Container Shipping Struggles with Overcapacity: McKinsey
The container shipping industry is expected to continue to struggle with overcapacity and an inability to deliver value to shareholders, warns consultancy McKinsey & Company in its latest report. As container lines search for successful paths forward, they need to first determine what their strategy and potential role in the continuing industry consolidation will be. While mergers will continue, they do not need to be feared, just managed—and the guidelines in this report provide a starting point.
LOC Appoints Rutler as Group CFO
International marine and engineering consultancy LOC Group has appointed Jerome Rutler to the newly created post of Group Chief Operating Officer, responsible for LOC’s global operations including marine assurance and risk, energy and shipping sectors. Rutler has worked for more than 20 years in the oil and gas, petrochemicals and marine industries for a variety of companies, EPCI (engineering, procurement, construction and installation), consultancy and technical advisory. He also has experience as a company director, with particular expertise in management, operations and strategy.
Veritas Petroleum Services Appoints New CEO
Veritas Petroleum Services (VPS) announced that its Supervisory Board has appointed Gerard Rohaan as Chief Executive Officer, effective May 1, 2015. Rohaan succeeds Eirik Andreassen, who has stepped down as Chief Executive Officer. The new Board of Management will consist of Rohaan and Stan Peeters respectively as CEO and CFO. Andreassen will support this transition in an advisory role, and will remain with the company until the end of 2015. Prior to joining VPS Rohaan was SVP of the Continental Europe Division with the technical service provider Stork.
Rowan Elects Two New Executive Officers
Rowan Companies, Inc. (NYSE: RDC) announced that Thomas P. Burke has been appointed to serve as the Company's Chief Operating Officer, and Melanie M. Trent has been appointed to serve as Senior Vice President, Chief Administrative Officer and Corporate Secretary. Burke, who joined the Company in December 2009, previously served as the President and Chief Executive Officer of the Company's manufacturing subsidiary, LeTourneau Technologies, Inc., which was sold to Joy Global in June 2011.
Allcargo Logistics Strengthens Top Deck
Allcargo Logistics announced the expansion of its senior leadership team through the addition of two industry veterans, Mr. Prakash Tulsiani and Mr. Martin Muller. Mr. Prakash Tulsiani (53) joins Allcargo Logistics as the Chief Operating Officer and Executive Director (Operations). He will be responsible for Allcargo’s growth across its business verticals in India. Mr. Tulsiani is not a member of the Board of Directors of Allcargo. With degrees in Law and Commerce, Mr. Tulsiani is a Chartered Accountant and a Company Secretary.
Hans Hansen is DNV GL's Area Manager for Scandinavia
In the power sector DNV GL supports the industry in delivering a secure, sustainable, available and affordable energy supply. In his new role Hans Tormod Hansen will be responsible for offering energy advisory services to the Scandinavian market, assisting power transmission and distribution companies with strategic advice, planning, implementation and energy delivery optimization – from policy to use. “Having started my career at DNV, I’m fascinated by how the company has evolved over the years,” said Hans Tormod.
Rolls-Royce Appoint Ian Davis Chairman
Rolls-Royce announce that Ian Davis will succeed Sir Simon Robertson as Chairman. Mr. Davis will join the Board as a non-executive Director on 1 March 2013 and take over from Sir Simon at the conclusion of the Annual General Meeting on 2 May 2013. Ian Davis spent more than thirty years with McKinsey & Company, including six as Chairman and Worldwide Managing Director. He serves, as a non-executive Director, on the Boards of BP and Johnson & Johnson and is a non-executive member of the Cabinet Office Board.
China’s One Belt, One Road: Will it Reshape Global Trade?
The future of trade in Asia could depend heavily on what becomes of China’s expansive One Belt, One Road initiative, which calls for massive investment in and development of trade routes in the region. In this episode of the McKinsey Podcast, recorded in May, McKinsey senior partners Joe Ngai and Kevin Sneader talk with Cecilia Ma Zecha about One Belt, One Road—what it really means, what it needs to become a reality, and why people should take it seriously. Cecilia Ma Zecha, an editor with McKinsey Publishing, based in Singapore: What exactly is One Belt, One Road?
