Listed Companies News

QatarEnergy has selected Qatar Gas Transport Company Limited (Nakilat) to be the owner and operator of up to 25 conventional-size LNG carriers pursuant to Time Charter Parties (TCP).The 25 vessels, each with a capacity of 174,000 cubic meters, will be owned 100% by Nakilat and chartered out to affiliates of QatarEnergy. They are scheduled for construction at South Korean shipyards.This constitutes the first award in the second batch of long-term TCPs under QatarEnergy’s LNG fleet expansion project.

Seismic group TGS, a supplier of key data to the oil industry, has agreed to buy loss-making rival PGS in an all-share deal valued at 9.3 billion Norwegian crowns ($864 million), the two Oslo-listed companies said on Monday.The groups expect "significant economies of scale" from the combination, with a preliminary estimate of cost cuts amounting to $50 million, they said in a joint statement.The deal, if approved by regulators, will give TGS ownership of seven modern seismic ships…

The energy transition is moving ahead amid recovery in offshore oil & gas and growth in offshore wind, leaving vessel owners that serve these markets with big questions about energy carrier and energy converter selection for their newbuilds.What is driving the change?The foundations of energy transition in the offshore and marine segment can be found at global, regional, national and local levels:At a global level, International Maritime Organization (IMO) measures cover vessel energy efficiency (for vessels over 400 gross tonnes) and carbon intensity (for vessels over 5…

Greek dry bulk shipowner OceanPal on Friday announced that it has appointed Robert Perri as its new chief executive officer, effective as of February 2, 2023. Perri replaces Eleftherios Papatrifon, who has served as the company’s CEO since November 2021 and who will continue to serve as a Class II director.Perri has over 15 years of shipping company experience, including five years as the chief financial officer of two U.S.-listed companies, and five years as the CFO of a private shipping company. In addition, Perri spent 10 years in equity research for several investment banks covering various industries including shipping, technology and IT services.

A christening ceremony at Oshima Shipbuilding yard in Japan was recently held by U-Ming Marine Transport Corporation (TSEC code: 2606 – one of nine public-listed companies of the Far Eastern Group) for its new built 99,990 DWT Post Panamax Bulk Carrier M.V. Cemtex Dominance.The event was hosted by Mr. Douglas Hsu, Chairman of the Far Eastern Group on July 12, 2022, with attendance of Mrs. Tracy Tsai Wang, who christened the vessel and also many business associates and distinguished guests.Measuring 235m in length and 40m in width, M.V.

Watson Farley & Williams (WFW) announced that, following the election of George Paleokrassas as the firm’s senior partner, partner Alexia Hatzimichalis will be taking over as Athens office head.Hatzimichalis, who joined the firm in 2001 and made partner in 2014, also heads the assets and structured finance team in Athens. Qualified in England and Wales, originally as a barrister and then as a solicitor, Hatzimichalis advises on a wide range of ship finance matters for clients including Greek and international banks, other financial institutions and ship-owning groups and U.S.-listed companies.

Braemar Shipping, a shipbroker and consultant within shipping investment, chartering, risk management, and logistics services, on Thursday, announced the appointment of Tristram Simmonds as its Chief Operating Officer.He will join the board as executive director, while Elizabeth Gooch MBE will also join the Board as a non-executive director. The appointments will take effect from August 1, 2021.Simmonds is the Managing Director of Braemar Atlantic Securities, Braemar Shipping's brokerage business. He has c.

In June, the United States imposed sanctions on half a dozen oil tankers managed by established shipping firms. It was a major escalation of American attempts to choke off Venezuela’s oil trade.Within weeks, a little-known company based in the United Arab Emirates took over management of several tankers that had been shipping Venezuelan oil. The vessels got new names. And then they resumed transporting Venezuelan crude.The company, Muhit Maritime FZE, is one of three UAE-based entities identified by Reuters that have shipped Venezuelan crude and fuel during the second half of this year. Their role emerges from an examination of internal shipping documents from Venezuela’s state oil company as well as third-party shipping and vessel tracking data.

