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Portfolio Management News

28 Aug 2023

Lauritzen Bulkers to Test Decision-Making Tool

Michael Jørgensen, EVP and Head of Dry Bulk at Klaveness

Bulk shipping companies Torvald Klaveness and Lauritzen Bulkers are collaborating, with Lauritzen Bulkers testing Market Manager by Klaveness for better decision-making.The software-as-a-service (SaaS) platform developed by Klaveness Chartering enables customers to be better informed about shipping markets.Niels Josefsen, CEO at Lauritzen, said: “Over the past four years, Lauritzen Bulkers has transformed from a traditional shipowner and operator to a company with increasing focus on active portfolio management.

16 Dec 2022

Maersk Lines Up More Green Methanol Fuel Supply in the US

(Image: A.P. Moller - Maersk)

Danish shipping giant A.P. Moller - Maersk announced it is partnering with U.S.-based SunGas Renewables to secure a supply of green methanol to fuel its next generation of cleaner burning containerships.Under a recently signed letter of intent (LOI), SunGas Renewables, a spin-out of GTI Energy, will produce green methanol from multiple facilities that it will develop in the U.S. from which Maersk intends to offtake methanol. Slated to begin operations in 2026, the first facility is expected to produce approximately 390…

21 Jul 2022

ABB Intends to Spin Off Its Turbocharging Business

Björn Rosengren, Chief Executive Officer of ABB. Copyright ABB

ABB announced its intention to spin off Accelleron (formerly ABB Turbocharging) turbocharging division, by way of a dividend in kind of Accelleron Industries Ltd’s shares to ABB’s shareholders. Accelleron’s listing on SIX Swiss Exchange in Zurich is planned for October 3, 2022, and is subject to, among others, approval by ABB’s shareholders at an Extraordinary General Meeting scheduled for September 7, 2022.“After careful consideration involving a dual-track process, we have concluded that spinning off Accelleron is the best way forward – for Accelleron itself and for ABB’s shareholders…

15 Feb 2022

ABB Turbocharging Rebrands as Accelleron

© Sundry Photography / Adobe Stock

ABB on Tuesday announced that its Turbocharging division (PA) will go under the new brand name Accelleron, a compound word of: Access – Accelerate – Excel – on and on.ABB said the new brand is part of its portfolio management strategy to operationally separate the Turbocharging division before a final decision is made between a sale or a spin-off of the business toward the end of the first quarter. Whichever path is chosen by ABB to separate the business, this process should be completed in the first half of 2022.“Unveiling the Accelleron brand is a seminal moment for our business.

10 Nov 2020

Maersk Names Zero Carbon Shipping Center's Management Team

© NAN / Adobe Stock

The Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping on Tuesday announced its management team. to join CEO Bo Cerup-Simonsen in building an organization capable of facilitating the transition to a carbon free global shipping industry.Made possible by a DKK 400 million ($63.5 million) donation by the A.P. Møller Foundation, the Center was formed in June by a group of global shipping entities committing themselves to decarbonizing the maritime industry. The Center, which recently revealed its Board of Directors and a location at the heart of the Danish Shipping cluster in Copenhagen…

14 Jan 2020

ONE SEA Appoints Lehtovaara Chairman

Capt Eero Lehtovaara  (Photo: ONE SEA)

ONE SEA has appointed Capt Eero Lehtovaara as its new Chairman. Lehtovaara, a Master Mariner and Associate Fellow of the Nautical Institute, is Head of Regulatory & Public Affairs at ABB Marine & Ports.He brings a wealth of experience to the expanding ONE SEA alliance where he has been a Board member for two years, as well as Vice Chairman. His past experience at sea provides a unique understanding of the challenges set by new regulations, human resource management and technological developments…

23 Dec 2019

OSVs: Rising Tide Won't Lift All Boats

© corlaffra / Adobe Stock

The offshore supply vessel (OSV) industry has emerged from its 2017 trough, thanks in large part to a slight shrinkage of the active fleet, a string of debt restructurings, improved cost management, and an uptick in drilling activity in a few regions. The industry is far from healthy, though, and the climb back to financial well-being will likely be long and unsteady. Not every operator will survive. And even though we’ve seen some improvement from 2017 levels, leverage ratios remain sky-high, the supply of vessels far outstrips demand, and—most crucially—the price of oil remains volatile.

