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Singapore Stock Exchange News

12 Feb 2018

Sembcorp Marine Faces Exchange Query after Big Shares Fall

(Photo: Sembcorp Marine)

Shares of Singaporean rig-builder Sembcorp Marine closed 12 percent lower on Monday, their biggest daily fall in nine years, prompting a query from the bourse regarding the trading activity.   This is the second time in a month the Singapore stock exchange has issued a trading query to Sembcorp Marine after a sharp rise in the stock on Jan. 23.   Shares of the company closed down 32 Singapore cents at S$2.37 on Monday. They have risen 29 percent so far this year.   The company will report its financial results next week.     (Editing by Vyas Mohan)

17 Nov 2017

MPA Introduces Service Enhancements and Training

More than 4,600 ships flying the Singapore flag will benefit from service enhancements to be introduced from November 2017 by the Maritime and Port Authority of Singapore (MPA). Singapore-incorporated maritime companies will also receive assistance in the form of training on sustainability reporting. These initiatives were announced by Chief Executive of MPA, Mr Andrew Tan, at the Singapore Registry of Ships (SRS) Forum. Themed "Innovation in Challenging Times", this year's SRS Forum focuses on how companies could leverage on innovative practices such as Blockchain and e-certification to improve work processes. 3 Mr Andrew Tan said, "IoT, digitalisation and new technologies such as blockchain and smart drones are changing the way we work.

01 Jan 2017

Swiber-Linked Vessels Seized in Singapore

Three of of Swiber Holdings vessels had been seized in an arrest moved by a syndicate of banks, reports Business Times. All three vessels were arrested at ASL Shipyard, the litigant in the arrest is United Overseas Bank (UOB), acting as security agent for the syndicate of banks that had extended financing to the vessel owner in relation to a sale and leaseback deal. The recent filing for liquidation by Swiber Holdings, an oil and gas business listed on the Singapore Stock Exchange, sent jitters through the markets. Total claims received by struggling offshore engineering group Swiber Holdings stood at about US$288.8 million as at Dec 29, 2016, the group said in an update filed to the Singapore Exchange.

14 Nov 2016

Fincantieri Offers to buy Rest of Vard Shares

FINCANTIERI S.p.A. announced that its subsidiary Fincantieri Oil & Gas S.p.A. has launched a voluntary conditional general offer in Singapore for the ordinary shares of Vard Holdings Limited not already held  by Fincantieri O&G and its related corporations. The Offer is therefore for the 523,528,732 shares not already held by Fincantieri O&G, equal to 44.37% of the Vard share capital. Vard, a company listed on the Singapore Stock Exchange, is one of the largest global shipbuilders of offshore and specialized vessels, with about 9,000 employees and nine shipyards in Norway, Romania, Brazil and Vietnam. The price per share offered to the minority shareholders will be SGD 0.24, for a maximum consideration of SGD 125,646,896 (approx.

11 Nov 2016

Rickmers 9M Revenue Slips

Hamburg, 11 November 2016 – In the first nine months of 2016, the Rickmers Group generated consolidated revenues of € 373.6 million. This represents a decline of 15 percent versus the previous year’s period (€ 439.7 million). This fall is due mainly to the persistently strained market situation through the expiry of further high-margin charter contracts, temporary fleet idleness and follow-on charters at current low market rates. Furthermore, lower revenues from freight and a stronger fall in capacity utilisation in the project cargo area also had a negative impact. As a specific consequence of this revenue decline, the operating result before interest…

27 Feb 2016

SSA on SGX/Baltic Exchange Talks

Members of the Singapore Shipping Association (SSA) have read with interest the recent announcement by the Singapore Exchange Ltd (SGX) in its bid to acquire the Baltic Exchange. Mr Esben Poulsson, President of SSA said: “We understand that for some time, the Board of the Baltic Exchange, which traces its origins back to 1744, has been considering a number of strategic options regarding future ownership of this venerable institution, and that a number of options have been under consideration. “In as much as the SGX is in itself a commercial organisation, listed on the Singapore Stock Exchange, the SSA is not in a position to comment on the reasons behind SGX’s decision to make a bid. But clearly, the SGX, no doubt, sees both value and synergies through such an acquisition.

