Anonymous ID: 345a08 Oct. 24, 2024, 11:30 p.m. No.21825985   🗄️.is 🔗kun

BlackRock sells GasLog stake to Singapore’s GIC

Adis Ajdin October 24, 2024

 

US investment giant BlackRock is selling out of Greek liquefied natural gas (LNG) shipping player GasLog.

 

A fund managed by the New York-based firm’s Global Infrastructure Partners (GIP) has struck a deal for Singaporean sovereign wealth fund GIC to take over its 45% stake in the Peter Livanos-backed GasLog for an undisclosed sum.

 

The deal is expected to close in the fourth quarter of this year. BlackRock bought into GasLog in 2021 in a move that saw the company delisted from the New York Stock Exchange. The Livanos family and the Onassis Foundation will maintain their shareholdings of about 55% in GasLog.

 

GasLog owns and operates a fleet of 34 LNG carriers, including two under construction, and has a 20% interest in a floating storage and regasification terminal.

 

Welcoming GIC as the company’s new shareholder Peter Livanos, chairman of GasLog, said: “GIC’s long-term investment horizon and focus on safety and operational excellence align with GasLog’s corporate values. GIC has a track record of success in supporting energy infrastructure businesses, further enhancing GasLog’s core strengths and capital flexibility. Their global reach will also be a benefit to us as we pursue attractive growth opportunities in the future.”

 

https://splash247.com/blackrock-sells-gaslog-stake-to-singapores-gic/

Anonymous ID: 345a08 Nov. 25, 2024, 1:42 p.m. No.22056022   🗄️.is 🔗kun

I wonder if the shipping agents in Singapore are getting ready for this and the new port in Chancay, Peru

Mexico Looks Past Trump Threats With $2.7 Billion Port Expansion

By Alex Vasquez Bloomberg November 23, 2024

 

Nov 23, 2024 (Bloomberg) –Mexico is looking beyond the incoming Trump administration’s threats of tariffs, betting on a bright future for global merchandise trade no matter what actions its northern neighbor and biggest trading partner takes.

 

While Donald Trump promises 60% levies on goods imported from China and 20% on the rest of the world, Mexico is making a substantial investment to more than double the capacity of its main commercial port — a show of confidence that imports and exports will increase significantly in the coming years.

 

The 55 billion-peso ($2.7 billion) expansion of the Navy-run Port of Manzanillo, located in the western state of Colima on the Pacific Ocean, would vault it into the top 20 container ports in the world. That represents a huge leap from its current position of 53rd in the latest Lloyd’s List ranking and would position it as the busiest in Latin America.

 

With completion targeted for 2030, the expanded port would cover more than 1,800 hectares (4,448 acres) compared with the existing 450 hectares. That additional land and more equipment will allow annual capacity to more than double to 10 million 20-foot containers, said retired Admiral Mario Alberto Gasque, general director of Asipona Manzanillo, the Navy agency that runs the facility.

 

Annual volumes at that level would put Manzanillo on par with the Port of Los Angeles, the busiest US gateway for maritime trade.

 

Among the main products the port receives from more than 140 countries are materials for the automotive industry, agricultural products and steel, Gasque said. The public sector will fund about a quarter of the investment, with the private sector financing the rest.

 

The port has already received written expressions of investment interest from several private companies, including Mexico’s Ferromex, a Grupo Mexico Transportes railroad unit, said Cesar Sandoval, planning manager at Asipona Manzanillo. Increasingly, though, ports are getting entangled in geopolitical tensions. The US and Canada have both expressed concern about Mexico becoming a back door into North America for China. And US-based consulting firm Rhodium Group said in a report last month that Chinese direct investment in Mexico is six times higher than shown in official statistics.

 

An adviser to Trump’s transition team has even threatened 60% tariffs on goods from anywhere shipped through Chinese ports across Latin America, a direct challenge to the new Chinese-owned port in Chancay, Peru, that was inaugurated this month by President Xi Jinping. The threat could also affect Mexico: China operates several port concessions from Ensenada in the north on the Baja California coast to Lazaro Cardenas and Veracruz in the south.

 

But Mexican President Claudia Sheinbaum, who is set to visit the Manzanillo facility on Saturday, insists her government has a plan to substitute many of its imports from China with goods made locally, both by Mexican and foreign firms. She is also pushing back forcefully against US and Canadian criticism.

 

The idea China is using Mexico as a back door to the US “is not correct,” the president said Friday during her daily press briefing. “Automobiles manufactured in Mexico, whether they are exported to the United States or stay in Mexico, have only 7% content of products coming from China. In the United States, it is 9%,” Sheinbaum added.During a tour organized by the Navy at the Manzanillo port’s facilities, several Asipona officials said they weren’t concerned that Trump’s threats would affect the port’s expansion plans.

 

Although China is the main country that moves merchandise through Manzanillo, the port also receives goods from other Asian countries like Japan and South Korea, according to Julieta Juarez Ochoa, the facility’s commercialization manager. That’s on top of goods from the US, Canada, Australia and Latin American nations including Chile and Ecuador, she added.

