Is There Room for Consolidation in the Dry Bulk Industry?

first_imgConsolidation through mergers and acquisitions has been a very prominent trend in the container shipping industry, and more recently the tanker sector. Liner majors such as Maersk Line, Hapag-Lloyd and CMA CGM have already availed of the opportunity to bolster their fleets and reap the benefits.Nevertheless, there are opposite opinions when it comes to consolidation in the dry bulk shipping industry.“At least five fleet consolidations will take place within the next twelve months,” Robert Bugbee, President of Scorpio Bulkers, said while speaking in a panel discussion on the dry bulk shipping industry organized by CapitalLink.At least three of these are expected to take place by June, Bugbee added, without specifying details of the companies that might turn to such a move.As explained, the consolidation is ready to happen in the dry bulk as well, especially taking into account the fact that providers of capital have expressed their preference of giving capital to larger companies rather than smaller market players. As a result, a number of companies in the market are considering joining forces and have launched discussions with counterparts and investment bankers.On the other hand, Polys Hajioannou, Chairman and CEO of Safe Bulkers, doesn’t believe there will be much consolidation in the dry bulk sector.“Each company has is own ideas and policies, and I don’t see many companies out there that could come together and make a meaningful contribution through consolidation,” Hajioannou said.The example of Fredriksen Group acquiring Quintana last year was an exception and had a good timing, according to Hajioannou. However, the deal is not likely to usher in a trend in the industry, he explains.The forecasts are being made as the dry bulk sector emerges from the historically low point in the shipping cycle driven by higher demand for dry bulk cargo originating from China and Brazil. The fundamentals on the supply side have also reached a good point, especially due to the yard availability constraints that are expected to keep ordering activity at bay.World Maritime News Stafflast_img read more

Neptune Energy Advances Toward Cara Subsea Tieback FID

first_imgNeptune Energy and its licence partners have submitted the ‘Decision to Continue’ report for the Cara project to the Norwegian Ministry of Petroleum and Energy. The licence partnership will now progress its technical and economic plan before making a final investment decision early in 2019.Based on the proposed plan, hydrocarbons from the Cara reservoir will be developed with a four-slot subsea template tied back to the Neptune Energy-operated Gjøa platform for processing and export. Gjøa will also provide gas lift to the field. A tieback to existing infrastructure will ensure that maximum value from the field is unlocked.The Cara field is located six kilometers northeast of the Gjøa field and about 60 kilometers of mainland Florø. Cara is expected to yield between 56-94 million barrels of oil equivalent, in the range of 9-15 million standard cubic meters (MSm3).Anne Botne, country director for Neptune Energy in Norway, said: “Moving into the next phase of the plan is a signal that Neptune Energy is committed to Norway in the long-term. This is our second operated development project on the Norwegian Continental Shelf after Fenja in the Norwegian Sea, and we are using our experience and resources to calibrate the concept for Cara.“We have selected the most economically robust solution for the field and will now work closely with our partners in the coming months to design a plan that will take Cara forward.”Several studies will now be completed before the final investment decision and the plan for development and operation (PDO) can be submitted to the Norwegian Ministry of Petroleum and Energy in the first quarter of 2019.Cara was discovered in 2016 and is situated in PL636 in the Norwegian North Sea. The discovery well, 36/7-4, was drilled by Transocean Arctic and proved oil and gas in Agat formation. License partners in PL 636 are Neptune Energy (30 per cent and Operator), Idemitsu Petroleum Norge AS (30 per cent), Pandion Energy AS (20 per cent) and Wellesley Petroleum AS (20 per cent).last_img read more

