Majority Stake News

Cyan Renewables, a portfolio company of Seraya Partners, has acquired a majority stake in Sentinel Marine to strengthen its position in the UK offshore wind market and boost its local content.Singapore-based Cyan Renewables, Asia’s first dedicated offshore wind vessel operator, has reached an agreement to acquire a 75% stake in Sentinel Marine, a maritime environmental response vessel operator in the UK that currently owns the youngest fleet of Emergency Response and Rescue Vessels (ERRVs) in the UK.Sentinel Marine boasts a fleet of 13 modern…

Inchcape Shipping Services has taken a major share of Leth Suez Transit Ltd AS (LETH). Under the new ownership structure, Otto Jervell, the CEO of LETH, will continue to helm the company as a part-owner.LETH, with its heritage starting in 1924 as a bunker supplier in Egypt, has grown into a globally recognized top transit agent. The company currently handles more than 200 transits per month in the Suez Canal.While the Suez Canal remains at the core of LETH, the company's expertise and solution-oriented approach have expanded to cover other vital transit locations, including the Panama Canal, the Turkish and Danish Straits, and key bunkering locations such as Singapore and Gibraltar.

The first hybrid Platform Supply Vessel (PSV), which uses batteries and diesel for propulsion, has started operating for Equinor in Brazil.With the battery bank installed, the PSV is able to operate with hybrid propulsion, switching between the use of electricity and diesel. This is expected to reduce emissions by up to 40% during vessel’s activities.The PSV will be part of the logistics of the Bacalhau field, in the Santos Basin, where Equinor has a majority stake secured in…

South Korean private equity firm Hahn & Co is reviewing strategic options for its majority stake in SK Shipping Co, including a sale that could value the company at about $10 billion including debt, Bloomberg News reported on Thursday.Hahn & Co is working with financial advisers as it weighs a partial or full sale of its stake, the report said, citing people familiar with the matter, adding that it was considering other options like selling individual divisions of the Seoul-based shipping company.SK Shipping did not immediately respond to a Reuters request for comment, while Hahn & Co could no

Exxon Mobil Corp chose BlackRock as the potential buyer for its majority stake in Italy's main liquefied natural gas (LNG) import terminal, the U.S. oil producer said in a statement.The stake sale drew interest from infrastructure funds and international groups as Italy is expected to increase its LNG imports to partly replace the gas it used to get via pipeline from Russia.In March, Exxon said it was considering selling its 70.68% interest in the offshore Adriatic LNG Terminal…

Morgan Stanley's infrastructure investment arm is teaming up with U.S. maritime, energy and logistics solutions company Crowley to advance offshore wind energy solutions for the United States.Investment funds managed by Morgan Stanley Infrastructure Partners (MSIP), a private infrastructure fund platform within Morgan Stanley Investment Management (MSIM), will hold a majority stake in Crowley Wind Services Holdings, a joint venture combining Crowley's end-to-end maritime and logistics capabilities with the financial strength and expertise of Morgan Stanley.

The largest terminal at Southern California's Port of Long Beach closed on Monday as dockworkers who have been working without a contract since July rally for better pay.The Port of Long Beach is the second-busiest U.S. container terminal and a key trade gateway. Monday's closures followed similar disruptions on Friday in Oakland, California.Total Terminals International LLC (TTI) in a notice to customers said all appointments were canceled for the first gate shift. Mediterranean Shipping Company SA (MSC)…

Four international groups are competing to buy Exxon Mobil Corp's majority stake in a liquefied natural gas (LNG) terminal offshore Italy, two sources familiar with the matter said. The deal could value the entire LNG terminal at around 800 million euros ($881 million), the sources said. Exxon said in March it was considering selling its majority stake in Adriatic LNG, Italy's main regasification terminal, as part of a wider strategy to divest non-core assets. The U.S. group is being advised by Rothschild & Co. on the process.

Exxon Mobil Corp is considering selling its majority stake in Italy's main regasification terminal as part of a wider strategy to divest from non-core assets, the company said in a statement on Wednesday. The Rovigo liquefied natural gas (LNG) terminal is owned by Exxon's subsidiary ExxonMobil Italiana Gas (70.7%), QatarEnergy subsidiary Qatar Terminal Company Limited (22%) and Snam Spa SRG.MI (7.3%). Snam, an Italian gas grid operator, has the first right of refusal should a partner decide to divest.

Germany boosted its offshore wind power capacity by 357 megawatts (MW) to 7,036 MW last year, inching towards a planned 30,000 MW by 2030, power grid operator TenneT said.The German arm of the Dutch transmission group will play a key role in achieving the target, linking the majority of new wind farms to onshore high-voltage transmission grids, with a commitment to provide six 2,000 MW links by 2031.

German container liner Hapag-Lloyd on Thursday announced it has completed its acquisition of a minority stake in Italy-based logistics company the Spinelli Group as global shipping firms continue to expand their port presence amid prolonged supply chain disruption.The deal was first announced in September but remained subject to the approval of antitrust authorities.With today’s closing, Hapag-Lloyd has acquired a 49% stake in one of Italy’s leading terminal and transport operators.

