Deals and M&As this week: BIMCO, Keppel Singmarine, Wartsila

12 October 2018 (Last Updated October 11th, 2018 17:12)

Baltic and International Maritime Council (BIMCO), in collaboration with a group of companies, intends to establish a global standard for the underwater cleaning of hulls.

Baltic and International Maritime Council (BIMCO), in collaboration with a group of companies, intends to establish a global standard for the underwater cleaning of hulls.

The consortium includes eight different companies in the maritime sector, including paint developers, ship owners, and cleaning firms.

The new standard aims to reduce the environmental impact caused by the hull-cleaning process. The finalisation of the standard is expected next year.

It will also offer insights to the ship owners to use it in maintenance operations and will ensure minimal damage of paint during cleaning.

Stolt-Nielsen Gas has awarded two contracts worth S$105m ($75.88m) to Keppel Singmarine, a subsidiary of Keppel Offshore and Marine (Keppel O&M), for the construction of two small-scale LNG carriers.

The latest contracts result from the execution of two options included as part of the original contract signed between Stolt-Nielsen Gas and Keppel Singmarine in May 2017.

The 7,500m³ vessels will be equipped with diesel and LNG-powered engines.

The construction of the first LNG carrier is scheduled to be completed by the end of 2020, while the second carrier is scheduled for completion in the first half of 2021.

A service extension agreement has been signed by Wärtsilä and Royal Caribbean Cruises (RCL).

“The LGC 6000 LNG-class short-sea vessel will offer ship-to-ship LNG bunkering services to LNG-powered vessels.”

Originally signed in 2013, the agreement has been extended until 2028.

Wärtsilä is currently offering technical support and original equipment manufacturer (OEM) services for RCL’s vessels.

Wärtsilä will continue to perform the maintenance of 196 engines installed on 46 RCL ships, operating across the Caribbean and Europe, under the agreement.

Damen Group has secured a contract from Eesti Gaas, an energy services provider based in Estonia, to build a liquefied natural gas (LNG) bunker vessel.

The LGC 6000 LNG-class short-sea vessel will offer ship-to-ship LNG bunkering services to LNG-powered vessels.

It will be constructed at the Damen Yichang Shipyard in China and will have a length of 99.8m and a width of 18.6m. The LNG-carrying capacity of the vessel will be 6,000m³.

Eesti Gaas expects to receive the vessel by September 2020.

Public Sector Pension Investment Board (PSP Investments) intends to acquire Arcus European Infrastructure Fund’s (Arcus) stake in Forth Ports for an undisclosed value.

PSP Investments already holds a stake in Forth Ports and will collaborate with long-term investors for the development of the company.

Based in the UK, Forth Ports is an owner and operator of multimodal ports.

Navios Maritime Acquisition (Navios Acquisition) has signed a definitive merger agreement to acquire the publicly held units of Navios Maritime Midstream Partners (Navios Midstream).

The target companies can exchange their single common unit for 6.292 newly issued shares of Navios Acquisition common stock, under the arrangement.

The unitholders also have the option to receive a single share of a newly issued convertible participating preferred stock of Navios Acquisition in exchange.

The acquisition is expected to be completed by December.