WISTA Conference Focuses on Shipping’s Challenges
The Women’s International Shipping and Trading Association (WISTA) conference program scheduled to be held in Paris October 3-5 will focus on issues facing shipping today. In addition to hosting its annual meeting and conference, WISTA has also created a new feature, the “Women’s Sea Congress” which will address women for innovation and modernity in shipping and the maritime economy. This annual gathering of WISTA members is augmented by industry leaders who participate in the three day event as both speakers and delegates, as the event is open to the maritime community.
New Chief Economist at BP
Former Bank of England chief economist Spencer Dale is leaving the central bank, just two months after being moved to a new role, to become chief economist at oil major BP, the BoE said on Monday. Dale spent six years as the central bank's chief economist, where he was responsible for economic forecasts and took a relatively hawkish line on monetary policy. As part of a major reorganisation of the central bank by Governor Mark Carney, Dale swapped jobs in June with Andy Haldane, who was responsible for financial stability issues.
Five Minutes With Trond K. Johannessen
Trond K. Trond K. Johannessen, President & CEO, Hatteland Display, shares with MR his insights on the evolution and future direction of this Marine Electronics subsector, modern marine displays. Please tell us how you came to lead Hatteland Display. As so often in life, it was a coincidence that I got introduced to Hatteland Display in 2008 by a former colleague from McKinsey &Company that had contacts in the Board of Hatteland Display. One thing lead to another and in early 2009 I started as CEO and my former colleague as CFO.
Hafnia Tankers Inks Fresh Sale and Leaseback Deal
Denmark-based shipping company Hafnia Tankers has successfully completed a sale and leaseback in the Japanese market through the sale and leaseback of its 2010 built LR1 tanker, MT Hafnia Australia. The Vessel has been sold to a Japanese private ship owning company (the Lessor) with a 12-year bareboat charter back with annual purchase options from year four onwards. The Transaction entailed a sale of the 74,539 dwt ship at market value and a fully levered lease arrangement which gives rise to a positive liquidity effect of approx.
Addressing Today’s Shipping Challenges with Software Solutions
Technology will prove the game changer for the shipping industry. The shipping industry faces many challenges. The growth in fleet volumes at a time of global economic slowdown has resulted in excess supply and falling demand, which has had a major impact on profitability. It’s not only the global economic slowdown, particularly in China, that is affecting shipping. Hardly any other sector requires such complex process management as shipping, which compounds the challenges. A…
MOL Allies with NCC
Japanese shipping company Mitsui O.S.K. Lines (MOL) has signed a capital and business alliance agreement with chemical tank specialist logistics provider Nippon Concept Corporation (NCC). "MOL and NCC concluded the agreement with the objective of developing a comprehensive two-way strategic partnership including both partners' group companies, and steadily enhancing their businesses," said a statement from the company. The agreement gives NCC the opportunity to globally increase…
NYK Cautions of Illegal Conducts in Chinese Subsidiary
Nippon Yusen Kabushiki Kaisha (NYK) said that it has discovered that there is a possibility that former locally hired management personnel in NYK Car Carrier (China), its consolidated subsidiary located in Shanghai. The China unit is engaged in finished car logistics business in China, had committed unlawful expenditure or embezzlement. The Company established an investigation committee (the Committee ) to investigat the aforementioned matter on February 5, 2018 (with Tadaaki Naito President Representative Director and President Corporate Officer as the Chairman of the Committee…
Ocean Yield Acquires Four VLCC
Ocean Yield has announced that 100% owned subsidiaries of the Company have agreed to acquire four VLCC crude tankers with 15-year bareboat charters to companies owned and guaranteed by Okeanis Marine Holdings. All four vessels are sub-chartered to the shipping arm of a large industrial conglomerate for a period of 5 years. The gross purchase price is USD 83.75 million per vessel and the net cash purchase price is USD 74.25 million after a seller's credit of USD 9.50 million. The vessels are scheduled for delivery by the yard, Hyundai Heavy Industries, South Korea, in Q2-Q3 2019.
DryShips to Spin Off of Its Gas Carrier Business
DryShips, a diversified owner of ocean going cargo vessels, announced that its wholly owned subsidiary, Gas Ships Limited has filed a registration statement on Form F-1 with the U.S. Securities & Exchange Commission, to spin off of its gas carrier business from the Company. In the spin-off, DryShips will distribute to holders of its common stock 49% of the issued and outstanding shares of Gas Ships Limited's common stock. Following the spin-off, Gas Ships Limited will be a publicly-traded company, and DryShips will retain a 51% ownership interest in Gas Ships Limited.
