• 2019 May 21 14:27

    DSD sells its ferry and expressboat company Norled

    The family-owned company Det Stavangerske Dampskibsselskab (DSD) says it has entered into an agreement to sell its ferry and expressboat company Norled to a consortium owned jointly by the Nordic infrastructure fund CapMan Infra and the Canadian company CBRE Caledon Capital Management.

    - In recent years, Norled has made significant improvements in many areas. The company has succeeded in combining good and stable operations with success in tender biddings and record-high financial results. At the same time, Norled has undoubtedly consolidated and strengthened its pioneer role in the green shift in maritime industry: First, Norled launched the ferry MF Ampere, “the mother” of all battery ferries, and in 2021 Norled will launch a new icon through the upcoming hydrogen ferry. This environmental technology opens up new, unparalleled opportunities beyond the maritime sector. I am very proud of all the milestones that Norled's employees have created, says Ingvald Løyning, chairman of Norled.

    - The company now stands at a crossroads. Much of the reason behind Norled's wonderful story is that we have had a good and opportunity-oriented owner. Norled currently has an order backlog of NOK 17 Billion, and has decided to build new vessels for NOK 2.4 Billion. Growing and succeeding with so much new technology and investment is at the same time demanding for a family-owned business. Now the company needs to be given the necessary financial resources that is needed for Norled to grow and develop further to the next phase and towards new goals, says chairman of Norled, Ingvald Løyning.

    - I am pleased that CapMan Infra and CBRE Caledon, solid and professional owners, will be responsible for the further development of Norled in line with the company's business plan and investment plans. This transaction comes at a time when the Norwegian ferry and express boat industries are undertaking major investments in new, environmentally friendly technologies. Norled’s dedicated employees have for many years proven their capacity to remain at the forefront of the green shift within the sector, and I’m sure that with the new owners, Norled will continue its positive development and will prosper in the years to come, says Yuhong Hermansen, majority owner and chairwoman of Det Stavangerske Dampskibsselskab.

    - The Norwegian ferry industry is a critical part of the country’s transportation infrastructure. We believe that the green shift in the industry further highlights sea transportation as a sustainable solution, supporting both the connectivity within and between regions for daily commuters and leisure travellers, while creating jobs and economic growth. CBRE Caledon has proven to be a great partner to CapMan in this investment given their experience in the ferry sector, competent team and deep understanding in infrastructure investing. We are impressed with Norled’s management and employees and are looking forward to continuing the successful journey together to further improve operations for the benefit of the company’s customers, employees and communities,” says Ville Poukka, Managing Partner at CapMan Infra.

    - Norled represents an attractive investment opportunity given the availability-based, index-linked nature of cash flows, the company’s market-leading position, and the increasingly green credentials of the Norwegian ferry industry,” says Dr Andreas Köttering, Partner at CBRE Caledon. “Furthermore, we have been very pleased with the collaboration with CapMan. Their local insight and Nordic experience combined with our experience in the ferries sector well positions our consortium to continue developing Norled.

    Through the sale, 100 per cent of DSD’s ownership interest in Norled AS will be transferred to the consortium of Capman Infor and CBRE Caledon. The parties have agreed that transactional details are confidential. EY has been financial advisor to Norled in the transaction together with the law firm Schjødt.

    About CBRE Caledon

    CBRE Caledon Capital Management Inc. is a leading infrastructure and private equity manager and solutions provider. The company creates long-term value for its fund and separate account clients by accessing, acquiring and managing high-quality investment opportunities and building comprehensive infrastructure and private equity portfolios. The dedicated team of 45 professionals represents over US$9.0 billion on behalf of institutional investors globally as of March 31, 2019.

    About CapMan

    CapMan is a leading investment and asset management company that applies active value creation in its portfolio companies as well as real estate and infrastructure investments. We are a pioneer in private assets in the Nordic region and, by developing hundreds of companies and properties, have created added value for over 30 years. Our investment strategies include private equity, real estate and infrastructure. We also have a growing service unit that includes procurement, fund raising and analysis, reporting and asset management. CapMan employs 140 experts in value-added private assets and manages over € 3 billion in total. In addition to Helsinki and Stockholm, we have offices in Copenhagen, London, Luxembourg and Moscow.