19 Jan 2016

Mercator Exists Dry Bulk, Divests Fleet

As a part of an ongoing portfolio restructuring exercise following booking of losses for three years in a row, Mercator Limited has decided to exit dry bulk business carried on by its arm Mercator Lines(Singapore) Ltd(MLS). Mercator has 11 bulkers in its fleet, ranging between 70,000 and 92,50 dwt built from 2001 to 2010. The Board of Directors of the company in a meeting have  approved to stake sale proposal and a sole placement agreement has been appointed to identify the prospective investor/buyer for the sale of entire stake in Singapore Stock Exchange listed  MLS. The bulk carriers business has been the worst affected by the downturn in the shipping cycle with the Baltic Dry Freight having collapsed from a level of 11…

19 Aug 2015

Singapore Shipping Association to Boost Prospects

The Singapore Shipping Association (SSA) has unveiled a slew of plans to boost the prospects of its members amid tough global industry conditions, reports The Straits Times. The key initiatives include building up the finance capability of shipping firms here by promoting more stock exchange listings, opening up access to capital markets and creating greater investor awareness. The Government can do more by expanding Singapore’s tax treaty network, council members of the SSA said. Despite Singapore being a major shipping hub, its 76 Avoidance of Double Taxation Agreements (DTAs) pale in comparison to the estimated 130 that other shipping nations, such as Norway and the United Kingdom, each have.

17 Jul 2015

$1.7 billion NOL Up for Sale. Will Hapag-Lloyd Buy?

Singapore Sovereign Wealth Fund Temasek Holdings has put Neptune Orient Lines (NOL) up for sale, says a Wall Street Journal (WSJ) report. The WSJ reported that Temasek was in talks with one buyer in recent months but the two sides could not agree on a price for the loss-making company. The WSJ put NOL's market capitalization at 2.3 billion Singapore dollars ($1.7 billion). The report, citing unnamed sources, said the liner company has been "shopped to prospective buyers" in recent months. NOL is about 67 per cent owned by Temasek, going by Bloomberg data. The company had been in talks with a prospective buyer, but "the two sides couldn't agree on price", added the report.

28 Feb 2015

VLCCF - 4Q & FY 2014 Results

Knightsbridge Shipping Limited ( VLCCF ) reports net income of $5.2 million and earnings per share of $0.06 for the fourth quarter compared with a net loss of $6.2 million and a loss per share of $0.11 for the preceding quarter. Net income in the fourth quarter includes $6.4 million in respect of cash received in the fourth quarter as final settlement for a claim for damages and unpaid charter hire. The net loss in the third quarter includes dry docking costs of $2.0 million in connection with the Belgravia and the Golden Future. The average daily time charter equivalent ("TCE") earned by the Capesize vessels in the fourth quarter was $13,200 compared with $10,200 in the preceding quarter.

08 Oct 2014

Knightsbridge and Golden Ocean to Merge

Knightsbridge Shipping Limited and Golden Ocean Group Limited have today entered into an agreement and plan of merger pursuant to which the two companies have agreed to merge, with Knightsbridge as the surviving legal entity. The Combined Company will be renamed Golden Ocean Group Limited upon completion of the merger. As a result of the expected merger, the Combined Company would become one of the world's leading dry bulk companies with a modern fleet of 72 vessels, of which 36 are newbuildings under construction. The merger is subject to approval by the shareholders of Golden Ocean and Knightsbridge in separate special general meetings expected to be held in December 2014 or January 2015 and the merger is expected to close shortly thereafter.

