According to Drewry, IMO’s 2020 may result to a major carrier bankruptcy. In its recently published Container Insight Weekly, Drewry suggested that financially vulnerable carriers could be pushed into mergers and acquisitions by the extra costs associated with the new low-sulphur fuel regulation.
After obtaining the European Commission’s approval, Kongsberg Maritime, with parent company Kongsberg Gruppen has completed the acquisition of Rolls-Royce Commercial Marine (RRCM), on April 1. Officially now part of Kongsberg Maritime, RRCM will operate under the Kongsberg brand and the Kongsberg Maritime legal entity.
Diamond S Shipping Inc. announced that the merger of the business and operations of DSS Holdings and the crude and product tanker business of Capital Product Partners has been completed. Diamond S common stock began regular-way trading on the New York Stock Exchange on March 28. Diamond S Shipping now owns and operates 68 vessels on the water, including 15 Suezmax vessels, one Aframax and 52 medium-range (MR) product tankers.
Hyundai Heavy Industries is expected to sign an official agreement with Korea Development Bank on March 8 to take over Daewoo Shipbuilding & Marine Engineering. However, even if the deal closes, HHI will still have to solve several issues in order to fully acquire DSME. One of the issues the HHI faces is that is the evaluation of the merger proposal by major countries, such as the US, the EU, China and Japan.
Releasing its 2018 financial results, CMA CGM notes that in 2019, despite persisting geopolitical tensions, trade perspectives are positive. In addition, the company will also try to improve profitability. For this reason, it is launching a new USD 1.2 billion cost reduction plan. This will be achieved by the optimization of lines and rands, and by further streamlining its processes.
Two of the biggest container shipping companies, Maersk and the Mediterranean Shipping Company, were cleared in an investigation of the sector by the US Department of Justice, on Tuesday February 26. If the investigation was to charge the companies, it could have imposed large fines at a time when the container sector faces many difficulties due to slowing global economic growth.
Organisations representing the main maritime logistics industry stakeholders, as well as EU national maritime authorities, met on February 8 in Paris to discuss about the EU Consortia Block Exemption Regulation. The associations attempted to assess the validity of the BER, which provides the liner shipping industry an exemption from normal competition rules.
Moody’s upgraded Hapag-Lloyd to B1 from B2, its probability of default rating (PDR) to B1-PD from B2-PD and its senior unsecured bond ratings to B3 from Caa1. This rating reflects Hapag-Lloyd’s progress in integrating UASC after the merger, while also reducing leverage and generating positive free cash flow on the back of tight cost management and increased efficiencies.
BDO has completed its merger with Moore Stephens LLP, creating the largest UK accountancy and business advisory firm focused on mid-sized, entrepreneurially-spirited businesses. As the company reported, the merged firm will operate under the BDO brand and as part of BDO’s international network, which has 80,000 people and revenues of $9 billion across 162 countries.
The European Commission has approved, under the EU Merger Regulation, the joint venture of Stena Rederi of Sweden, part of the Stena Sphere, and Glovis Europe of Germany, controlled by Hyundai Glovis of South Korea. The joint venture will mainly operate short-sea transport services on Pure Car and Truck Carrier vessels in Europe.
Seafarers Stories: Capt. Dimitrios Liakakos, Master27/03/2020
- Maritime Health
Singapore announces additional measures against COVID-1927/03/2020
Inspections during COVID-19 pandemic for RMI-flagged vessels27/03/2020
AMSA extends standards of training certification and STCW certificates27/03/2020
One vessel attacked, two more approached off Nigeria and Benin27/03/2020
- Maritime Health
Fighting against COVID-19 stress: key mental health resources27/03/2020
Synergy CEO urges for collective, managed crew changes27/03/2020
Lay-up and re-activation revisited27/03/2020
Maintaining public health and trade flow: A critical COVID-19 conflict27/03/2020
Surveyors prevented from attending vessels about to load finished steel products27/03/2020