindrod, which also has a financial services business, said the transaction which will list the shipping business on the NASDAQ is estimated to be implemented by June, 18. Reporting by Tanisha Heiberg

China to Set up Hainan Free Trade Zone by 2020, Port by 2025

© alextan8 / Adobe Stock

China aims to establish a free trade zone in Hainan by 2020 and will encourage multinationals to set up their international and regional headquarters in the province, state news agency Xinhua reported citing a government document. The guidance was jointly issued by the ruling Communist Party and State Council, Xinhua said. It comes after President Xi Jinping announced on Friday that the country would grant foreign firms greater economic freedom in the southernmost province. Known for its sandy beaches and resort-lined coast…

Maritime Reporter Magazine Cover Jun 2018 - Green Marine Technology

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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