Marine Link
Saturday, January 20, 2018

New Company News

Four Japanese Companies Join Modec in Sepia FPSO Deal

Photo:  MODEC, Inc.

Four Japanese companies will invest in a new company established by compatriot Modec with an aim to provide a floating, production, storage and offloading (FPSO) unit for the Petrobras-operated Sepia field offshore Brazil. "MODEC, Mitsui, Mitsui O.S.K. Lines, Marubeni Corporation and Mitsui Engineering & Shipbuilding Co have agreed to jointly invest in a long-term charter business currently promoted by MODEC, for providing a FPSO in the Sepia Area, off the coast of Brazil," said a press release. These companies have entered into related agreements for the FPSO project on January 9, 2018.

Ocean Network Express Completes Merger Approvals

Graphics: Ocean Network Express

South Africa’s competition watchdog becomes final signatory allowing Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL ),  Nippon Yusen Kabushiki Kaisha (NYK ) merger, so that Joint venture (JV) can start operations on April 1. "K Line, MOL and NYK have  announced that their new joint venture company, Ocean Network Express Pte. Ltd., established in July 2017, has received all necessary merger approvals from local competition authorities in regions and countries where such approvals are required for the launch of service by the newly established joint venture company…

MHI, IHI & DBJ Join Forces On Investments

Mitsubishi Heavy Industries, Ltd. (MHI), IHI Corporation and the Development Bank of Japan Inc. (DBJ) concluded a three-way formal agreement today on their respective investments into a new commercial aero engine company, Mitsubishi Heavy Industries Aero Engines, Ltd., to be launched on October 1. The new company will succeed to MHI's business in commercial aero engines under a company split action, as MHI previously announced on March 31 and August 28. To solidify its position as a partner company in joint international development programs in the commercial aero engine market - where continuous and robust growth is expected - the new company will focus on improving its financial base.

K Line, MOL, NYK Announce Container Business Merger

Containership MOL Commitment. Photo: Mitsui O.S.K. Lines

Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL) and Nippon Yusen Kabushiki Kaisha (NYK)  announced the establishment of a holding company and an operating company, for the integration of the three companies' container shipping businesses, including terminal operation businesses outside Japan. "The new company to be established has received all necessary approvals for compliance with local competition laws in regions and countries where compliance is required for the new company's establishment…

Alstom Sells Shipbuilding Division to Aker Yards

Aker Yards and Alstom announced their intention to join forces in shipbuilding in which the companies would establish a new company consisting of the shipyards in Saint-Nazaire and Lorient. Aker Yards would own 75 percent of this new company and Alstom would commit itself to keep the remaining 25 percent until 2010. The transaction would enable continuity in management and the actions taken as part of the “Marine 2010“ performance improvement and cost reduction program already under implementation in ALSTOM Marine. The transaction would have no direct impact on employment. By being part of Aker Yards, the new company would benefit from a broadened product range and strong industrial synergies.

DP World Santos Appoints Dallas Hampton as New CEO

Photo:  Embraport

The Brazilian terminal DP World Santos will now be run by the new CEO Dallas Hampton, , an Australian executive with degrees in Business Administration, Logistics and Occupational Safety and with vast experience in the ports and logistics sectors. The modern private port terminals, situated on the left bank of the Port of Santos, announced that Ernst Schulze, who served as Chief Executive Officer for nearly six years, is stepping down to assume another opportunity at the DP World group.

New Company Results from Merger

Following the recent merger of Kobelco Marine Engineering and Marine Business of Eagle Industries, the company announced the formation of a new company; KOBELCO EAGLE MARINE ENGINEERING CO., LTD. The new company is scheduled to commence operation effective 1st April 2004. Focusing on Marine Stern Tube Seals and Bearings, the new company will offer global services and support of existing, as well as new products to the Marine Industry. For more information please contact : David W. Hawkins Kobelco Eagle Marine, Inc. 366 Fifth Avenue, Suite 312 New York, NY 10001 Tel. 212-967-5575 / Fax. 212-967-6966

ULSTEIN Establishes New Subsidiary

ULSTEIN has recently established a new company, Ulstein IDEA Equipment Solutions. This company will take over the activities of former IDEA Heavy Equipment b.v, a Dutch company that ULSTEIN has cooperated with in recent years. Ulstein IDEA Equipment Solutions will be engaged in the development and manufacturing of mission and interface equipment on board vessels, mainly working in the offshore and dredging markets. ULSTEIN holds a majority interest in the new company and COO Tore Ulstein in Design & Solutions says that this establishment is part of ULSTEIN’s long-term strategy.

