Siem Offshore Rebrands as Sea1 Offshore Following Chairman Exit
Siem Offshore has changed its name to Sea1 Offshore followong an ownership change that saw the company's founder and chairman exit the Norwegian offshore support vessel (OSV) firm.Kristian Siem, longtime leader of Siem Offshore, stepped away earlier this year after reaching a deal to acquire nine vessels in exchange for his 35% stake in the company.The name has been formally registered in the Cayman Islands Registrar of Companies and change officially took effect May 7, 2024.
Ripple and Marine Learning Systems Merge
Maritime software brands Ripple and Marine Learning Systems are joining forces, coming together under a single brand focused on crew training and marine operations.The firms, both acquired by technology holding company Bleecker Street Group in 2023, have merged to become Ripple Operations.Post-merger, the new entity will provide human capital management, crew operations, training, learning and development solutions to maritime operators, supporting hundreds of thousands of mariners and operators across the ferry, cruise, offshore, fishery and tug, tow and barge industries.
Union In Talks with Carlyle on Majority Stake in Thyssenkrupp Marine Systems
Germany's IG Metall union on Tuesday said it had preliminary talks with Carlyle on the investment firm taking a majority stake in Thyssenkrupp Marine Systems and agreed to push for an agreement as quickly as possible.In a newsletter seen by Reuters, the union however insisted that a stake sale to private equity investors could only happen if the state stepped in as well to secure the conglomerate's naval shipbuilding activities.The economy ministry was not immediately available for comment."A first round of negotiations in a small group is scheduled for the beginning of May…
AST Networks Acquires Reygar
AST Networks, provider of land and maritime communication technology and remote connectivity solutions, announced it has acquired Reygar Ltd, provider of fully integrated performance monitoring and control solutions for crewed and uncrewed vessels.“With the acquisition of Reygar, AST Networks is poised to deliver even greater value to our customers.” said Gregory Darling, Founder and Chairman of AST Networks. “Reygar’s expertise in vessel performance monitoring perfectly complements our existing suite of IoT (IRAMS) and network solutions…
Optimarin Acquires Hyde Marine Business from De Nora
Optimarin AS, a Norwegian supplier of ballast water treatment systems (BWTS), announced it has agreed to acquire the Hyde Marine UV business from the Italian multinational Industrie De Nora S.p.A.
DFDS to Buy International Network from Ekol
Danish shipping and logistics firm DFDS said on Tuesday it has agreed to buy the international transport network of Turkey's Ekol Logistics for 1.9 billion crowns ($277 million) and lifted its sales growth forecast for the year.The network connects Turkey and Europe and the acquisition will add road transport to its Mediterranean ferry network, DFDS said in a statement, adding that it was in line with its strategy to move goods in trailers by ferry, road and rail."Turkey's role…
Star Bulk Completes Eagle Bulk Acquisition
Star Bulk Carriers Corp. on Tuesday announced that it has completed its merger with fellow dry bulk shipping company Eagle Bulk Shipping Inc.Eagle Bulk shareholders this week voted to approve the $2.1 billion deal, which was first announced in December 2023.Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.Petros Pappas…
Austal Rejects Hanwha's $662 Million Takeover Offer
Australian shipbuilder Austal said on Tuesday it had rejected an A$1.02 billion ($662 million) takeover offer from South Korea's Hanwha Ocean as it was unlikely to be approved by Australian and U.S. regulators due to the sensitivity of its operations.The Western Australia-based firm said it had received a bid at A$2.825 per share, representing a premium of 28.4% to Austal's last closing price.Austal's shares rose 8.2% in early trade, while the Australian S&P/ASX200 index was flat.The…
FMD Acquires AMMCON
Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management (Arcline), has acquired AMMCON Corp., a Jacksonville- based fittings and assembled components manufacturer. The defense contractor’s acquisition continues its expansion and commitment to providing critical components to the U.S. Navy and other marine defense customers.“Fairbanks Morse Defense is working to build fully integrated products and services that will meet every need of maritime defense…
StormGeo takes Ownership of Climatempo
StormGeo, part of Alfa Laval, completed the acquisition of Brazil based meteorological service, Climatempo.StormGeo first took an initial 51% stake in the Climatempo Group in 2019. In 2023, a further 38.66% was secured, marking an 89.66% ownership. This takeover sees StormGeo increasing its footprint in the South American market and providing advanced services to the Brazilian customer base.