24 Sep 2014

BP, Pavilion Ink Long-Term LNG Deals

Pavilion to buy 0.4 mln tpy LNG from BP for 20 years. Aims to become a global LNG firm in medium to long term. Working with SGX, regional govts on LNG price marker. Singapore's Pavilion Energy said it had signed two long-term contracts to buy liquefied natural gas (LNG) for trading and supply to Asia, adding to a previous contract as the state-owned firm seeks to become a global supplier. Pavilion Energy said in a statement on Wednesday its wholly owned subsidiary Pavilion Gas Pte Ltd had struck a deal with BP under which the British company will supply it with 0.4 million tonnes per year (tpy) of LNG for 20 years from 2019. It did not say how much Pavilion would pay for the LNG.

04 Aug 2014

Sinopacific Shipbuilding Win Order to Construct 4 SPA60 vessels

Sinopacific Shipbuilding Group (SINOPACIFIC) has recently signed a contract with Singaporean company Vallianz Holdings Limited (Vallianz) for the construction of 4 SPA60 vessels. The vessels will be built in SINOPACIFIC’s Zhejiang Shipyard and all of them are expected to be delivered from the end of 2014 to the beginning of 2015. It is the first order SINOPACIFIC has gained from the Southeast Asian market for its in-house “SP-design”, which is a testimony to the steadily increasing reputation of the “SP-designed” vessel in the industry. SINOPACIFIC is currently one of the few Chinese shipbuilding enterprises that have independent design capabilities from conceptual design through to production.

08 Jun 2014

KfW IPEX-Bank Finance For 2nd Star Cruises' Ship

With a loan of EUR 600 million, KfW IPEX-Bank is financing the construction of a second cruise ship for Star Cruises, the leading cruise line in Asia, at the Meyer Werft shipyard in Papenburg. The signing ceremony of the relevant contracts took place today in Hong Kong. The second new ship is expected to ship in the fourth quarter of 2017. In April this year, KfW IPEX-Bank had already completed the financing for a sister ship. Investment Bank and DNB Bank ASA, Singapore Branch the total loan amount available. Financing is provided with an export credit agency of the federal government (Euler Hermes cover) and binds the set by the OECD Ship CIRR (Commercial Interest Reference Rate) a.

28 Feb 2014

Singapore Offshore Firm Rides Crest of 2013 Financial Wave

Else-Marie OSV: Photo CCL credit Marc Ryckaert

Singapore's Swiber Holdings, a construction and support services provider to the offshore oil and gas industry, reported that it has achieved record revenue and net profit for the second consecutive year-running for the full year ended December 31, 2013. Revenue rose 11.2% to hit US$1.1 billion from US$952.2 million for the full year ended December 31, 2012. The Group’s topline was driven by a 75.3% surge in sales in the South East Asia segment to US$780.8 million from US$445.5 million over the same period.

15 Jan 2014

FSL Trust Still Working to Resolve Financial Difficulties

FSL Geared bulk carrier: Image courtesy of the owners

Following the 19 November 2013 suspension of trading of First Ship Lease Trust (FSL) on the Singapore Stock Exchange, the Board of Directors informs that the company remains in on-going discussions with lenders to seek a longer loan covenant relaxation and are working hard to resolve the situation. First Ship Lease Trust is a Singapore-listed business trust that provides ship leasing services on a long-term bareboat charter basis to the shipping industry. According to the company's web-site…

03 Sep 2013

Cargotec Appoints Chief Financial Officer for MacGregor

Declan Guerin: Photo credit Cargotec

Declan Guerin (43) has been appointed MacGregor's Chief Financial Officer (CFO) as of September 1, 2013. Guerin has earlier held the position of Vice President, Mergers & Acquisitions (M&A)  and been a member of the Executive Committee of MacGregor since the start of 2013. He will be responsible for accounting, finance and M&A.continues as member of the MacGregor Executive Committee and reports to MacGregor President Mikael Mäkinen. Declan Guerin, ACMA, GCMA, has worked for Cargotec…

23 Jan 2013

Finacantieri STX OSV Acquisition Completed

Fincantieri subsidiary Fincantieri Oil & Gas S.p.A., completes acquisition, intend to buy more shares. This acquisition marks Fincantieri's entry into a market segment complementary to its current ones. With 21 shipyards in 3 different continents, nearly 20,000 employees and revenues of Euro 4 billion, Fincantieri Group will double its size to become the fifth largest shipbuilder worldwide behind four Korean peers, and the only Western producer capable of competing with the Asian giants thanks to its diversification and presence in all of the high value added segments. STX OSV, listed on the Singapore Stock Exchange and world leader in the construction of offshore support vessels for oil and gas extraction and production…

08 Jul 2011

STX Europe Sells Shares in STX OSV Holdings Ltd.

