Financial Services News

29 May 2019

NYK Joins Task Force on Climate

Photo: NYK Line

Japanese shipping giant Nippon Yusen (NYK) has announced its support of recommendations by the Task Force on Climate-related Financial Disclosures (TCFD), in addition to the company’s participation in the TCFD Consortium established on May 27, 2019.NYK aims to improve its climate change–related disclosures through discussion and information-sharing in the consortium.In NYK’s medium-term management plan “Staying Ahead 2022 with Digitalization and Green” released in 2018, NYK announced the group’s intent to integrate environmental…

08 May 2019

Siemens Exits Power, Gas, Renewable Biz

Pic: Siemens Gamesa Renewable Energy

German conglomerate Siemens AG said it will spin off and give up its majority stake in its energy division and merge it with separately listed wind turbine supplier Siemens Gamesa Renewable Energy (SGRE), creating a new multi-technology global energy powerhouse. The company’s supervisory board announced the spinoff on May 7 as part of its Vision 2020+ strategy concept. The board said the move would help Germany-based Siemens meet medium-term growth and profit targets by “clearly…

19 Apr 2019

Europe Invests $30bln in Wind in 2018

Image: WindEurope

Europe invested a total of EUR27bn (USD 30.34bln) in new wind farms in 2018, allowing it finance a record amount of new wind energy capacity, according to European trade body WindEurope.Europe invested EUR 10.3 billion in new offshore wind farms with a combined capacity of 4.2GW in 2018.Investments in new offshore wind projects increased by 37% from 2017 but were still some way off the record EUR 18.2 billion seen in 2016, according to the report. The capacity financed in 2018 is also the second highest after 2016.The total amount invested in wind power is similar to previous years.

04 Apr 2019

Swedish Bank to Finance Star Bulk

Pic: Star Bulk Carriers

Swedish financial group Skandinaviska Enskilda Banken AB (SEB) is providing US$71.42m term facility to Star Bulk Carriers for the refinancing of two Newcastlemax-size bulk carriers. Watson Farley & Williams (WFW) is the advisor for the deal.The London based international law firm said that the deal also involved partly financing the prospective capital expense for the retrofitting of the ships with scrubbers, ahead of the entry into force of the 2020 IMO regulations.The two ships…

02 Mar 2019

Mass. Maritime Honors IRI's Gallagher

Mr. William Gallagher, President of International Registries, Inc.

William Gallagher, President of International Registries, to be named Massachusetts Maritime Academy's Maritime Person of the Year.Since 1995, Massachusetts Maritime Academy has been honoring leaders with a renowned career of excellence, innovation and service to the maritime industry with the Emery Rice Medal at their Salute to the Maritime Person of the Year events. This year they will honor Mr. William Gallagher the President of International Registries, Inc. for his distinguished support and expertise…

14 Feb 2019

Consortium Buys Veja Mate Offshore Wind

Image by Ingka Group

A consortium led by asset manager Commerz Real AG, WPD Invest, KGAL and IKEA franchisee Ingka Group will acquire an 80% stake in the 402-MW Veja Mate offshore wind park in the German North Sea.Veja Mate offshore wind park in the North Sea  is the second-largest German offshore wind farm with 67 turbines and a capacity of 402 megawatts. The total investment comes more than two billion eurosCommerz Real and Ingka Group said in a joint statement today that they will each invest more…

17 Jan 2019

Bill to Honor U.S. Merchant Mariners of WWII Introduced

Garamendi meets with WWII Merchant Marine Veterans and family members of deceased veterans in Washington, DC. Photo: John Garamendi Govt Website

Rep. John Garamendi introduced House Resolution 550, aka the Merchant Mariners of World War II Congressional Gold Medal Act, in Congress Tuesday.The bill aims to award a Congressional Gold Medal to merchant mariners who served in World War II. The Gold Medal is one of the highest honors awarded in the United States.“Throughout the Second World War, our armed forces relied on the Merchant Marine to ferry supplies, cargo and personnel into both theaters of operation, and they paid a heavy price in service to their country…

15 Jan 2019

Barclays Rejects Arctic Drilling

Image: NERC

U.K.-based international bank Barclays  announced a new energy policy that significantly restricts the bank’s financing for the exploration or extraction of oil and gas in the Arctic.The policy  rules out funding for companies seeking to drill in the Arctic Refuge as well as other climate change threats.According to the British multinational investment bank and financial services company headquartered in London, arctic oil and gas refers to new exploration and extraction of oil and gas in the area within the Arctic Circle which is subject to sea ice…

19 Oct 2018

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…

27 Jul 2018

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…

29 Jun 2018

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…

19 Jun 2018

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…

18 Jun 2018

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.

10 Jun 2018

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.

08 Jun 2018

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…

14 May 2018

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…

16 Apr 2018

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…

23 Mar 2018

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

17 Mar 2018

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.

22 Feb 2018

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.

22 Feb 2018

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.

19 Feb 2018

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…

31 Jan 2018

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.

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