15 Apr 2019

Rever Offshore Appoints Ops Director

The subsea services provider to the oil and gas industry Rever Offshore, has announced the appointment of Bob Bryce to the newly-created role of Operations Director.The provider of fully integrated subsea construction and offshore management services said in a press release that  Bryce’s 40-year career in the oil and gas industry has seen him hold senior leadership positions on a global basis with key subsea-surf contractors, including McDermott, Subsea7 and Technip.He joins Rever’s executive team with a remit to oversee the operations, assets & services and QHSE functions. He does so as the company announces a board re-structure and will sit alongside fellow-executive team members…

31 Jul 2018

GoodBulk Announces Fleet Update

Bermuda-based owner and operator of dry bulk vessels GoodBulk entered into an agreement to sell the M/V Aquapride, a 2012 built Supramax vessel of 61,465 dwt built by Imabari, JPN at $20.0 million to Suisse Bulkers, an unrelated party.The vessel is expected to be delivered to its new owner between September and November 2018. The M/V Aquapride was acquired by GoodBulk, for a total consideration of $17.0 million and is expected to contribute net profit of approximately $2.3 million between being delivered into the Company’s fleet on 1 June 2017 and assuming delivery to the vessel’s new owners on 30 September 2018, resulting in a levered IRR of 51.0%.Separately…

04 Sep 2017

APM Terminals Sells Paranagua Port Stake

APM Terminals announced the sale of its 5% share in Terminal de Contêineres de Paranaguá (TCP) to China Merchants Port Holdings. The share sale was initiated and led by Advent, who is the controlling shareholder of TCP. Price and terms were not disclosed and the share sale is subject to the normal reviews and condition precedents. In March 2016, APM Terminals had acquired the 5% share in TCP as part of the Grup Maritim TCB acquisition. In Brazil, APM Terminals maintains a strong port and landside offering to supply chains with ports in Itajai, Pecem and Santos that are integrated with inland services in Itajaí, Itapúa and Paranagua.

04 Oct 2016

ABB Reorganizes in Digital Push

Ulrich Spiesshofer (Photo: ABB)

ABB has launched Stage 3 of its so-called “Next Level” strategy which aims to drive company-wide growth via four entrepreneurial divisions, while realizing the group’s full digital potential and improving operational efficiencies. “Over the last two years, ABB has become faster, leaner and more efficient. We have continuously improved margins and further strengthened our cash generation,” said ABB CEO Ulrich Spiesshofer. Effective January 1, 2017, ABB will shape its divisional structure into four divisions: Electrification Products…

23 Aug 2016

Investors to Acquire $1.5 bln Shipping Portfolio from NORD/LB

NORD/LB Norddeutsche Landesbank and KKR Credit have reached an agreement by which, subject to completion of certain conditions precedents, KKR Credit, together with a sovereign wealth fund (the “Investors”), will acquire a portfolio of performing and non-performing shipping loans originated by NORD/LB. The initial portfolio with a total volume of about USD 1.5 billion will include up to 100 ships and would form the seed mandate for a shipping portfolio management company that the Investors will create simultaneously with the closing of this sale. This company is designed to be open for use by third party banks for their portfolio management.

22 Aug 2016

NordLB to Shed Shipping Loans to KKR

German state-owned lender NordLB and KKR Credit said they had reached an agreement by which KKR Credit will acquire a $1.5 billion portfolio of shipping loans from NordLB jointly with an unspecified sovereign wealth fund. The portfolio of performing and non-performing loans will include up to 100 ships and will form the seed mandate for a portfolio management company that the buyers plan to set up. NordLB is one of several German banks seeking to cut its ship loan exposure as the container and dry bulk shipping industries struggle with their worst downturn due to a glut of ships, a faltering global economy and weaker consumer demand.

10 Jun 2016

CMA CGM Takes Control at NOL, Reshuffles the Board

France’s CMA CGM now holds over 78 percent of the shares in Neptune Orient Lines (NOL), bringing it closer to taking the Singapore company private. CMA CGM currently owns approximately 78.07% of all NOL shares, and does not intend to preserve the listing status of NOL. Further to the Offer Implementation Agreement, this change in control results in a change in the composition of NOL's Board of Directors. Consequently, a reconstituted Board of Directors, comprising ten members, has been appointed with effect from 9 June. The members of the reconstituted Board of Directors are Mr. Rodolphe Saadé (Chairman), Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mrs. Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.

21 May 2016

HCI Group Takes Over 13 Feeder Containerships

The HCI Group and two other investors have taken over a total of thirteen ships from the loan portfolio of HSH Nordbank. The HCI Group structured the portfolio acquisition and is investing a substantial amount itself. The portfolio consists of thirteen feeder ships of between 800 and 1,800 TEU, with an average age of nearly ten years. Deutsche Bank AG will be refinancing part of the portfolio. The parties have agreed not to disclose the purchase price for the vessels. In its role as general manager, the HCI Group has outsourced technical ship management to three providers within the north-German maritime cluster. Commercial ship management will be coordinated by the HCI Group and carried out by experienced partners.

11 Feb 2016

APM Terminals Broaden Portfolio, Business Model

APM Terminals’ increased invested capital to USD $6.2 billion in 2015 as ongoing strategic plans to drive portfolio growth, improve productivity and safety performance, generated USD $4.2 billion in revenue, and a profit for the year of USD $654 million. Portfolio throughput weighted by equity share was 36 million TEUs for 2015, and when not including the divestment or exit of operations in Houston, Jacksonville, and Charleston, USA and a share in the Med-Center Terminal in Gioia Tauro, Italy, volume declined 1.1% from the year prior, while the overall global container market grew by 1.3%. Lower oil prices in 2015 affected APM Terminals bottom line, as reduced oil revenue resulted in declines in import cargo into oil producing countries in West Africa, Russia and Brazil.