The inland waterway system, flowing through the United States heartland, is a microcosm of all that has been happening in 2020: trade tensions, infrastructure issues, shifting trends in fuel consumption and the pandemic that has gripped us since the winter months. Shortly after the initial coronavirus outbreak here in the U.S., maritime workers were deemed to be “essential”, paving the way for cargo flows to recover from their springtime nadir. As COVID-19 infections turned up on U.S. shores, the boats continued plying the waterways, albeit with reduced volumes in some cases.

Willis Towers Watson unveiled a new type of cyber insurance product for shipowners that redesigns standard cyber policies to better navigate the risks for ship operators in the digital era.The solution, CyNav, addresses cyber threats in the broadest sense, including losses that occur from cyber-related business interruptions, even when the cyber events originate with third party IT service providers.CyNav’s primary focus is to support the continuity of maritime businesses and…

The environment in oil patches onshore and offshore alike has been challenging throughout 2019; worries about an economic slowdown – whether cyclical or induced by a trade war – have weighed heavily on oil prices, even in the face of reduced production by the big producers. Though storm clouds persist, there appears a clearing on the horizon.The fate of Offshore Service Vessels (OSVs) is, naturally, closely tied to the price of oil. Seacor Marine’s John Gellert, in reviewing its Q2 results, said: “Activity levels in the U.S.

Brazil’s Petrobras is on track to become the world’s largest oil producer among publicly listed companies by 2030, based on Rystad Energy’s latest data and forecasts.Brazil’s biggest-ever oil auctions in November were generally deemed to be disappointing, receiving muted interest from international exploration and production companies.However, national oil company Petrobras could not have asked for a better outcome. The world’s fastest growing oil producer gained nearly full control of more than eight billion barrels of oil in the Buzios field, where a sixth floater is being planned.To develop these and other resources off the coast of the South American country, Brazil is set for a whopping $70 billion offshore capital investment spree between 2020 and 2025, solely on field development.

Singapore has launched its first Maritime Sustainability Reporting Guide to support local companies' sustainability development practices.The guide was jointly launched by the Maritime and Port Authority of Singapore (MPA), Singapore Exchange Limited (SGX), Global Compact Network Singapore (GCNS), Institute of Singapore Chartered Accountants (ISCA), and sustainability consultants from Ernst & Young LLP, KPMG and PwC Singapore.According to MPA, the Guide provides a practical framework, including best practices for creating a maritime sustainability report, for both listed and non-listed maritime companies.The need for the Guide was spurred by industry feedback on the growing need for sustainability reporting guidelines…

“If consolidation was the solution to all that ails shipping, then container liner companies would be super profitable. They are not. In ‘commoditized’ sectors of the shipping industry, which by now includes pretty much everything apart from very small niche markets, there is hardly any economies of scale at the company level. As long as bigger is not in fact much better, then meaningful consolidation will not happen.”Dr. Roar Adland, visiting scholar at MIT Center for Transportation and Logistics and Professor at the Norwegian School of Economics (NHH).Like any other business…

The new 0.5% sulfur cap on fuel content for the global maritime industry means the container-shipping industry will need to offset up to $10 billion in incremental costs, starting Jan. 1, 2020, when the cap is slated to take effect, said a study.IMO 2020 regulations is promulgated by the United Nations’ International Maritime Organization (IMO).The new report by the global consulting firm AlixPartners also finds that the new fuel rule could expose carriers on just eastbound Asia-Americas routes plus Asia-Europe routes—which together account for about 20% of container-shipping volume globally—to up to $3 billion in additional costs alone.By way of comparison…

The 2018 report on the “Leading Maritime Nations of the World” ranks China as the world’s leading maritime nation, placed among the top four on all the maritime pillars in the ranking. China’s position is particularly strong in shipping and ports & logistics.The study conducted by Menon Economics benchmarks the 30 leading maritime nations around the world in four key maritime pillars: shipping, finance and law, maritime technology and ports & logistics, in an attempt to understand the key drivers behind national maritime success. DNV GL and Menon Economics presented the report at the SMM trade fair in Hamburg.The USA is placed second, scoring high in all four dimensions, followed by Japan.