Malta Shakes Up Shipyard Business

Malta's government reportedly launched a wide-ranging reform of its loss-making shipyards to make the industry financially viable. This reform apparently means the winding up of state-owned Malta Drydocks Corporation and Malta Shipbuilding and the transfer of their assets and liabilities to the government. A new company, called Malta Shipyards, is to be set up to absorb some of the workers under new working conditions. Dockyard facilities would be rented to the new company by the government.

KPN And Telstra Form Joint Venture

KPN (Royal Dutch Telecom) and Telstra have agreed to form a joint venture company by merging their respective mobile satellite communications businesses. The new company, which will trade as Station 12 - is positioned to be a major player in the global satcom industry. Contributing an approximate combined figure of $145 million in net tangible assets to launch the venture, with KPN holding 65 percent of equity shares and Telstra holding the remainder, the new company has projected an initial annual revenue around $250 million.

Aker Yards to Buy Alstom Marine

Aker Yards and ALSTOM will join forces in shipbuilding, seeking to create a shipbuilding leader focused on high value added ships, including cruise ships. The companies plan to establish a new company consisting of the shipyards in Saint-Nazaire and Lorient. Aker Yards will own 75 percent of the new company, and ALSTOM will keep the remaining 25 percent until 2010. Aker Yards currently has 13 yards in five countries. The new company will offer some unique synergies, particularly on the cruise market segment, where Italy’s Fincantieri has dominated in recent years. The combined French and Finnish builders have produced a number of world class cruise ships through the years, including icons such as SS France, Queen Mary 2, the Voyager class and the Freedom class ships.

Diana Shipping to Part of Containership Project

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, announced its intention to participate in a new project involving the formation of a company expected to invest in containerships over the next 12-18 months. Diana Shipping intends to invest $50m for a minority stake in the project, with the balance being raised in a private offering to institutional and accredited investors. Diana Shipping's wholly-owned management company would also enter into administrative and vessel management agreements with the new company, and certain Diana Shipping executives would also hold positions as executives of the new company.

MHI's Two New Firms Commence Operations

MHI Shipyard, Nagasaki Credit Wiklpedia CCL

On October 1 two new wholly owned group companies of Mitsubishi Heavy Industries, Ltd. (MHI) succeeding to MHI's ship construction operations in the Nagasaki district will commence business operations. Mitsubishi Heavy Industries Shipbuilding Co., Ltd. will handle ship constructions, while Mitsubishi Heavy Industries Hull Production Co., Ltd. will manufacture hull blocks. By making full use of the diverse resources cultivated at the Nagasaki Shipyard & Machinery Works, the two…

Pemex to Launch Transport, Drilling Companies in 2015

Pemex, Mexico's state oil company, will launch new companies next year as it restructures following landmark energy reform, Pemex Chief Executive Officer Emilio Lozoya told local radio on Monday. "The business plan that we're considering for the next year will involve an internal restructuring," Lozoya said. Among the new companies will be a transport and logistics business, Lozoya said. That business will be designed to support foreign companies' access to Pemex's existing pipeline infrastructure, he said.

Palumbo Buys Mondomarine

Photo: Mondomarine Shipyard

Italian yard Palumbo Group has acquired the former Mondomarine facility in Savona on an initial six-month lease, reports local media. "By leasing the business unit of the Savona shipyard, Palumbo Group will grant the restart of the shipyard's activities, along with the immediate reinstatement of nine employees." Palumbo Group explained in a statement. The deal saves 9 jobs from the Italian shipyard that went into liquidation towards the end of 2017, which put a total of 57 jobs at risk.

Ecovix to File for Bankruptcy - Report

Brazilian shipbuilder Engevix Construcoes Oceanicas (Ecovix) is expected to file for bankruptcy protection from creditors in a local court this month, the newspaper Valor Economico said on Wednesday. The company, based in Rio de Janeiro, has more than 6 billion reais ($1.7 billion) in outstanding debts, according to Valor. Ecovix did not immediately respond to requests for comment made via phone and email. According to Valor, Ecovix's creditors include state-run oil company Petrobras, suppliers, China's Cosco, Norway's NOV and also local banks Bradesco, Banco do Brasil and Caixa Economica Federal. The company's expected request for protection from creditors is intended to give it room to negotiate a debt restructuring and the sale of company assets to new investors, the paper said.