Lawson hauls home Sprint series checkers from Shenandoah

first_imgBy Jim HainesSHENANDOAH, Va. (May 3) – Long haul trucker Brian Lawson knows about hauling fast freight and showing up on time and Saturday night he showed up at the finish line on time and first in the Vir­ginia Sprint Series feature at Shenandoah Speedway.The third different winner in as many IMCA Eagle Motorsports RaceSaver Sprint Car tour events this season, Lawson led the last 10 circuits.Charlie Ware and Chris Ware brought the field to green and Chris Ware led the first lap before Anthony Linkenhoker took over and began making good time. Laps on the pavement clicked off quickly.Tony Harris broke a logjam at the front and got by for the lead. Lawson was right there with them, got around Linkenhoker a couple laps later and was challenging the leader right away.With 10 laps to go, Lawson got around Tony Harris as Jerald Harris, French Grimes and Tom Humphries tried to stay in contention. Lawson stayed in front, Jerald got by to second and Humphries made his move to third with the white flag waving.No one would get by Lawson, however, as he as flashed under the waving checkered flag first. The next race for the series will be Saturday, May 24 back at Shenandoah as the race posted for May 17th at Fort Mountain Raceway in Bassett, Va., has been postponed. Feature results – 1. Brian Lawson; 2. Jerald Harris; 3. Tom Humphries; 4. Tony Harris; 5. French Grimes; 6. Anthony Linkenhoker; 7. Chris Ware; 8. Carl Simmons; 9. Ron Moyers; 10. Charlie Ware.last_img read more

Windjammer aids local bodybuilder’s journey

first_imgWINDJAMMER International Cuisine and Comfort Inn yesterday handed over sponsorship to former Mr , Kerwin Clarke, to attend the 46th annual Central American and Caribbean Championships.Clarke, who will join the judges’ panel this time around instead of being on stage, believes that he is advancing his career nonetheless.“Unfortunately this year I won’t be competing on stage but I will be doing the judge’s part of the seminar which would be good on my credentials,” he said.He continued, “I want to be more involved and keep being involved in the sport of bodybuilding and keep boosting the sport of bodybuilding for the benefit of me, the new athletes and for the federation as a whole.”Meanwhile Clarke was thankful for the sponsorship given to him by the hotel and catering company, saying, “They are always on board as soon as I ask.”The event was scheduled to be held in Mexico next weekend but due to the recent earthquake there, the date had to be pushed back.last_img read more

NDDC Plans Big for Sports, Focuses on Facilities Devt

first_img“The whole idea he (the acting chairman) is coming up with is to lay a solid foundation for sports in the region. He wants to do it by putting in place sports infrastructures in all the nooks and crannies of the region. “Communities and neighborhoods would have recreational sports centres where the youths can go and train.“That way, the youths can engage in sports rather than idle away. This is a new direction that would see NDDC using sports to combat youth restiveness,” the source hinted.He stressed that NDDC has over the years been doing a good job in the area of road construction, provision of water and electricity to communities without paying much attention to sports.“Sports is going to receive good attention moving forward given the new blueprint the NDDC leadership is working on and they intend to get an expert who understands the sports terrain, especially in the area of sports facilities to partner it,” the informed source concluded.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram The Niger Delta Development Commission (NDDC) is planning big for sports, if the vision of the commission’s acting Chairman Prof. Nelson Braimbraifa is anything to go by.A competent NDDC source disclosed early this week that Braimbraifa, a lover of sports has identified the need to use sports to woo Niger Delta youths and harness their sports potentials.According to sources within the commission, the NDDC boss is coming up with a blueprint for sports with special focus on putting in place state of the art sports facilities in most Niger Delta communities. Nelson Braimbraifalast_img read more

Keshi loses out on Burkina Faso job

first_imgOut of contract Super Eagles Coach, Stephen Keshi, has lost out in his bid to replace Paul Put as Coach of the Burkina Faso National team, following the appointment of German’s Genort Rohr.Keshi was rumored to be the front runner for the job due to his age, but just as it happened when he was linked to the managerial role in South Africa and Equatorial Guinea, the Burkinabe Football Federation opted against employing him as the country’s national team coach. He was the preferred choice of the country federation’s president, Col. Sita Sangare, but Rohr was named as the new coach on Wednesday, sl10.ng reports.However the news comes as a relief to the president of the Nigeria Football Federation, Amaju Pinnick, who said a few days ago, that he prays Keshi turns down Burkina Faso and commits himself to a new deal, with the NFFlast_img read more