 

“We are not really worried about it, because we are aware of the dynamism of Mexican ports,” Juarez said of Trump’s promised tariffs. “We continue growing, we continue seeking to be an efficient and dynamic port and there are going to be many options for Mexico.”Earlier this year, Mexico imposed tariffs designed to curb the flow of steel from China after the US complained it was ending up in products shipped north across the border, undermining fair competition. Sheinbaum’s officials have also been talking about how to close their own trade imbalance with China and strengthen ties with their North American partners.

 

Canadian Prime Minister Justin Trudeau has also said his government has concerns about Mexico’s trade with China amid an upcoming review of the North American free-trade deal overhauled during Trump’s first administration scheduled for 2026. Trudeau remains hopeful the three countries can work constructively on the issues over the coming months.

 

Some Canadian provincial leaders, including the premiers of Ontario and Alberta, argue Canada should pursue a bilateral trade deal with the US due to Mexico’s more open trade with China. But so far neither Trudeau nor Chrystia Freeland, his deputy prime minister who previously led continental trade talks, have backed that call.“We are seeking to continue moving forward without being slowed down by the geopolitical situation,” Gasque said. His agency wants Mexican ports to be able to “adapt to the political situation that exists at any given moment.”

 

https://gcaptain.com/mexico-looks-past-trump-threats-with-2-7-billion-port-expansion/

Anonymous ID: 345a08 Nov. 25, 2024, 4:01 p.m. No.22056770   🗄️.is 🔗kun

Keppel to Take Full Control of Legacy Rigs Amid Offshore Market Rebound

Mike Schuler November 19, 2024

 

Singapore-based rig builder Keppel Ltd. is set to secure complete control over 13 legacy rigs currently held by Rigco Holding Pte. Ltd. (Asset Co), part of a strategic move reflecting the resurgence of the offshore rig market.

 

The transition of ownership will be facilitated through a selective capital reduction (SCR) exercise, scheduled for completion by the end of 2024. Upon successful execution, Asset Co will emerge as a wholly-owned subsidiary of Keppel, housed within a newly established private fund under Keppel’s management.

 

The development comes as Keppel capitalizes on improving market conditions, positioning itself to maximize returns from these valuable assets.

 

“Asset Co has one of the most advanced rig fleets available in the market today, with about half of these rigs contracted and generating stable cashflows,” said Keppel’s CEO, Mr. Loh Chin Hua. “Amidst the improving conditions in the offshore rig market, with some segments benefitting from utilisation rates of about 90% and improving day rates, securing control over the management and monetisation of our legacy rigs will enable us to reduce our risks as a substantial creditor to Asset Co, and better realise the potential of its assets.”

 

This strategic repositioning aligns with Keppel’s asset-light business model. The company plans to launch the Keppel Offshore Infrastructure Fund, which will not only manage the legacy rigs but also include Keppel’s 49% stake in Floatel International, an associated company of Keppel.

 

The timing of this move is particularly opportune given the current state of the global drilling fleet. According to Keppel, years of underinvestment have led to an aging fleet, with a notable shortage of premium rigs projected in the coming years, especially in the jackup market. This scarcity, coupled with the high costs and lengthy lead times for constructing new rigs, presents a unique opportunity for Keppel’s legacy assets.

 

Keppel’s strategy is not to re-enter the offshore and marine business directly. Instead, the company will focus on monetizing these legacy assets, leveraging its position as the largest economic interest holder in Asset Co. The existing partnership with Seatrium Limited will continue, with Seatrium providing construction, maintenance, and other associated services for the legacy rigs over the next decade.

 

This strategic shift is expected to yield multiple benefits for Keppel. The company says it will allow it to exert better control over the substantial cash reserves held by Asset Co (S$843 million as of September 2024), accelerate rig monetization, and potentially unlock funds for debt reduction, growth reinvestment, and shareholder rewards.

 

As the offshore drilling market continues its rebound from a prolonged downturn, Keppel’s move to take full control of these legacy rigs and establish a dedicated fund represents a calculated step towards capitalizing on the industry’s recovery while keeping an asset-light approach.

 

https://gcaptain.com/keppel-to-take-full-control-of-legacy-rigs-amid-offshore-market-rebound/

Anonymous ID: 345a08 Nov. 25, 2024, 4:16 p.m. No.22056851   🗄️.is 🔗kun

Ship engines develop allergy to cashew nut fuel

Sam Chambers November 22, 2024

 

Shipowners have been told to avoid selecting fuel made from cashew nutshells, a niche fuel that has been found to cause problems in engine rooms.

 

Bunker fuel tester CTI-Maritec has reported that several ships fuelling up in Singapore and Rotterdam have reported operational problems including fuel sludging, injector failure, filter clogging, system deposits and corrosion of turbocharger nozzle rings.

 

CTI-Maritec carried out gas chromatography mass spectrometry testing for very low sulphur fuel oil (VLSFO) samples from these vessels and found the fuel had been blended with cashew nutshell liquid (CNSL) from undeclared source materials or production processes.

 

CNSL is a low-cost alternative renewable fuel. It’s a substituted phenol, which is highly reactive and less stable owing to its high iodine value. CNSL has high acid values and is therefore highly corrosive as well. High potassium found in CNSL blend fuels causes serious post-combustion deposits and corrosion of turbocharger nozzle rings.

 

Fuel made from cashew nuts is not one of the drop-in biofuels approved by equipment manufacturers, classification societies, and flag administrations.

 

https://splash247.com/ship-engines-develop-allergy-to-cashew-nut-fuel/