Cosco Offers Unconditional Buying of Cogent Shares
The offer by Cosco Shipping International (Singapore) Co. to acquire all the issued ordinary shares of Cogent Holdings has turned unconditional. The former had launched a cash buyout of the latter recently. Bank of China (Singapore Branch), acting on behalf of Cosco Shipping International, says , the offeror has received valid acceptances representing 440.5 million shares or 92.05% of Cogent. "BOC wishes to announce that the Offeror has received valid acceptances (which have not been withdrawn) in respect of such number of Shares which…
BTMU to Refinance Two K-Line Vessels
Watson Farley & Williams (WFW) has advised The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU), Japan’s largest bank, as facility agent for a syndicate of international lenders comprising itself, Development Bank of Japan Inc. and Societe Generale on the $180m refinancing of two K-Line LNG vessels, Arctic Voyager and Arctic Discoverer which are time chartered to Statoil ASA, the world’s largest offshore operator. The WFW Hong Kong Asset Finance team advising on the transaction was led by Partner and Office Head Madeline Leong…
Shell Active in Mideast, Russia Crude Liftings
Oil major buys various grades from Qatar, UAE, Russia; re-sells Qatar Marine and Sokol. Royal Dutch Shell has snapped up more than 8 million barrels of Middle East and Russian crude oil loading in June and resold some cargoes at higher premiums as it profits from robust demand in Asia, five trading sources said on Friday. The region's pull on Middle East and Russian grades, priced off Middle East crude benchmark Dubai, has strengthened this month as a widening of Brent's premium to Dubai has made competing Atlantic Basin supplies more expensive.
Keppel Corp. appoints Tow Heng Tan as Director
Keppel Corporation Limited (Keppel Corporation) announced the appointment of Mr Tow Heng Tan, Managing Director of Strategic Development (ASEAN Investments) of Temasek Holdings (Private) Limited(Temasek Holdings), as Director. He will also serve as a member of the Executive Committee and Remuneration and Share Option Committee. Mr Tow, aged 48, has an extensive 29-year business career spanning the management consultancy, investment banking and stockbroking industries. At Temasek Holdings, he is involved with making direct investments in the ASEAN region. Prior to joining Temasek Holdings in September 2002, he was Senior Director of Business Development at DBS Vickers Securities (Singapore) Pte Ltd. From 1993 to 2001, Mr Tow was Managing Director of Lum Chang Securities Pte Ltd.
M/V Tanner Christened in Texas
The United States Army Corps of Engineers (USACE), Galveston District recently christened a unique 48-ft. vessel for use at its moorage facility. M/V Tanner - christened in honor of Sydney H. Tanner who retired from the Galveston District, USACE, after providing exceptional service to the district and the nation for more than 33 years - was christened recently in Texas by the Tanner family. The 48-ft. utilizes the uniquely innovative Stolkraft hull form, and will be put into service surveying the coastal waterways in the Galveston District. Art Anderson Associates assessed the match of the Stolkraft hull to the Gaveston District's specific requirements for a survey launch, and provided the plans and specifications for the Tanner's design.
Interview: Tan Sri Kt Lim, Chairman, Genting Hong Kong
Last year Genting Hong Kong acquired shipbuilding capacity in Germany. When and why was the decision made to become a shipbuilder? With the rapid growth of the world cruise industry, especially in China, this has led to cruise ship order book reaching an all-time high, with orders placed as far out as 2026, nearly 10 years from now. In order to ensure that the company can build the required number of cruise ships for three brands in the next decade, it is strategic that we acquired…
Stranded Morocco Tankship Salvage Underway
Morocco has launched an operation to empty the Iranian-owned oil tanker 'Kharg 5' that ran aground during a storm near the southern port of Tan Tan with 5,000 tonnes of fuel on board, reports Arabiya News via AFP. The fuel was being pumped into trucks, with the operation expected to last between five and seven days depending on the weather reports Arabiya News citing official sources. The ship was on a voyage from the Canary Islands when it ran aground last week, with heavy waves dragging it towards a rocky area, sparking fears of an oil slick on Morocco's Atlantic coast, however no major oil leaks have been reported. The oil was for delivery to a power station in Tan Tan…
Singapore Strengthens Maritime Ties with Norway
The Maritime and Port Authority of Singapore (MPA), represented by Chief Executive, Andrew Tan, signed a Joint Statement with the Norwegian Ministry of Trade, Industry and Fisheries on October 10 during the State Visit by President Tony Tan Keng Yam to Norway. Norway’s signatory was State Secretary Dilek Ayhan. The signing was witnessed by President Tony Tan and His Majesty King, Harald V of Norway. Besides substantial commercial and industrial cooperation between the maritime clusters of Singapore and Norway…
AsiaBio Buys Two Shipping Firms
Asia Bioenergy Technologies Bhd's (AsiaBio) has signed a heads of agreement (HOA) with Hoe Leong Corp Ltd (HCL), Sumatec and Reachmont Logistics Sdn Bhd (RLSB) to facilitate the acquisition of Semua Shipping Sdn Bhd (SSSB) and Semado Maritime Sdn Bhd (SMSB) by the group. AsiaBio has also proposed venture into the oil and gas transportation industry, will see new shareholders, including Tan Sri Halim Saad-linked Sumatec Resources Bhd, hold a collective stake of more than 20% in the technology company. Under the HoA, SSSB and SMSB will be transferred to a special purpose vehicle (SPV).