Morén Rejoins MJP
Marine Jet Power (MJP) welcomed Nils Morén as International Sales Manager responsible for sales in Israel, India, Taiwan and South Korea. In this role Nils will be responsible for business development and customer relations, reporting to MJP CEO, Magnus Sörenson. Nils originally joined MJP in 1996, during which time he was mainly responsible for sales for 14 years. During his tenure Nils was a key player and helped secure many notable contracts including orders worldwide. Most…
Northern Offshore Sells Semi-Sub
Northern Offshore announces it has sold its semisubmersible Energy Driller to an unnamed party for conversion to alternative use. The unit had previously been cold stacked at a shipyard in Bahrain following completion of a term drilling contract in India. Northern Offshore previously sold the drillship Energy Searcher in late 2016. Chairman and (Interim) CEO Dr. Northern Offshore is a global offshore drilling company historically operating in the North Sea, West Africa, South Asia, Near East and Southeast Asia.
Optimize Performance via Data Analytics
Early adopters use performance monitoring and condition-based maintenance tools to cut costs, head off breakdowns, find efficiencies and ensure compliance. The only thing harder than finding a needle in a haystack, is finding the sharpest points in a haystack full of needles, which is essentially the situation today on most vessels. Awash with hundreds or thousands of data sensors and data points, it’s the rare ship master or management team that can be certain they are culling…
Inmarsat Maritime Opens Smart Operations Dialogue
Inmarsat, a provider of global mobile satellite communications services, has staged the inaugural Smart Operations conference, the first in a series of events seeking an open debate in the maritime industry over the operational benefits of integrated thinking on shore and ship communications. With the first of the three new Global Xpress satellites already in orbit – a prelude to the global launch of the world’s first high-speed mobile broadband satellite service to the maritime industry…
Several Car Shippers Face Fines for Rigging Bids
EU antitrust regulators are set to fine Nippon Yusen KK (NYK) and several other Japanese shippers as well as Norwegian Wallenius Wilhelmsen Logistics ASA (WWL) in the coming weeks for rigging bids for shipping cars, according to people with knowledge of the matter. The EU sanctions follow a near six-year investigation which started with dawn raids by the European Commission in September 2012 in coordination with Japanese and U.S. antitrust authorities. Competition regulators around…
Ocean Yield Acquires Two Handysize Dry Bulkers
Norwegian shipowner Ocean Yield announced that 100% owned subsidiaries of the Company has agreed to acquire two 2018 built handysize dry bulk vessels with 12-year bareboat charters to companies owned and guaranteed by Louis Dreyfus Armateurs Group (LDA). The net cash purchase price is USD 18 million per vessel after a seller's credit. Both vessels are expected to be delivered to the Company during March 2018. LDA has options to acquire the vessels during the charter period, with…
Wallenius Wilhelmsen Logistics Doubles Footprint in Port of Zeebrugge
Wallenius Wilhelmsen Logistics has signed a concession agreement with the Port of Zeebrugge to develop 49 hectares of land known as the Bastenaken West property located in the inner port. With this concession, in place until 2043, the company will nearly double its terminal footprint. WWL will invest about USD 20 million during the next two to three years. “The agreement marks the next step in WWL’s long-term commitment to the Port of Zeebrugge, the largest RoRo port in the world…
JAXPORT's Foreign Trade Zone Opens
JAXPORT partner North Florida Warehouse FTZ, a division of JZ Expedited Companies, has celebrated the grand opening of Foreign Trade Zone No. 64’s first outdoor storage facility. The 3.7-acre facility is located minutes from JAXPORT’s North Jacksonville terminals and offers flexible short- and long-term outdoor storage options for a variety of cargo including vehicles, high and heavy, tracked units, project and over-dimensional cargo, containers, breakbulk and more. The federal…
Carisbrooke, Marlink Extend Partnership
Marlink Group company Telemar has been chosen to provide bridge system repair and maintenance services to Carisbrooke Shipping. The new contract further combines Marlink Group capabilities to enhance Carisbrooke Shipping’s operational efficiency and continuity, which is already widely supported by Marlink’s position as the U.K. headquartered ship management company’s preferred supplier of maritime satcom services. The new service and maintenance contract will be fulfilled by the U.K.