• 2017 April 21 11:26

    Court rejects Frontline's attempt to stop DHT's acquisition of VLCC fleet

    On April 18, 2017, Frontline Ltd. (“Frontline”) filed a complaint against DHT Holdings, Inc., BW Group Limited (“BW”), and each member of the Board of Directors of DHT in the Supreme Court of the State of New York, County of New York. The case is captioned Frontline Ltd., DHT Holdings Inc., BW Group Limited, Robert N. Cowen, Erik A. Lind, Joseph H. Pyne, and Einar Michael Steimler.

    Among other things, Frontline alleged that DHT Directors breached their fiduciary duties in connection with the entry by DHT into the previously announced Vessel Acquisition Agreement (“VAA”), dated as of March 23, 2017, between DHT and BW, pursuant to which DHT agreed to acquire 9 very large crude carriers (“VLCCs”) and newbuild contracts for 2 VLCCs from BW. The complaint sought to enjoin the consummation of the transactions contemplated by the VAA, including the delivery of the VLCCs to DHT in exchange for the consideration specified in the VAA.

    On April 19, 2017, the Court rejected Frontline’s arguments and issued an order denying Frontline’s motion for a preliminary injunction and temporary restraining order. The reasons cited by the Court for denying Frontline’s motion included the “inexcusable timing” of Frontline’s filing, Frontline’s failure to establish that the Court has jurisdiction over either DHT, DHT Directors or BW and Frontline’s failure to establish a probability of success on its claim that the transaction violated applicable Delaware law at this stage of the case.




2017 August 24

11:06 Shell’s FLNG facility Prelude officially enters into Lloyd’s Register class
10:25 Port of San Francisco seeks a new partner for shipyard lease
10:14 Brent Crude futures price up 0.04% to $52.59, Light Sweet Crude – down 0.08% to $48.37
09:59 Victor Olersky congratulates UCL Holding on the 10th anniversary!
09:18 Baltic Dry Index down to 1,222 points
09:04 DOF Subsea secures utilisation for several vessels in the Subsea IMR Projects segment
08:00 Seaspan accepts delivery of first 11000 TEU SAVER containership, enters into time charters for two 10000 TEU newbuilds and agrees to sell four 4250 TEU vessels
07:59 Alphaliner: Global container Volumes on the rise in H1

2017 August 23

18:36 U-Ming Marine Transport has become the constituent of the FTSE4Good Index
18:27 HMM’s cargo processing at Busan Port hit new record
18:06 IHC America wins a new contract with Weeks Marine
17:54 Steel cutting ceremony of Sirius Shipping’s newbuilding held at AVIC Dingheng shipyard in China
17:36 UK operator SMS Towage buys new tug from Sanmar Shipyards
17:19 Indian Navy commissions second landing craft utility ship MK-IV 'IN LCU L52'
17:06 TOTE Maritime prepares for next phase of LNG operations
17:00 Northwest Seaport Alliance July container volumes show 5 percent increase year to date
16:58 Ukraine’s water transport carried 0.3 mln passengers in Jan-Jul'17, up 37.6%, Y-o-Y
16:57 Panama Canal welcomes largest capacity container vessel to-date through expanded locks
16:55 Konecranes signs contract with Shenzhen Energy Group Environmental Protection Company for thirteen fully automated WtE cranes
16:42 Port of Virginia orders four new cranes
16:36 Cargo transportation by Ukraine’s water transport down 2.1% to 3 mln t in 7M’17
16:17 Van Oord awarded contract to construct Deutsche Bucht offshore wind farm
16:13 CMA CGM announces FAK rates from Asia to North Europe
16:00 Rustam Khalitov appointed as Director General of KNRG Upravleniye, management company of Caspian Energy Group (photo)
15:40 7th Fleet Commander relieved due to loss of confidence
15:14 Russia’s General Board of State Expert Review approved stages of Zvezda Shipyard project (Far East)
14:59 Russia develops digital platform for testing unmanned ship navigation
14:18 CMA CGM invests in the NYSHEX market and accelerates its digital transformation
13:15 KFTC announces decision concerning the violation of south Korean antitrust law by car carriers
12:43 Dmitry Medvedev signed amendments into regulations on delivery of caught and processed aquatic bioresources (document)
12:12 SaR operations continue in Singapore to find missing sailors of USS John McCain
12:00 LNG carrier Christophe de Margerie passed the Northern Sea Route for 6.5 days without assistance of icebreakers (photo)
11:23 MPA and IBM complete pilot trial on new cognitive-based system to improve maritime and port operations
11:04 Sovershenny, newest corvette of RF Navy's Pacific Fleet is open for visitors of the Army 2017 Forum
10:46 USC congratulates UCL Holding on the tenth anniversary!
10:25 Russian Chamber of Shipping congratulates UCL Holding on the first round number anniversary – 10 years in the market!
10:02 Brent Crude futures price down 0.35% to $51.69, Light Sweet Crude – down 0.33% to $47.67
09:44 TOTE Maritime’s LNG supplier gets the green light for LNG facility and barge-to-ship bunkering
09:33 Bunker prices go up at the port of Saint-Petersburg, Russia (graph)
09:14 Baltic Dry Index down to 1,249 points

2017 August 22

17:57 Gazprom Export LLC congratulates UCL Holding with a decade of fruitful activities!
17:28 Gazprom Neft resumes regular bunkering of vessels with marine lubricants at the port of Ust-Luga (photo)
17:05 OOCL celebrated the christening of hull of OOCL Germany
16:36 Reconstruction of Beringovsky Port will let boost coal exports to 2 mln t per year – Beringpromugol
16:05 MAN Diesel & Turbo and AKA win order from federal Russian agency
15:50 Cuxport handles crane parts weighing several tonnes for the NYK Bulk & Projects shipping company
15:34 SGS Group opts for Aqua-tools ballast water test kits
15:04 CMA CGM announces GRI from Asia to Panama, the Caribbean and Cuba on PEX2 service
14:35 First of ten Stan Tug 1907 ICE completed by Great Lakes Shipyard for The Great Lakes Towing Company
14:25 Baker McKenzie and COBALT selected the legal advisers of the IPO of the Port of Tallinn
14:02 ABP’s Scottish ports raise funds for RNLI and Fisherman’s Mission
13:38 IMO and Liberia looking to enhance maritime security
13:14 Bunker prices are still high at the Far East ports of Russia (graph)
12:47 Dredging at two berths of Vladivostok will let the port accommodate large cruise liners from 2018 (photo)
12:23 Sea Port of Saint-Petersburg has increased financing of labour safety actions by 23%
12:15 Port of Los Angeles and GE Transportation build on early success of pilot with commerical agreements worth up to $12 million
11:59 Maritime security code under review
11:36 ABB’s Onboard DC Grid enables integration of energy storage on specialized hybrid wind farm vessel
11:24 Stealth Maritime Corp. comments on collision of Navy vessel and its Liberia flagged tanker
11:12 FESCO launches its first transit train between China and Europe via Mongolia