The Red Sea shipping crisis dominated headlines once again in June. The Houthis displayed greater sophistication in their attacks on merchant shipping this month, hitting targets both by sea and air for the first time, killing one seafarer, severely injuring another, sinking one ship with another vessel likely also a constructive total loss. Into seven months now, the Houthi campaign against merchant shipping in the Middle East has targeted more than 110 ships. ADNOC Logistics & Services (ADNOC L&S), the shipping and maritime logistics arm of the Abu Dhabi National Oil Company, announced an agreement to acquire 80% of UK-based tanker owner and pool operator Navig8 for AED3.8bn ($1.03bn). Under the terms of the agreement, ADNOC L&S will acquire the remaining 20% ownership in 2027 for a deferred consideration of $335m to $450m. Mitsui OSK Lines (MOL), Japan’s largest shipowner, is taking over Gearbulk from Kristian Jebsen in a deal that is expected to close by January next year. Gearbulk has a fleet of 60 vessels plus a number of ships on order in China. No price has been revealed for the takeover. One of the world’s largest shipmanagers is changing hands again. European investment fund manager STAR Capital and Belgian holding company Ackermans & van Haaren (AvH) are leading a consortium buying V.Group from Advent International, a private equity firm that bought the manager in late 2016 from OMERS Private Equity. South Korean conglomerate Hanwha sealed a deal to take over Aker-controlled US shipbuilder Philly Shipyard. The Oslo-listed yard said it is selling the business to defence specialist Hanwha Systems and shipbuilder Hanwha Ocean for $100m in cash. United Arab Emirates investor Magellan Capital sealed a deal to buy lender Danish Ship Finance (DSF) for an undisclosed sum. Magellan was set up by Abu Dhabi-based Hassan El Ali after he sold offshore support vessel owner and operator Zakher Marine International (ZMI) to ADNOC Logistics & Services. After an extensive salvage operation, Baltimore opened its full main shipping channel on June 10, America’s ninth busiest port getting back to full operations 76 days after the Dali containership had lost power and knocked out the city’s largest bridge. China Merchants will take over Antong Holdings as it spins off Sinotrans Container Lines and China Merchants RoRo Transportation (Guangzhou RoRo) in a significant restructuring of the Chinese shipowning landscape. Golden Ocean’s outgoing chief executive Lars-Christian Svensen was selected to take the helm at Tor Olav Trøim-backed newcastlemax owners 2020 Bulkers and Himalaya Shipping replacing Herman Billung, who will be retiring and taking on a role as special advisor for both companies. TagsSplash Extra Archive Splash Extra June 2024