SMI Newsdesk Archives

Quintana shareholders approve Excel takeover bid

Excel Maritime’s takeover bid of Quintana Maritime has been given the go ahead after Quintana shareholders approved the move at a special meeting in Athens.

The takeover offer is worth $13 in cash plus 0.4084 Excel common shares per Quintana share, subtracting the equivalent of a March dividend payment. The merger is expected to close today.

Excel also announced that it has executed a senior secured credit facility Read More…

The next train for Brussels will be leaving at….

European Commission mandarins can look forward to even more debate and counter debate over the excessive regulation of the shipping industry following news that two industry association heavyweights are setting up home in the European capital.

Not only has Intertanko announced it has established a representative office in Brussels that it says will broaden and strengthen its links with the European Commission, Parliament and other Representatives, but it was Read More…

Reederei “NORD” Klaus E.Oldendorf bucks the trend by entering the third party shipmanagement fray

EXCLUSIVE Limassol-based tanker, bulker and containership owner Reederei “NORD” Klaus E. Oldendorf is to enter the third party shipmanagement sector in a move that will surprise many players in an industry dogged by severe crew shortages, SMI can exclusively reveal.

The company, which manages its tanker and newbuilding fleets from Limassol but which recently relocated the management of its bulkers and box ships to Hamburg, is confident it has Read More…

Ocean Tankers turns on the tap to help the island of Cyprus

Cypriot small to medium-size tanker owner and manager Ocean Tankers has been asked by the Nicosia government to come up with an innovative plan to solve the country’s ongoing water crisis by shipping water from Greece to Cyprus.

The company, which owns 16 vessels, including two newbuildings and three second hand vessels soon-to-be-delivered, is one of a number of companies which have tendered for the ambitious shipping contract which Read More…

Bulk crews switch to wet as wages spiral

There is still an exodus of officers from dry cargo ships to tankers as the attraction of increased pay scales takes hold, a leading owner and third party manager has claimed.

Robert Thompson, First Deputy Managing Director of Unicom Management Services – the in-house management arm for the Sovcomflot-Novoship merger, said the situation wasn’t as bad as it has been, “but there were still dry cargo guys coming across”.

Read More…

Cremers ‘not interested in new crew business’

Anglo-Eastern has heightened concerns over the escalating problem of the global shortage of seafarers by confirming it is not in the market for any pure crew management contracts and would probably turn them down were they to come along.

Speaking to SMI, Anglo-Eastern’s Chief Executive Officer Peter Cremers said the industry had to be careful about understanding those companies willing to give up the management of their vessels Read More…