Humphrey Lau has been named as CEO of DESMI, a Danish manufacturer of pumps, pumping systems, environmental cleaning equipment and related products within flow technology. He will succeed Henrik Sørensen, who has decided to step down on December 1, after more than 26 years as DESMI CEO.Humphrey worked for 16 years with Novo Nordisk and Novozymes and 14 years with Grundfos where he most recently held the position of Group Senior Vice President, Global Industry Business. Among his global experience…

Greece received two binding bids for a majority stake in its northern port of Alexandroupolis, the country's privatizations agency HRADF said.The bidders for a 67% stake in the port were Quintana Infrastructure and Development through Liberty Port Holdings Single Member, and International Port Investments Alexandroupolis, a joint venture of Black Summit Financial Group, Euroports, EFA Group and GEK Terna, the agency said in a statement.The deadline for the bids expired earlier on Thursday.

At least two investors are expected to submit binding bids on Thursday for a majority stake in Greece's northern port of Alexandroupolis, sources close to the process told Reuters.Near the borders with Bulgaria and Turkey, and with rail links and a floating gas regasification unit in the pipeline, Alexandroupolis has potential as a transport and energy hub for central Europe.Four investors were shortlisted last year for a 67% stake in the port: Quintana Infrastructure and Development…

German container liner-shipping company Hapag-Lloyd on Thursday announced it has acquired a minority stake in Italy-based logistics group Spinelli Group.Hapag-Lloyd said it purchased a 49% stake in the Spinelli Group from existing shareholders, while the Spinelli family will continue to hold the majority stake of 51%.Financial details of the deal were not disclosed.The completion of the transaction is subject to the approval of the responsible antitrust authorities, which is expected within the next months, Hapag-Lloyd said.

German propulsion company SCHOTTEL said it has acquired a majority stake in Turkish marine electrical system integration specialist elkon as vessel hybridization and electrification gain traction amid industry efforts toward decarbonization and improved energy efficiency.The contract for the purchase of the majority stake in elkon by the holding company SCHOTTEL Industries GmbH was signed in Istanbul, Turkey, and announced this week at the Nor-Shipping trade fair in Oslo, Norway.“With elkon as renowned and very successful supplier of electrical power system engineering…

Yanmar Holdings Co., Ltd., announced it has acquired a majority share in ELEO Technologies B.V., a battery technology company based in the Netherlands, as the Japanese multibillion dollar multinational company aims to advance its electrified powertrain capabilities.The financial terms of the deal were not disclosed, but Yanmar said it acquired a majority share in ELEO through its subsidiary Yanmar Europe B.V., by means of a series of related transactions including a full exit of early-stage investor Lumipol GroupAfter joining the Yanmar Group as part of Yanmar Power Technology Co.…

French shipping giant CMA CGM said it had struck a preliminary agreement to acquire a majority stake in French delivery firm Colis Prive, as it continues to build up its logistics business.CMA CGM is to buy 51% of Colis Prive from current owner Hopps Group and will have an option of increasing its stake further. The value of the planned transaction was not disclosed.Marseille-based CMA CGM has been investing in non-maritime services, similar to its container shipping rivals. After buying Swiss logistics group CEVA Logistics in 2019…

Wilhelmsen Ship Management signed a deal to acquire a majority stake in Hamburg-based Ahrenkiel Tankers, resulting in Wilhelmsen Ship Management taking over the management of five tankers and gaining 80% ownership of Ahrenkiel Tankers. The remaining 20% is held by existing owners MPC Capital Group. Ahrenkiel Tankers will be rebranded as Barber Ship Management.It marks the first step by Wilhelmsen Ship Management after its earlier decision to re-enter the tanker segment following a decade-long absence…

Greece on Monday launched a tender for the sale of a majority stake in a port on the island of Crete, a popular tourist destination in Europe.The conservative government has been keen to attract investment and upgrade its port facilities across the country after years of underspending and a decade-long financial crisis.Investors can submit expressions of interest for a 67% stake in the port of Heraklion, the busiest on Crete, by July 30, the country's privatization agency, which is managing the sale…

Rolls-Royce's Power Systems division has ended the 2020 financial year with an underlying operating profit of $247.3 million despite suffering a 17% drop in underlying revenue to $3.8 billion. This corresponds to an underlying operating margin of 6.5% (2019: 11.5%). As a result, Power Systems, with its product and solutions brand mtu, remained in the black during the 2020 pandemic year.Power Systems is taking advantage of the crisis to prepare for a shift in its business model…

Japan's Nakashima Propeller Co. has taken a majority stake in the German shipbuilding supplier Becker Marine Systems GmbH.“We have gotten to know Nakashima Propeller as a much respected and reliable partner through decades of cooperation,” said Dirk Lehmann and Henning Kuhlmann, the two managing directors at Becker Marine Systems, “and because we are expert suppliers in the area in front of and behind the propeller with well-known products such as the Becker Mewis Duct and the Becker Rudder family…

Volvo Penta has announced an exciting new acquisition of ZEM – a company with 12 years of market experience as a supplier of both marine battery systems and complete electric drivelines and a strong track record in Norway.ZEM’s core team has a background in electromobility that dates back to 1993. In 2009, ZEM was founded as an advisor to the maritime and offshore sector to design battery and hybrid solutions. Today, the company has delivered battery solutions to many different applications…