NAVTOR Eyes Expansion in Singapore
E-navigation specialist NAVTOR said it is continuing to build its business footprint beyond Europe, with the news that the Norwegian firm is expanding its new Singapore office. The base, which opened in December 2014, has given the firm an important foothold in the Southeast Asian market, driving new business with shipowners and managers such as NEOM, SeaTeam, Waruna Shipping, Samudera Shipping, and Sattech International. NAVTOR launched its ENC service in 2012, followed by its move into Singapore, and then by another office opening in Japan in September 2015.
Jason Marine CEO to Retire
Joseph Foo Chew Tuck will take over as chief executive officer at Singapore based marine electronics systems integrator Jason Marine Group, following the retirement of long-serving CEO Ronald Tan Lian Huat. On March 31, Ronald Tan Lian Huat will step down as a director of the Jason Marine and its subsidiaries and associated companies after more than 35 years with the group. Company founder Joseph Foo Chew Tuck, who currently serves as executive chairman, will assume the role of CEO from April 1, 2018.
Maybulk to Build Five More Ships
Unfazed by the tough market conditions that the shipping industry is faced with, Malaysian Bulk Carriers Bhd (Maybulk) said it will move forward with fleet renewal activities. Maybulk is building five new ships to expand its fleet size to 27 vessels by 2018, even as plunging charter rates slashed the company’s net profit by 72% to in the year ended Dec 31, 2014. The expansion will increase the group’s capacity to ship iron ore, fertilizer and coal to 1.5 million deadweight tonnes (dwt) from 1.2 million dwt.
Keppel Corporation Appoints New Board Director
Keppel Corporation Limited (Keppel) is pleased to announce the appointment of Mr Tan Puay Chiang (陈培璋) as Independent Director on the Board with effect from June 20, 2012. Mr Tan, 65, is a veteran in the oil, gas and petrochemicals sector. During his 38-year career with Mobil Oil and later ExxonMobil, he held executive management roles in Australia, Singapore and the United States. These included the positions of Vice-President, Mobil Research & Technology Corp, USA and Chairman & Managing Director of Mobil Oil Australia. Mr Tan retired as Chairman, ExxonMobil (China) Investment Co in 2008. Dr Lee Boon Yang, Chairman, Keppel Corporation, said, "We welcome Puay Chiang to the Board. Mr Tan is a non-executive Independent Director of Singapore Power and Neptune Orient Line.
Nigeria, Singapore Seal Maritime Partnership
The Nigerian Maritime Administration and Safety Agency (NIMASA) and the Maritime and Ports Authority of Singapore have held a bilateral meeting to seek areas of collaboration between the two maritime regulators at the sidelines of the Maritime Regulators Forum holding in Singapore. The Director General of NIMASA, Dr. Dakuku Peterside met with his counterpart at the Maritime and Ports Authority (MPA) of Singapore, Andrew Tan where they pledged to collaborate for the benefit of both countries.
Update #41: Kulluk Remains Stable
Unified Command develops mitigation strategies for crab fishery. The Kulluk remains in stable condition with no reports of a release. Data from the completed underwater assessment of the Kulluk continues to be analyzed. Unified Command has developed mitigation strategies collaboratively with the Kodiak Crab Alliance Cooperative. This will reduce potential impacts to the fishery during the upcoming crabbing season. The Kulluk will remain onsite in the inner Kiliuda Bay until the conclusion of the Tanner Crab fishing season. A Marine Coordinator will be onsite to coordinate the movement of response vessels. An update will be provided every four hours to the crab fishermen.