08 Dec 2015

Temasek to Sell Entire NOL Stake for $1.61 Billion

Singapore sovereign wealth fund Temasek Holdings has agreed to sell its entire 67 percent stake in Neptune Orient Lines (NOL) to France’s CMA CGM, the world’s third-largest container shipper. CMA CGM will pay S$1.30 a share in cash for the 2.6 billion shares in NOL, 6 per cent above the last closing price on the Singapore Exchange, and a 33 per cent premium to the three-month volume-weighted average price to July 16. Temasek has accepted the offer. Tan Chong Lee, Head of Portfolio Management at Temasek said: “We are supportive of this transaction as it presents NOL with an opportunity to join a leading player with an extensive global presence and solid operational track record… Their complementary strengths will yield mutually bene-ficial results.

07 Dec 2015

CMA CGM to Acquire NOL

The proposed cash acquisition of NOL at SGD 1.30 per NOL share, represents a 49% premium to NOL’s unaffected share price. Strategic acquisition resulting in combined turnover of USD 22 billion and fleet size of 563 vessels. CMA CGM, a global leader in container shipping, today announces a pre-conditional voluntary general cash offer for Neptune Orient Lines (NOL), Southeast Asia’s largest container shipping company (SGX: N03), subject to the satisfaction of the pre-conditions specified in such announcement. NOL’s majority shareholders (Temasek and its affiliates) have irrevocably undertaken to tender all of their shares in acceptance of the Offer.

07 Mar 2015

Fiera Axium Consortium Buys Montreal Terminals

A consortium led by Fiera Axium Infrastructure Inc. The consortium includes Desjardins Group, via its insurance subsidiaries and its pension plan, Manulife, Fonds de solidarité FTQ and Industrial Alliance. Fiera Axium, an independent portfolio management firm focused on infrastructure investments in Canada and the United States, joined co-operative Desjardins Group, financial services provider Manulife, labour fund Fonds de solidarité FTQ and Industrial Alliance to buy the facility, known as Montreal Gateway Terminals. “Montreal Gateway Terminals represents an essential infrastructure asset” so fits with Fiera Axium’s investment strategy, Stéphane Mailhot, president of Fiera Axium, said in a statement.

27 Feb 2015

Petrobras Downgrade Shakes Market

Moody's shocked bond investors this week with a surprise two-notch downgrade that put Brazilian oil company Petrobras in junk territory. The move was seen by some investors as overly assertive, leaving them to add exposure incrementally. "It was aggressive," said Jack Deino, head of emerging market portfolio management and senior portfolio manager at Invesco. "It just reflects the rating agencies' proclivity to shoot from the hip. In late January, Moody's demoted the company to Baa3 from Baa2, warning more ratings actions were on the horizon if the company failed to release audited results. It stuck to its word, exceeding expectation with a cut to Ba2 late on Tuesday. So far, the massive wave of forced selling out of high-grade account portfolios has yet to truly transpire.

24 Jan 2015

Oil Majors to Preserve Dividends Despite Oil Collapse

Europe's oil majors will strike a sober note in their fourth-quarter results and investors will focus on companies' plans to maintain cherished dividends and their strategies to cope with the oil prices collapse that caught many unawares. Having sold around $120 billion in assets in recent years to boost balance sheets and keep up dividend payouts, companies are expected to increase borrowing and further cut costs as they come to terms with oil prices that have more than halved since June to around $50 a barrel. "Lower oil prices pose the biggest threat to oil and gas industry earnings and financial solidity since the financial crash of 2008," consultancy Wood Mackenzie said in a note.

12 Dec 2014

Strong Interest in Keppel DC REIT IPO

Keppel DC REIT Management Pte. Ltd., a wholly-owned subsidiary of Keppel Telecommunications & Transportation Ltd has received overwhelming demand from institutional and retail investors for its initial public offering of 261,138,000 Units. The Offering comprised an international placement of 207,375,000 Units1 to investors, including institutional and other investors in Singapore (the "Placement Tranche"), and an offering of 53,763,000 Units to the public in Singapore (the "Public Offer"). Due to strong demand from institutional investors during the book-building process, the Units were priced at the top end of the offering price range at S$0.93 per Unit.

25 Sep 2014

Catcher Update by Cairn

Cairn is pleased to announce that it has entered into a farm out agreement for the sale of a 10% interest in the Catcher development and adjacent acreage in the UK North Sea. With effect from 1 January 2014 Dyas UK Limited (Dyas) shall acquire 10% in each of the following UK Continental Shelf licences P1430, P2040, P2070, P2077 and P2086 by funding Cairn’s exploration and development costs in respect of the licences up to a cap of $182million (m). Following this transaction Cairn will retain a 20% interest in the Catcher licence and a reduced interest in each of the remaining licences as detailed below. As a result of this transaction…