Leading liquefied natural gas transporter Avance Gas Holding Ltd. sells its VLGC fleet to BW LPG Ltd for $1.05 billion. The fleet includes eco-VLGCs and dual-fuel VLGCs to be built. The deal includes MoAs and SLB agreements. Delivery set for 2024, generating profits of $315 million. Avance Gas retains MGCs and a stake in BW LPG.
V.Group, a prominent ship management and maritime services provider, has been acquired by a consortium led by STAR Capital. With the deal subject to regulatory approval, the acquisition is projected to finalize in early fall 2024. V.Group’s extensive range of services and customer-centric approach make it an attractive investment for further growth and strategic development.
SAS Shipping Agencies Services, owned by MSC Mediterranean Shipping Company, is set to acquire Gram Car Carriers (GCC) for $700 million. With a premium of 28.3% over the share price, GCC’s Board of Directors recommends shareholders accept the offer. SAS aims to maintain operations under the same name for continuous high-quality service.
Star Bulk Carriers Corp. has completed its merger with Eagle Bulk Shipping Inc., making it the largest U.S. publicly traded dry bulk shipping company. The combined fleet now consists of 163 vessels with a total capacity of 15.6 million dwt. Shareholders received 2.6211 shares of Star Bulk stock for each Eagle share.
Dutch transportation operator KOTUG International has acquired full ownership of its Freeport, Bahamas joint venture with SEACOR Holdings. KOTUG, a family-owned company founded in 1911, operates a fleet of over 70 tugs and barges worldwide. KSM, the exclusive provider of marine terminal support services in the Bahamas, will now be solely owned by KOTUG.
Copenhagen-based Maersk Tankers has acquired boutique commercial management company, Penfield Marine, in a move to expand their crude oil and product tanker business and offer a wider range of services. The combined company will oversee the management of approximately 240 vessels, with Penfield Marine joining Maersk Tankers under the leadership of CEO Tina Revsbech.
