Auxo Investment Acquires Andrie LLC
Private investment firm Auxo Investment Partners said it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed, marks Auxo’s sixth acquisition in 16 months, and builds on the firm’s December 2017 acquisition of M/G Transport Services, a leading dry-bulk transportation and logistics company based in New Orleans.Andrie, founded in 1988, is a company serving the Great Lakes, working extensively with large global customers.
Auxo Investment Partners Acquires Andrie LLC
Deal builds on Auxo’s December 2017 acquisition of leading dry-bulk transportation and logistics company, M/G Transport Services. Private investment firm Auxo Investment Partners announced today that it is partnering with the Andrie family with an investment in Andrie LLC, a Michigan-based Jones Act bulk transporter of specialty products including liquid asphalt, cement, light oil petroleum products, and calcium chloride throughout the Great Lakes. The deal, terms of which were not disclosed…
Russia Ramps up Fuel Exports in Fight for European Market
Russia plans to sharply increase fuel exports and carve out a larger share of the European market following an extensive $55 billion modernisation of its refineries, companies' plans and analysts' reports show. Russia embarked on a modernisation of its biggest refineries in 2011 following a fuel shortage crisis. It also changed its tax system to favour production of cleaner and higher-quality fuel. The modernisation, which has not been completed yet, led to a surge in output of light products and exports, which has hurt European refineries' margins.
Concordia Maritime Inks P-MAX Tanker Contract
Concordia Maritime has signed a new consecutive voyage contract for the P-MAX tanker Stena Polaris. The contract, which comes into effect in May 2016, is for one year. The contractual partner is one of the world’s largest oil and gas companies. “This is a new niche trade that we have identified together with our customer. The new contract clearly demonstrates that we have found an arrangement that creates value for all parties. The customer has a specific transport need for which the large load capacity of the P-MAX tankers will be well suited.
Concordia Maritime Signs Time Charter Contract for P-MAX Tanker
Concordia Maritime signed a contract to charter out another P-MAX tanker. The contract, which comes into effect at the beginning of February 2016, is for one year with an option for a further year. The contract partner is a UK shipping company. “We are continuing to take advantage of the strong market by chartering out another of our P-MAX tankers over a longer period. The contract is fully in line with our chartering strategy. We ensure a good level of income for the vessel over the coming year, while balancing the exposure to the spot market in a well-judged way. In a short time, we have now chartered out two of our ten P-MAX tankers over longer periods and we are evaluating the possibility of similar arrangements,” says Kim Ullman, CEO of Concordia Maritime.
Syzran Refinery Output Up
Following the results of nine months of 2014, Syzran Refinery, a part of the Samara group of refineries of Rosneft, increased output of major oil products compared to the same period in 2013. For instance, almost 1.5 million tons of diesel fuel were produced which is 12% higher compared to the first nine months of 2013, and exceeds the plan by 18%. Production of motor spirit increased by 85 thousand tons compared to the previous year, and amounted to 900 thousand tons. The plant exceeded the business plan by 14%.
SENESCO Signs Contract, Launches Barge for Cancer Awareness Program
Southeastern New England Shipbuilding Corporation (SENESCO) of North Kingstown, R.I., signed a major contract with Barges Unlimited, a subsidiary of Seaboats, Inc., of Fall River, Mass., to build an 80,000-bbl, 320-ft. double hull barge. The contract value is in excess of $6.5 million. With this contract signing, SENESCO will manufacture the largest double-hull barge ever constructed in the northeastern U.S. Work on the project is expected to take up to one year to complete. When finished, the barge will be used by Seaboats for the transportation and delivery of light oil products. SENESCO currently employs 110 people. However, with the addition of this contract and other business, the shipyard expects to add 40 to 50 new skilled workers to the staff.
SENESCO Signs $6.5 Million Barge Building Contract
Southeastern New England Shipbuilding Corporation (SENESCO), North Kingstown, R.I., has penned a contract with Barges Unlimited of Fall River, Mass. to construct an 80,000-barrel, 320-ft. (97.5 m) double hull barge valued at more than $6.5 million. Per the agreement, SENESCO will manufacture the largest double hull barge ever constructed in the Northeast. Work is expected to commence immediately and is expected to take up to one year for completion, at which time it will be utilized by Seaboats for transportation and delivery of light oil products.