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Monday, September 21st, 2020
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Shipping heir Thomas Wilhelmsen rejects buyout offers from cousins

Thomas Wilhelmsen, CEO of Wilhelmsen Group.

PortandTerminal.com, September 20, 2020 OSLO, NORWAY – Last week, Norwegian daily Dagens Næringsliv reported that cousins and aunts from three branches of the Wilhelmsen family had offered NOK1bn ($353m) to try and get the current head of the family-run shipping group, Thomas Wilhelmsen, to step down from all his roles at the diverse conglomerate. Wilhelmsen took the reins at the family’s holding …

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Airline CEOs plead with White House to avert massive looming U.S. job cuts

Flanked by other airline executives, American Airlines CEO Doug Parker speaks to reporters after meeting with White House Chief of Staff Mark Meadows in Washington, U.S., September 17, 2020. REUTERS/Kevin Lamarque

REUTERS, SEPTEMBER 17, 2020 WASHINGTON (Reuters) – White House Chief of Staff Mark Meadows met with major airline chief executives on Thursday as the industry braces for thousands of job cuts in two weeks, and urged lawmakers to embrace a $1.5 trillion coronavirus aid package proposed by a bipartisan congressional group and endorsed by President Donald Trump. Meadows told reporters …

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Abu Dhabi Takes $615 Million Stake in U.S. LNG Exporter

Tugs helping cargo ship dock. Gas terminal in background

BLOOMBERG, SEPTEMBER 16, 2020 By Katrina Lewis for Bloomberg – Abu Dhabi’s main sovereign wealth fund disclosed a 5.1% stake in Cheniere Energy Inc., the largest U.S. exporter of liquefied natural gas. Abu Dhabi Investment Authority (AIDA) disclosed its holding in a filing dated Monday, giving it an interest in Cheniere valued at $615 million. It’s Cheniere’s fourth-largest shareholder, according …

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Russian Shipping Giant Sovcomflot Want At Least $500 Million in IPO

Ship in icy water

REUTERS, SEPTEMBER 15, 2020 By Olga Popova, Gleb Stolyarov and Abhinav Ramnarayan MOSCOW, (Reuters) – Sovcomflot plans to raise at least $500 million in an initial public offering (IPO) on the Moscow Exchange, Russia’s top shipping company said on Tuesday, in a deal that could value it at roughly $10 billion according to sources. The move by the state-controlled firm …

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Exclusive: Exxon downsizes global empire as Wall Street frets about dividend

An Exxon sign is seen at a gas station

REUTERS, SEPTEMBER 8, 2020 HOUSTON (Reuters) – Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that will require the top U.S. oil company to make deep cuts to its staff and projects. Wall Street investors are even starting to …

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Carnival’s shares surge as two of its ships resume sailing

Cruise ship. Docked. Bollards

REUTERS, SEPTEMBER 3, 2020 (Reuters) – Carnival Corp’s shares surged 11% on Thursday after its Italian brand Costa Cruises said two of its ships would resume sailing this weekend, with more to follow. Cruise companies, among the worst hit by the COVID-19 pandemic, were forced to halt voyages for months after ships in Japan, Australia and California made headlines because …

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DP World adds $4.5 Billion to its war chest to make Port investments

Container cranes at port. Trucks. DP World signage

BLOOMBERG, SEPTEMBER 3, 2020 Money will be used to target new regions, including Europe | Joint venture’s earlier $3.7 billion investment goal reached By Aaron Kirchfeld for Bloomberg – DP World and Caisse de Depot et Placement du Quebec have agreed to invest an additional $4.5 billion in their global portfolio of port terminals. The Dubai-based ports operator and Canadian pension fund manager announced …

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Israeli shipper Zim exploring IPO on foreign exchange, Globes reports

Zim containers are stacked

REUTERS, AUGUST 24, 2020 JERUSALEM (Reuters) – Israeli shipping company Zim is considering an initial public offering on a foreign exchange, Israeli news website Globes reported on Monday. A Zim spokesman said the company was not commenting. Two options being examined are to hold the offering in London or New York, according to Globes, a financial news website, which did …

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VIDEO: Maersk CEO Soren Skou Lifts Profit Outlook

Screen Grab. Man in suit giving television interview

BLOOMBERG, AUGUST 19, 2020 (Bloomberg) — The world’s largest container line may generate $1.5 billion more in operating profit this year than previously expected, as its business proves resilient to the Covid-19 crisis. A.P. Moller-Maersk A/S provided guidance for the first time since March, and painted a brighter picture of the future than investors and analysts had anticipated. Soren Skou, …

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How a Texas shale supplier’s founders made fortunes as the firm failed

Drilling rigs operate at sunset

REUTERS, AUGUST 13, 2020 (Reuters) – On July 7, the board of directors at Texas fracking sand supplier Hi-Crush granted nearly $3 million in bonuses to four top executives, including $1.35 million for CEO and founder Robert Rasmus. Five days later, the company declared bankruptcy. The payout marked the latest in a series of board decisions that allowed the oilfield …

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