Marine Link
Saturday, October 20, 2018

Financial Services News

U.S. Rig Count Drops, But E&P Spend Up 13%

Image: © xmentoys/Adobe Stock

U.S. energy companies this week cut oil rigs for a second straight week, and notched the first monthly fall since March.Drillers cut four oil rigs in the week to June 29, bringing the total count down to 858, General Electric Co's Baker Hughes energy services firm said in its closely followed report on Friday. <RIG-OL-USA-BHI>That was the first time drillers cut rigs for two weeks in a row since October 2017. For the month, the rig count decreased by one, its first decline since March.For the quarter


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.

China's Crude Oil Futures Boom Amid Looming Iran Sanctions

© Igor Groshev / Adobe Stock

A U.S. decision to reimpose sanctions on Iran is supporting China's newly established crude oil futures, and may spur efforts to start trading oil in yuan rather than dollars, traders and analysts said.Since launching in March, Shanghai crude oil futures have seen a steady pick-up in daily trading, while open interest - the number of outstanding longer-term positions and a gauge of institutional interest - has also surged.Traded daily volumes hit a record 250,000 lots last Wednesday


DZ Bank in Final Stage of Selling Parts of DVB

(Photo: DVB Bank)

Germany's No.2 lender DZ Bank is finalizing the sale of parts of its troubled transport financing division DVB Bank months after struggling to sell the whole business, two sources familiar with the matter said.DZ Bank has had to make large provisions for bad loans in shipping finance, which is among the reasons for the sale process.The sources, who declined to be identified due to the sensitivity of the matter, said DZ Bank, which is also the umbrella organisation of German co-operative bank chain Raiffeisen-Volksbanken


Quadrise Fuels Signs MoU with Freepoint Commodities

Image: Quadrise Fuels International plc

Fuel oil technology firm Quadrise Fuels International said it had signed a non-binding memorandum of understanding with commodities trader Freepoint Commodities to provide commercial opportunities for its MSAR fuel technology product.The Synthetic fuel developer said that this followed the effective end of a trial in Saudi Arabia for a combustion boiler project that would have used MSAR due to the lack of an agreement between the utilities involved. MSAR is a low viscosity oil in water emulsified synthetic HFO.Freepoint


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.

“Blockchain” and the World of Marine Insurance

© the_lightwriter / Adobe Stock

If you’ve been working in the marine insurance industry lately, you will have heard about “blockchain” at some point; it is the electronic, distributed ledger, notoriously known for enabling the use of cryptocurrencies such as Bitcoin and Ether. But the blockchain technology’s utility goes beyond cryptocurrencies, potentially offering creative ways to solve other real-world problems. Within blockchain ledgers, the use of ‘smart’ contracts essentially converts contractual obligations into lines of computer protocols, which facilitate, verify, or enforce its performance.

DMCC, Maersk Team up on Shipping Solution

Photo: Dubai Multi Commodities Centre (DMCC)

Dubai Multi Commodities Centre (DMCC), the world’s leading Free Zone for trade and enterprise in Dubai, has teamed up with Maersk Trade Finance to offer a ‘one-stop-shop’ solution that handles both the flow of goods and financing. The requirement was raised by DMCC’s Food Trade Group, set up in October 2016, an industry group aimed at growing the global food trade industry by connecting financiers and traders alike. As a result, DMCC and Maersk came together to provide the trade with a solution that meets both their shipping and financing needs including pre- and post-shipment finance.

US Oil Rig Count Steady this Week -Baker Hughes

© Aneese / Adobe Stock

U.S. energy companies kept the oil rig count unchanged this week, General Electric Co's Baker Hughes energy services firm said on Friday, as some analysts expect a gradual decline in overall rigs in the fourth quarter and in 2018. The rig count, an early indicator of future output, held at 738 in the week to Nov. 17, still much higher than 471 rigs a year ago as energy companies boosted spending plans for 2017 as crude started recovering from a two-year price crash. The increase in drilling lasted 14 months before stalling in August


Brexit Prompts North P&I Club to Set up Dublin Subsidiary

British ship insurer North is setting up a new European Union subsidiary in Dublin in case Britain loses access to the single market after Brexit, becoming the first of these specialised providers to announce such a move. Insurers are making contingency plans after Britain’s vote to leave the EU means they could risk losing “passporting” rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs like North could weaken other parts of the country’s multi-billion pound shipping services sector.