Twin Disc Inks Deal to Acquire Katsa for $23 Million
U.S. based power transmission equipment manufacturer Twin Disc announced it has entered into a definitive agreement to acquire Katsa, a Finnish-headquartered manufacturer of power transmission components and gearboxes for industrial and marine markets, in an all-cash transaction valued at €21 million (approximately $23 million).The transaction is expected to close in the first half of calendar year 2024, subject to customary closing conditions, including regulatory approval, Twin…
Fincantieri in Talks to Buy Leonardo's Submarine Unit Wass
Italian shipbuilder Fincantieri is in talks with Leonardo to buy the defense group's submarine unit Whitehead Alenia Sistemi Subacquei (Wass), several newspapers reported on Wednesday.Spokespersons for Fincantieri and Leonardo both declined to comment.The acquisition would have a value of between 200 and 300 million euros ($217-$326 million), Corriere della Sera and financial daily Il Sole 24 Ore reported.The move by Fincantieri would be part of the group's broader strategy to grow non-organically and focus more on the defence sector…
Hanwha Launches New Affiliate Rounding Off Its Total Shipbuilding Solutions Capabilities
With the launch of Hanwha Engine, South Korea’s shipbuilder Hanwha has become fully equipped to provide total shipbuilding solutions, including engine production with in-house manufacturing and technology capabilities.Hanwha has officially launched its new affiliate, Hanwha Engine, after successfully acquiring HSD Engine, the world’s second-largest marine engine company in terms of market share.According to the company, it will leverage Hanwha Engine’s abundant experience in marine engine production and the synergy among Hanwha affiliates to develop and commercialize eco-friendly fuel engines…
Iridium Acquires Satelles
Iridium Communications has entered into an agreement to acquire Satelles, Inc., a leader in secure satellite-based time and location services that complement and protect GPS and other GNSS-reliant systems. The service, named Satellite Time and Location (STL), is designed as an easy-to-adopt, secure solution that increases the efficiency and reliability of timing systems for digital infrastructure like 5G base stations, data centers, and other critical infrastructure and protects…
MOL Wraps Up Fairfield Chemical Carriers Acquisition
Mitsui O.S.K. Lines (MOL) has, through its subsidiary MOL Chemical Tankers, completed the acquisition of Fairfield Chemical Carriers, creating one of the world’s largest multi-segregated chemical tanker fleets.The acquisition, valued at $400 million, is based on a share transfer agreement signed at the end of September 2023, which has been approved by the relevant authorities under competition law.The transaction is in line with MOL’s plan to proactively invest in chemical tanker business…
KOTUG Takes Full Ownership of Its Bahamas Towage JV with SEACOR
KOTUG International, a marine services and towage provider based in the Netherlands, announced on Thursday it has concluded its acquisition of Kotug Seabulk Maritime (KSM), taking full ownership of the Caribbean marine towage business.KOTUG said it has acquired the interest of its joint venture partner, Fort Lauderdale, Fla.-based SEACOR Holdings via its Seabulk subsidiary KS Maritime Holdings, owner of the 50% share in KSM.Founded in 2017, KSM acts as the exclusive provider of maritime terminal support services for Buckeye Partners’ Bahamas Hub…
CMA CGM Caps Logistics Push with $5 Billion Bollore Deal
France's CMA CGM has completed a $5 billion takeover of Bollore Logistics, its biggest-ever acquisition, and said it had funds for more deals as it seeks to counter volatility in container shipping.The acquisition of the logistics division of French conglomerate Bollore, announced last year, closed on Thursday at a final price of 4.85 billion euros ($5.25 billion) after debt and cash adjustments.The deal will extend the reach of CMA CGM's CEVA Logistics unit into areas such as freight management for pharmaceutical, cosmetics and luxury firms.CMA CGM, based in Marseille and privately controlled
Centerline Logistics Acquires Tugs and Barges from JMB Shipping
Seattle-based maritime transportation provider Centerline Logistics announced it has acquired a fleet of four liquid tank barges and four tugboats from maritime asset holding company JMB Shipping.The deal closed on February 23, and its terms were not disclosed. Prior to the acquisition, JMB Shipping was owned by JMB Capital Partners Lending, an investment firm that bid $115 million in 2021 to purchase a portion of Bouchard Transportation's tug and barge fleet after the New York-based marine transport company went bankrupt.
EU Clears CMA CGM's Acquisition of Bollore Logistics, Subject to Conditions
The EU Commission on Friday said it had cleared the acquisition of the logistics operations of conglomerate Bollore by shipping group CMA CGM, subject to a number of conditions proposed by the companies.The commission, which oversees competition policy in the 27-nation European Union, said that the acquisition had been approved after its investigation found a number of concerns.To address them, the parties agreed to divest all of Bolloré Logistics' activities in Guadeloupe, Martinique, Saint Martin and French Guiana, as well as a number of assets in metropolitan France linked to these activiti
American Queen Voyages Up for Sale as Hornblower Gets New Majority Owner
A global alternative investment firm Strategic Value Partners has entered into agreement with Hornblower Group to acquire the majority ownership of the company in exchange for significant equity investment. As part of the agreement, Crestview Partners retained minority ownership in the business, and the decision was made to sell or wind down the company’s overnight cruises unit American Queen Voyages.Aside from significant minority stake in the business, Crestview will become the sole owner of Journey Beyond…
N-O-S Consolidates Ops in UK
Northern Offshore Services (N-O-S), part of Northern Offshore Group (N-O-G), has integrated Mareel within the company as N-O-S Ltd, simultaneously adding its 16 crew transfer vessels (CTV) to the fleet.The move marks an important step toward optimizing synergies within the organization and pave the way for a unified market approach.The initiative is set to reinforce N-O-S’ business, providing a cohesive platform for delivering unparalleled services to their clients by capitalizing on N-O-S experience in the fast-growing renewable energy segment.“At N-O-G…
Victaulic Acquires Utility Coatings & Fabrication
Victaulic, manufacturer of mechanical pipe joining, fire protection, and flow control solutions based in Easton, Pa., announced it has acquired Utility Coatings & Fabrication, Inc. (UCF) located in West Jordan, Utah.“This acquisition represents Victaulic’s fourth consecutive investment in the last four years, highlighting the company’s strategic vision for ongoing growth,” remarked Rick Bucher, President and Chief Executive Officer of Victaulic. “Victaulic remains dedicated to…
Euronav Concludes Billion-Dollar Acquisition of CMB.TECH
Belgian tanker operator Euronav has concluded the acquisition of 100% shares in cleantech maritime group CMB.TECH for $1.15 billion in cash.The transaction is part of Euronav’s renewed strategy of diversification, decarbonization and accelerated optimization of the its current crude oil tanker fleet, driven by CMB.TECH’s ‘future-proof’ fleet of 106 low carbon vessels, of which 46 are under construction.It was first announced in December 2023, and also entails Euronav’s proposal change its corporate name to CMB.TECH following completion of the transaction and the offer.