Deltamarin, Shandong New Shipbuilding Create Joint Venture Company

The Finnish private-owned company Delta-Sigma Ltd (owner of Deltamarin Ltd and Deltamarin Contracting Ltd) and the Chinese state-owned company Shandong New Shipbuilding Heavy Industries Co., Ltd have established a joint venture company to provide technical and engineering services to Chinese shipbuilding and marine industry market. The new company is called Shandong Deltamarin Ship Design Co., Ltd, and its office is located in Weihai City, Shandong Province. The company will start working with personnel of 30 people, majority of them coming from the engineering department of the shipyard. In the beginning most of the engineering will be provided to the local shipyards but in the next coming years the number of personnel will rise to about 100 as the market expands.

Exmar, Golar Mull Possible LNG Merger

Exmar, the tanker division of Belgian shipping company CMB is reportedly in talks with Norway's Golar LNG to merge their liquified natural gas activities. It was reported that Exmar director Nicolas Saverys said the new LNG company would have assets worth $500 million. "We are in detailed negotiations with (John) Frederiksen (Golar LNG's shipping magnate owner) about bringing our LNG activities into a new joint venture," Saverys was quoted as saying. While no details were given on the shares of the ownership of the new company, he said he hoped the merger would be completed in the next two weeks and lead to a listing of the new company on a U.S. stock exchange.

Fairplay Towage and Multraship Launch JV in Antwerp

Antwerp Towage NV, a 50/50 joint venture between Fairplay and Multraship will deploy Multratug 5, as well as Fairplay 22,  Fairplay 17, and Multratug 10, providing a four-vessel fleet.

Fairplay Towage and Multraship have jointly launched a new company to provide towage services in . Antwerp Towage NV, a 50/50 joint venture between Fairplay and Multraship, is the first new initiative launched by the two companies following the signing of an agreement in August this year by which Fairplay Towage took a 50 percent stake in Multraship. The new company will have an office on the Tavenierkaai in and will provide shipowners and charterers with a responsive and efficient tug service in the river areas of the .

Fincantieri Forms New Company in U.S.

Italian shipbuilding powerhouse Fincantieri has formed a new company, Fincantieri Marine Systems North America, Inc. FDGM, Inc., the U.S.-based subsidiary of Fincantieri, will be absorbed by this new company. The establishment of this new company is part of the vision of the Fincantieri CEO Giuseppe Bono to enlarge its presence in the global maritime market. Drawing on the vast resources of the parent company and forming strategic partnerships with other U.S. companies, Fincantieri Marine Systems North America, Inc. is uniquely qualified to provide fully engineered and integrated propulsion systems and machinery plant solutions to the U.S. shipbuilding industry for naval and commercial vessels. Service to the U.S.

Bouygues Offshore Creates KOBOS

Bouygues Offshore and Kazakhoil's Kazakhoilkurylys subsidiary have signed the agreements and the company's by-laws in Almaty between, which each have a 50% interest in a new company dubbed Kazakhoil - Bouygues Offshore, which will be abbreviated as KOBOS. In March 2000, Bouygues Offshore and Kazakhoil began to hold talks about the creation of a joint company and in June 2000 the CEO of Bouygues Offshore, Mr. Le Bouc and the Chairman of Kazakhoil, Mr. Balguimbaev signed a letter of intention for this partnership. The new company has been created to undertake turnkey oil and gas construction and service projects in Kazakhstan. Within its framework…

Aker Kværner Expands FPSO Operations

Aker Kvaerner and the Norwegian ship owner Aktieselskabet Borgestad ASA established a new company named Aker Borgestad Operations AS. The new company will operate oil and gas production vessels on behalf of Aker Floating Production, a company which owns several Floating Production Storage and Offloading (FPSO) units. This business model allows Aker Floating Production to remain focused on developing business, leveraging Aker Kvaerner and Borgestad, which both have operations of assets as part of their core business. The company, Aker Kvaerner Operations AS and Aktieselskabet Borgestad ASA will each own 45 percent of the shares in Aker Borgestad Operations, while Aker Floating Production ASA and Aker Yards ASA will own five percent each.

Star Reefers, NYK Enter Agreement

Norwegian shipping firm Star Reefers has agreed with Japan's NYK to create a new joint pool and marketing company owned 50 percent each. The new company will be called NYK Star Reefers Ltd. and will control a combined fleet of 74 refrigerated vessels currently owned by the two firms, Star Reefers, formerly called Swan Reefer Inc., said in a statement. "This merger is a further step towards greater consolidation and regrouping of the owners in the industry -- which has experienced a number of difficult years," the statement said. "The new company will run a pool which will also welcome the participation of other owners in the industry," it said. NYK Star Reefers will be based in London, it said. - (Reuters)

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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