Ship Insurer Britannia Sets Up Subsidiary for EU

Image: Britannia P&I

Following Britain’s decision to leave the European Union, British ship insurer Britannia plans to set up a subsidiary in Luxembourg, Reuters reported. It is to ensure it can continue to trade in Europe, the company said. According to company data Europe accounts for over 40 percent of Britannia’s global business. The report said that insurers are making contingency plans because when Britain leaves the EU on March 29, 2019, they could lose “passporting” rights that allow UK financial services firms to trade in Europe without the need for locally regulated entities.

Socgen Joins SEA\LNG

Photo: SEA\LNG

French multinational banking and financial services company Societe Generale (Socgen) has joined SEA\LNG, the industry coalition promoting the use of liquefied natural gas (LNG) as a marine fuel. The bank is the first financial institution to join SEA\LNG. Joining a growing band of industry leaders from across the LNG value chain, Societe Generale brings an essential financial perspective to the group which aims to accelerate the uptake of LNG as a marine fuel. Paul Taylor, Global Head of Shipping Finance


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.

Road Map to Boost Singapore Maritime Industry

Dr Lam Pin Min, SMS, Ministry of Transport and Ministry of Health, at the PSA ‘Intelligent Port of the Future’ Exhibition showcasing the transformation of port operations through technology and innovation. Photo:  Maritime and Port Authority of Singapore

Dr Lam Pin Min, Senior Minister of State (SMS) for Ministry of Transport and Ministry of Health, launched the Sea Transport Industry Transformation Map (ITM) at the annual Singapore Maritime Foundation New Year Cocktail Reception. Developed by the Maritime and Port Authority of Singapore (MPA) in partnership with the industry, unions and other government agencies, the Sea Transport ITM builds on MPA’s strategic long term plans to develop Singapore’s next-generation port and strengthen our international maritime centre (IMC).

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.

EIB, ING Earmark USD 370.3 mln for Green Shipping

Photo: European Investment Bank

The European Investment Bank (EIB) and Dutch multinational banking and financial services corporation ING signed an agreement to support green investments for the European shipping market for a total value of EUR 300m  (USD 372.5million). ING and EIB will each contribute EUR 150m to the facility. This agreement will ensure that sponsors of green and sustainable projects in the maritime transport sector can benefit from advantageous financial terms. The facility is available to clients with significant European interests


Steamship Mutual Opts for Dutch Hub as Brexit Hedge

British ship insurer Steamship Mutual plans to set up a new Dutch subsidiary to ensure continued access to trade in the European Union in case Britain loses single market access. "We are about to apply for a licence to establish a subsidiary company in the Netherlands," Steamship Mutual's executive chairman Gary Rynsard told Reuters in an email, adding it would opt for the port city of Rotterdam. Britain dominates the global marine insurance market and losing access to specialist Protection and Indemnity (P&I) clubs could weaken its multi-billion pound shipping services sector. Steamship Mutual, which employs around 150 people in the UK, is one of 13 major global P&I clubs and Europe represents more than 30 percent of the insurer's global business.

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.

Consortium: Blockchain Solution to Improve Ocean Shipping

Blockchain is a new type of distributed database system that maintains and records data in a way that allows multiple stakeholders to confidently and securely share access to the same information. Image Accenture

A consortium comprising AB InBev, Accenture, APL, Kuehne + Nagel and a European customs organization has successfully tested a blockchain solution that can eliminate the need for printed shipping documents and save the freight and logistics industry hundreds of millions of dollars annually. The consortium tested a solution where documents are no longer exchanged physically or digitally but instead, the relevant data is shared and distributed using blockchain technology under single ownership principles determined by the type of information.

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 Oct 2018 - Marine Design Annual

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.

Subscribe
Maritime Reporter E-News subscription

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

Subscribe for Maritime Reporter E-News