• 2020 February 1 11:05

    Furgo divests its interest in GMG

    Fugro says that a subsidiary of Global Marine Holdings, LLC, in which Fugro holds a 23.6% equity interest, has entered into a definitive agreement to sell 100% of GMG, excluding GMG’s 49% joint venture with Huawei Marine Networks Co., Limited (HMN), to an investment affiliate of J.F. Lehman & Company, LLC (JFLCO) for a total base consideration for 100% of GMG of approximately USD 250 million in cash, subject to customary closing adjustments, plus a potential future earn-out should JFLCO and its investment affiliates achieve a specified multiple of their invested capital.

    After repayment of approximately USD 97 million of pension and debt obligations at GMG, as well as other customary closing adjustments, taxes and transaction fees, Fugro’s share in this transaction is expected to be close to USD 40 million. The transaction is expected to close by the end of the first quarter of 2020.

    Mark Heine, CEO: “I am very pleased with this transaction, which has been very professionally led by the GMG management. It is an important step towards monetising our non-core activities. This divestment will enable us to focus further on our core business and deliver on our Path to Profitable Growth strategy.”

    This announcement follows an earlier release, from 30 October 2019, about the sale of GMG’s 49% stake in HMN to Hengtong Optic-Electric Co Ltd, in a transaction that values Fugro’s stake in HMN at approximately USD 33 million. Initially, 30% of HMN (which represents a value of approximately USD 20 million for Fugro) will be sold. The remaining 19% of HMN that is under a two-year put-option agreement will remain as an indirect subsidiary of HC2 and Fugro . Completion of the 30% tranche of this transaction continues to be expected in the first quarter of 2020.

    Fugro’s share of the net proceeds from the divestment of its stake in GMG and HMN is approximately USD 73 million in total and is expected to lead to a positive transaction result. The proceeds will be utilised to reduce Fugro’s outstanding debt position.


2020 October 22

19:00 “K”Line online training for seafarers obtained DNV GL certification
18:04 Milaha reports QR 384 million in net profit for the nine months of 2020
17:41 Port of Los Angeles receives $9.9 million infrastructure development grant
17:36 Feasibility report on ship repair cluster development in Arkhangelsk Region to be completed in November 2020
17:29 MABUX releases weekly review of bunker market
17:05 Gothenburg Port Authority CEO becomes the member of newly established Electrification Commission
16:44 ABP’s ports in East Anglia keep agricultural products moving
16:14 ONE adds new service from Asia to Indian Subcontinent
15:50 Bunker prices are flat in the Far East ports of Russia (graph)
15:34 EU awards funding to Kapellskär-Naantali Maritime Bridge environmental initiative
15:04 Environmental Protection Agency signs a proposed rule for reducing the environmental impact of discharges
15:03 ABS and TCOMS join forces to research next generation marine & offshore and maritime solutions
14:44 Floating nuclear power plant covers over 50% of electric energy demand in Chukotka
14:20 The average value of the Ningbo Container Freight index 1 in October increases by 1.2%
14:20 MPA-SSG-WSG joint media release: 1000 traineeships, company attachments and training opportunities for more Singaporeans to join maritime sector
14:03 Global Ports Holding signs sale and purchase agreement for Port Akdeniz
13:57 Port of HaminaKotka specifies minimum requirements for berthing and unberthing services
13:25 Rosmorport's Murmansk Branch performed pilotage of Sedov barque
13:01 Container throughput of Chinese ports still decease slightly in January - September 2020
12:52 Zhigalovo Shipyard lays down fifth ship of Project 3052 for Rechvodput
12:26 MPA-ABS MoU to advance R&D activities in maritime Singapore
12:13 Multi-million-euro project transforms CO2 into green raw material in North Sea Port
11:56 Private investments in infrastructure of Arkhangelsk port totaled RUB 25 billion in 7 years
11:18 Port of Long Beach posts results for in September 2020
11:11 Russian President Vladimir Putin signs order on merging Sevmorzavod into USC
10:07 ZIM offers new service to the UAE
09:58 Sea Port of Saint-Petersburg expands its cargo space
09:36 Oil prices continue decreasing in response to growing US reserves
09:19 Baltic Dry Index as of October 21
09:05 The Grimaldi Group takes delivery of the Eco Valencia and Grande Florida
09:03 MABUX: Bunker market this morning, Oct 22
08:52 MSC Cruises to implement next-generation air sanitation system developed by Fincantieri for the cruise industry

2020 October 21

18:30 Hyundai Motors to ship 50 hydrogen trucks via the port of Antwerp
18:06 NYK Group dry bulk carrier rescues sailors off the coast of Indonesia
17:36 MAN Energy Solutions to lead Danish consortium developing ammonia-fuelled engine for Maritime sector
17:19 NSR cargo traffic to exceed 31 million tonnes in 2020 – Aleksey Likhachev
17:05 Stena Embla successfully completes sea trials
16:41 Port of Rotterdam throughput in first three quarters of 2020 falls 8.8% short of last year’s total
16:16 Steerprop azimuth propulsion to propel shallow-draught icebreaking walk-to-work vessel
16:05 Port of Rotterdam Authority starts to produce and spread bokashi
15:47 Lenpromavtomatika to supply control system for LNG-powered passenger vessel Chaika
15:33 First Ship-to-Ship LNG bunkering business to commence in Japan
15:04 Optimodal adds new train service between Antwerp and Neuss, Germany
14:04 Northwest Seaport Alliance handles 308,682 TEUs in September 2020
13:30 RF Navy’s frigate Admiral Kasatonov starts anti-submarine exercises in the Barents Sea
13:04 Port of San Diego invites the public to review and provide feedback on the Revised Draft PMPU
12:37 Meeting on implementation of project for development of Kaliningrad seaport infrastructure held in Pionersky
12:32 Lead nuclear-powered icebreaker of Project 22220, Arktika, delivered to Atomflot
12:03 IPCSA expands its membership into South America with its latest member Procomex of Brazil
11:50 BLRT Grupp built unique offshore fish farming barge
11:31 Lead nuclear-powered icebreaker of Project 22220 to start operating in NSR waters from December 2020
11:00 Kongsberg Digital’s K-Sim® Fishery simulator wins the coveted SAFETY4SEA 2020 Training Award
10:25 Yet another batch of large-size equipment for new ethylene plant delivered to Nizhnekamsk
10:02 Yevgeny Norenko takes position of Managing Director at Nobel Brothers and Vimpel shipyards
09:43 Bunker prices rise in the Port of Saint-Petersburg, Russia (graph)
09:24 Oil prices continue decreasing in response to US reserves growth
09:06 Baltic Dry Index as of October 20
09:05 CMA CGM announces PSS from North Europe to Asia
08:21 MABUX: Bunker market this morning, Oct 21

2020 October 20

18:30 APM Terminals expands API offering and terminal coverage