STX Europe Holding AS, a wholly owned subsidiary of STX Europe AS (STX Europe), has agreed to sell part of its equity interests in STX OSV Holdings Limited (STX OSV) to investment funds affiliated with OZ Management LP (Och-Ziff). The placement of 215,590,000 ordinary shares by STX Europe will be at a price of S$1.33 per share. This amounts to approximately 18.27% of the total issued share capital of STX OSV. Following the sale, STX Europe will hold 598,851,000 shares in STX OSV equal to a majority shareholding of 50.75%. STX Europe underscored that the placement was made with the objective of improving the trading liquidity of STX OSV. As a result of placement, Och-Ziff's shareholding in STX OSV will increase to 20.0%.

07 Aug 2013

China Shipbuilder Hit by Forex Losses on Contracts

Yangzijiang Shipbuilding Holdings Ltd. China’s second-biggest private shipyard, posted a 7.6 percent decline in second-quarter profit because of higher tax and foreign exchange loss on contracts done in euros, reports Bloomberg. Citing a company statement to the Singapore Stock Exchange, Bloomberg say that Net income in the three months ended June dropped to 812 million yuan ($133 million) from 878 million yuan a year ago, while sales rose 12 percent to 4.42 billion yuan. Yangzijiang is among companies diversifying into offshore drilling and production as demand for new bulk vessels decline. The government has urged financial support…

11 Oct 2012

Aker Solutions Sells Offshore Ship to Ocean Yield

AMC Connector AS, a Aker Solutions & Emas Offshore joint venture, has agreed to sell subsea construction & cable-lay vessel 'Lewek Connector'. In October 2010, Aker Solutions announced that it would sell its offshore construction and installation subsidiary Aker Marine Contractors to Ezra Holdings Limited (Ezra), which operates in the offshore construction market under the EMAS AMC brand name. As part of this transaction, Ezra agreed to acquire 50 percent of the shares in Lewek Connector's vessel owning company, AMC Connector AS. The divestment of Aker Marine Contractors marked the start of a restructuring of Aker Solutions, which has since streamlined the company into becoming a fully-fledged provider of oilfield products, systems and services.

11 Oct 2012

Aker Solutions Sells Remaining Ownership in Lewek Connector

AMC Connector AS, a joint venture between Aker Solutions and Emas Offshore Limited, has agreed to sell subsea construction and cable-lay vessel Lewek Connector (previously called AMC Connector) to Ocean Yield AS. In October 2010, Aker Solutions announced that it would sell its offshore construction and installation subsidiary Aker Marine Contractors to Ezra Holdings Limited (Ezra), which operates in the offshore construction market under the EMAS AMC brand name. As part of this transaction, Ezra agreed to acquire 50 percent of the shares in Lewek Connector's vessel owning company, AMC Connector AS. The divestment of Aker Marine Contractors marked the start of a restructuring of Aker Solutions…

15 Oct 2012

AVIC International will Acquire Deltamarin

The majority of the shares of Deltamarin Ltd are to be sold to AVIC International Investments Limited, a publicly listed company on the Singapore Stock Exchange. After the closing of the acquisition, Deltamarin’s existing operations will continue as they are and the business will remain independent keeping the name and the brand of Deltamarin unchanged. The aim of the intended new ownership structure is to enable Deltamarin’s solid growth in the marine and offshore oil and gas markets. The new owner to be, AVIC International Investments Limited, is a part of the AVIC Group. Its parent company AVIC is a global Fortune 500 company with approximately 500,000 employees.