Ship owners can derive imperative business and operational insights from integrated, real-time data which is readily accessible via a single platform, especially if it can be taken away with you, writes V.Group CIO Stephen MacfarlaneFor the maritime industry, these are exciting and momentous times, with digitalization as an emphatic and decisive pivot point in operational, business and environmental sustainability. The potential is now incontestable for businesses along the entire length of the supply chain to effect the requisite changes and witness substantial digital advantages – or…

Thoresen Thai Agencies Public Company reported the sale of M.V. Thor Enterprise, a general cargo vessel with a rated capacity of 42,529 deadweight ton (DWT) built in 1995. The Vessel was sold to a company which is not a connected person of the Company by Thoresen Shipping Singapore, a wholly owned subsidiary of the Company. Sources, quoting data provided by VesselsValue said that although Thoresen has not identified the buyer of the vessel, Thor Enterprise, renamed Asian Enterprise, was sold to India’s Hermes Maritime last month. Marinetraffic.com data also confirms the new name Asian Enterprise. The Vessel was sold at a price of USD 5,600,000. After the sale of M.V.

Paris and Rome should be able to resolve their differences over the sale of a disputed shipyard, Italy's industry minister said on Wednesday, but he hinted that French investors might yet be hurt because of the row. The comments from Industry Minister Carlo Calenda could spell trouble in particular for French media group Vivendi , which has taken control of Italy's main telecom provider Telecom Italia (TIM). France angered Rome last month by ordering the "temporary" nationalisation of STX France shipyards…

The primary contractor for China's naval force China State Shipbuilding Corp (CSSC) is preparing a major asset reorganization involving its two subsidiaries, reported China Daily. The companies have halted stock trading on the Shanghai Stock Exchange The announcement said that whether the reforms take place would be decided in the next 10 trading days. CSSC Holdings Ltd and CSSC Offshore and Marine Engineering Co Ltd both acted upon the notices from their parent company about the potential asset reform by suspending their stock trading. The CSSC group is the parent of three listed companies. CSSC Science and Technology Co Ltd didn't respond to the notice.

A primer for navigating the ‘ups and downs’ of marine money for domestic stakeholders. Vessel financiers are resourceful and adaptable to changing markets. On the domestic side, financiers of Jones Act and “brown water” assets have continued to serve their customers through shifting shoals in both broader capital markets and in the marine markets – both known for their ups and downs. Marine finance can take many forms. In the broadest sense, funding can be done through loans, where the vessel is owned by the borrower…

Thoresen Thai Agencies sells M.V. Thor Horizon, a general cargo vessel with a rated capacity of 47 111 DWT and built in 2002 for  just over US$5.38 million. "The Vessel was sold to a company which is not a connected person of the Company by Thoresen Shipping Singapore Pte. Ltd., a wholly owned subsidiary of the Company," said a press release. After the sale of M.V. Thor Horizon, the Thoresen fleet will consist of 21 vessels with an average size of 53,491 DWT and an average age of 12.0 years. The sale is in line with prevailing dry bulk shipping conditions, in which older vessels become less competitive and less able to meet operating costs.

OK. Full disclosure. We spent more than ‘five minutes’ on the phone with Chia Yoo Soon, General Manager, Finished Lubricants – Marine, Chevron Marine Lubricants. But given that we are based in New York and he is based in Singapore, the time difference mandated an efficient conversation for both. Without overstating the obvious, ship owners are under tremendous pressures. A relentless regulatory hammer continues to pound out new and ever stricter environmental and emission rules, while at the same time many sectors are in the midst of a historic and prolonged slump.