HNA Wants to Make Gategroup Undisputed Market Leader
Chinese aviation and shipping conglomerate HNA Group wants to make Gategroup into the "undisputed leader in airline catering" after making an offer for the Swiss business, HNA's chief executive said on Monday. HNA's 53 Swiss franc per share cash offer was unanimously supported by the Swiss caterer's board. While a rival bid was still possible, Gategroup Chairman Andreas Schmid said on a media conference call, the company was not actively seeking other offers. HNA Chief Executive Adam Tan did not respond directly when asked whether the Chinese conglomerate would be willing to up its bid if another suitor made a bid. "We've already made a very attractive offer to the shareholders," Tan said. (Reporting by Paul Arnold, Writing by Brenna Hughes Neghaiwi)
Sembcorp Marine: No Sete Brasil Payments This Year
Singapore's Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday. "Basically what has been ongoing, based on the delay, I think there may be some slow down," Tan Cheng Tat, Chief Financial Officer, said at an earnings briefing. Tan confirmed that despite the non-payment, the drillship projects for Sete Brasil remained cash flow positive. The orders for seven drillships from Sete Brasil account for about half of the company's net order book. Reporting by Rujun Shen
Sembawang Kimtrans Close To Securing Contract
Singapore's Sembawang Kimtrans is close to securing a $110 million five-year logistics contract, which will boost its annual turnover by more than 50 percent, managing director Peter Tan said, adding that the potential deal with Australian mining giant Broken Hill Pty Co. Ltd. (BHP) would boost Kimtrans' bottom line by an initial 10 to 15 percent because of heavy start-up investments, and the boost would be more significant further down the line. In 1999, Kimtrans, which listed on the Singapore Exchange in February, saw net profit surge 177 percent to S$4.01 million on a turnover of S$44.66 million. Kimtrans had been in talks with BHP for the last six months on the deal to provide logistics services to BHP's three coalmines in Indonesia, Tan said.
BBC Chartering Opens Vietnam Office
BBC Chartering announces the opening of a new representative office in Ho Chi Minh City, Vietnam, starting August 1st breakbulk, and general cargo transportation due to good prospects and growth rates outperforming other countries in the region. “The strong expansion of the Vietnamese economy means increased investments and more project activity within the industrial sector of the country,” said Svend Andersen, CEO of BBC Chartering. “We look forward to providing Vietnam with direct access to our world-leading network of project, breakbulk, and general cargo shipping.
Two Convicted in Human Smuggling Case
Two men face a minimum sentence of three years in prison after a jury convicted them today on human smuggling charges stemming from the discovery of 19 Chinese nationals inside a shipping container at the Port of Los Angeles in February. The men, Jian Rong Tan and Wen Hsue Chang, were found guilty following a week-long trial on nine separate counts, including conspiracy, bringing aliens into the United States for financial gain, and harboring illegal aliens. They are scheduled to be sentenced in Federal Court on August 26. Tan and Chang traveled with the smuggled migrants inside the 40-foot shipping container on board a Cypriot-flagged vessel, the Ningbo. Agents with U.S.
MPA Calls for Integrated Approach to Blue Economy
In his opening address at the Sustainable Ocean Summit 2015 held in Singapore today, Chief Executive of the Maritime and Port Authority of Singapore (MPA) Mr Andrew Tan called for an integrated approach bringing together the science, the research, technology and different disciplines to understand the various eco-systems within the oceans and uncover more of the nexus between land and sea and how each affects the other. Tan's speech also underlined four principles to ensure an enduring Blue Economy that fulfils the twin goals of growth and sustainability, i.e.
MPA to Enhance Collaboration with Rotterdam Port
Chief Executive of the Maritime and Port Authority of Singapore (MPA), Andrew Tan, attended the second Port Authorities Roundtable (PAR) in Rotterdam. Hosted by the Port of Rotterdam Authority (PoR), the closed-door roundtable event brought together port authorities from major ports in Asia, Europe and US to network, exchange views and explore areas of collaboration. Participants included port authorities which attended the inaugural PAR in Singapore such as Ningbo Municipal Port Administration Bureau…
MPA Chief to Keynote SOS 2015
Mr Tan will provide the opening keynote address for the World Ocean Council’s Sustainable Ocean Summit, (SOS), 9-11 November 2015. MPA Chief Executive Mr Andrew Tan stated, “Singapore is honoured to host the first Sustainable Ocean Summit to be held in Asia. In reflecting on the unique nature of the WOC, he added, “Ensuring that responsible maritime businesses are contributing to maintaining a healthy global ocean requires a global, multi-sectoral effort. The WOC distinguishes the SOS as a “working conference”, i.e.