2019 August 22

18:04 Australian Maritime College and KONGSBERG eye potential for VR training with renewed support program
17:39 Nordic Engineering sponsors roundtable meeting “Import Substitution in Russian Shipbuilding: Ambition and Reality”
17:04 DOF Subsea issues Financial Report for 2nd quarter of 2019
16:47 Karelia proposed construction of deep-water freight and passenger port Kem’
16:25 Bunker prices go down at the Far East ports of Russia (graph)
16:04 Navios Acquisition reports results for H1 2019
15:53 PJSC TransContainer reports its Financial Results under IFRS for 6M'2019
15:12 ReCAAP ISC has released Guidance on Abduction of Crew in the Sulu-Celebes Seas and Waters off Eastern Sabah
15:04 Essar Ports expects to meet 60 MT target for FY20
14:31 Höegh LNG announces interim results for the quarter and half year ended 30 June 2019
14:14 Peel Ports takes important step towards being Brexit ready
13:56 Yamal LNG shipped twenty million tons
13:35 Arctic block of Far East Investment and Export Agency headed by Dmitry Fishkin
13:13 Sea Machines successfully deploys industry’s first autonomous spill-response vessel
12:28 Fire onboard MV Pyotr Tchaikovsky kills one in Saint-Petersburg
12:13 Frontera Offshore and DOF Subsea join forces for the Subsea Construction and IMR Mexican market
11:31 Kalmar to enhance STS crane capabilities at EUROGATE Tanger
11:21 HELCOM publishes report on noise sensitivity of animals in the Baltic Sea
10:59 HELCOM gets a new Executive Secretary
10:35 Caterpillar Eurasia and Admiral Makarov University agreed on establishing a brand new up-to-date training center
10:10 Steps towards new treaty to protect marine biodiversity
09:38 Brent Crude futures price is down 0.41% to $60.04, Light Sweet Crude – down 0.38% to $55.47
09:20 Hapag-Lloyd announces changes of North Europe Mediterranean Express Service
09:13 Baltic Dry Index is up to 2,061 points
08:44 MABUX: Bunker market this morning, Aug 22

2019 August 21

18:06 BBC Chartering appoints Ulrich Ulrichs as CEO
17:57 BPO joined World Ports Sustainability Program
17:36 Napier Port’s shares commence trading on the NZX
17:06 ZIM announces Q2 2019 results
16:41 Waterfront Shipping and Marinvest welcome second-generation low emission methanol-fuelled vessels
16:35 CMA CGM announces FAK rates from ISC to North Europe and the Mediterranean
16:32 Grady-White Boats honors MaineMax Pensacola as the worldwide sales leader
16:05 Hapag-Lloyd launches new South East Asia to Australia Services // SEA and S2A to start in October
15:42 Ferry in Estonia upgraded to battery-hybrid by Norwegian Electric System
15:21 Organisations release Joint Industry Guidance on the supply and use of 0.50%-sulphur marine fuel
14:55 Multipurpose small-draft salvage ship of MPSV12 project left for sea trials
14:30 BC Ferries releases first quarter results
14:04 DOF awarded two AHTS contracts to support drilling operations in New Zealand
13:27 Vladivostok offers second venue of “Import Substitution in Russian Shipbuilding: Ambition and Reality” roundtable
13:03 Workshop in Malaysia to help bring into operation the Regional Oil Spill Contingency Plan in South East Asia
12:46 Rosneft BOD recommended 1H’19 dividends at RUB 15.34 per share
12:25 Registration is underway for “Development of Icebreaking and Support Fleet” conference to be held as part of Neva-2019 exhibition
12:03 Ocean Yield extends option with Aker Energy for long-term charter of the FPSO Dhirubhai-1
11:41 Rosneft reports 9-pct increase of its 1H 2019 net income to RUB 325 bln
11:24 Vasily Boitsov appointed as USC Vice-President for Technological Development
11:02 Jan De Nul completes installation of all twenty foundations on the 120MW Formosa 1 Phase 2 wind farm in Taiwan
10:45 RF Ministry of Industry and Trade to prevent outflow of shipbuilding contracts from Russian shipyards
10:17 Scotline orders newbuild vessel from Royal Bodewes
10:16 Brazil readies its biofouling task force
09:51 Clean Arctic Alliance calls on Nordic Prime Ministers to support a ban on heavy fuel oil
09:47 Bunker market sees mixed price movements at the port of Saint-Petersburg, Russia (graph)
09:28 Brent Crude futures price is up 0.48% to $60.32, Light Sweet Crude – up 0.36% to $56.33
09:13 Baltic Dry Index is down to 2,059 points
09:00 MABUX: Bunker Market this morning August, 21

2019 August 20

18:40 ATON repair and maintenance shop to be built at navigation support post in Taganrog Bay
18:06 CMA CGM announces FAK rates from Asia to North Europe
17:29 Wallem-managed bulk carrier rescues Indonesian fishermen lost at sea for 10 days
17:06 MAN Energy Solutions and Samsung Heavy Industries sign a strategic cooperation agreement for the digitization of marine engines
16:35 CMA CGM announces GRR from Asia to East and South Africa
16:34 IAA PortNews offers its video on Russian bunkering market being prepared for 2020 sulphur cap