Author: Sagar Joshi

April 27, 2022

According to sources, India’s Oil and Natural Gas Corp (ONGC) is battling to secure a vessel to transfer 700,000 barrels of petroleum from Russia’s Far East, indicating that Western sanctions are disrupting complex trades involving one of Moscow’s biggest partners. ONGC is one of several Indian corporations with investments in Russian oil and gas assets, and India has been acquiring more Russian crude since Moscow attacked Ukraine, snatching up the popular Urals crude grade, while other consumers have rejected Russian shipments.

ONGC owns a 20% stake in the Sakhalin 1 project, which provides Sokol, a Russian grade that ONGC exports via tender. Sokol is usually purchased and loaded in South Korea by North Asian customers.

But, due to worries from shippers about reputational risk and the increasing difficulty for Russian assets to secure insurance coverage, Moscow’s capacity to export that grade, which requires vessels that can break through ice, is becoming more difficult. Usually, shipments of Sokol oil are carried to South Korea using ice class tankers from the De-Kastri facility in Russia’s Far East, where they are then unloaded onto a regular tanker.

Because of the difficulty of logistics, Indian refiners rarely purchase Sokol grade crude. The global merchant fleet has a limited number of ice class vessels that can be deployed at any time. ONGC depends heavily on ice-class vessels supplied by Russia’s state-owned Sovcomflot (SCF) to carry crude to Yeosu port in South Korea, from which the Indian company exports to buyers primarily in North Asia.

According to shipping sources, sanctions imposed on Russia by the United States, the United Kingdom, the European Union, and Canada, as well as various constraints on SCF, are making it tough for Russian ships, including SCF’s fleet, to sustain insurance and reinsurance cover for voyages.

Shipping companies are also less eager to transfer Russian oil in Asia since they are concerned about the potential reputational implications associated with charters. In the previous month, ONGC received no offers in its tender for the export of Sokol because purchasers withdrew transactions owing to Western sanctions.

As a result, ONGC sold one cargo each to Hindustan Petroleum Corp and Bharat Petroleum Corp (BPCL) of India. As per shipping sources, BPCL’s cargo was planned to be lifted early next month from South Korea’s Yeosu port, while HPCL was granted the cargo for lifting in late May.

According to the reports, BPCL inquired about chartering a vessel from the South Korean port and attempted to reserve the MV Atlantis for early May exports. The arrangement, unfortunately, failed since ONGC was unable to arrange a vessel to Yeosu port, due to challenges with obtaining insurance for the voyage.

ONGC, HPCL, and BPCL did not answer requests for comment from Reuters. This year, India has purchased more crude from Russia in the two months since its invasion of Ukraine than it did in the entire year of 2021. 

Russia’s marine sector is dealing with the discontinuation of services such as ship certification by leading overseas providers such as the United Kingdom’s LR and Norway’s DNV. According to Reuters, marine gasoline suppliers have stopped fueling vessels carrying the Russian flag at major European hubs such as Spain and Malta, giving an additional setback to Moscow’s exports.

Source: Marine Link

February 17, 2022

Car Carrier Felicity Ace Abandoned After Catching Fire in Atlantic Ocean

Felicity Ace caught fire on February 17, 2022, and was abandoned in the North Atlantic near the Azores. After the vehicle carrier caught fire around 90 nautical miles southwest of the Azores island of Faial on Wednesday morning, all 22 crew members of the M/V Felicity Ace safely abandoned the ship and were picked up by a tanker. 

The owners of the Felicity Ace arranged for a tow of the burning ship. The Portuguese Navy ship NRP Setúbal remained on scene to monitor the situation. On February 10, the Felicity Ace departed Emden, Germany, and was on way to Davisville, Rhode Island, when a fire broke out in the ship’s cargo hold. According to the website ‘The Drive’, the ship was transporting a cargo of Porsches and Volkswagens.

February 18, 2022

Volkswagen Internal Email Confirms Thousands of Vehicles, Including VW, Porsche, and Audis were On Board Burning ‘Felicity Ace’

According to an internal communication from Volkswagen AG’s U.S. operations, the ship had 3,965 automobiles on board. The Volkswagen Group, based in Wolfsburg, Germany, produces automobiles under the VW, Porsche, Audi, and Lamborghini brands, all of which were in tow when the ship caught fire.

According to the email, more than 100 of those automobiles were heading for the Port of Houston in Texas, with VW GTI, Golf R, and ID.4 models all at risk. As per Luke Vandezande, a Porsche representative, the brand thinks that roughly 1,100 of its vehicles were on board Felicity Ace at the time of the incident. On social media, some customers raised their concerns. One Twitter user claimed that his specially designed Porsche Boxter Spyder was on board. The vehicle’s standard variants start at roughly $99,650.

Felicity Ace Car Carrier Continued to Burn in Mid-Atlantic

The ship continued to burn the next day and a salvage team from SMIT was en route to retrieve the abandoned M/V Felicity Ace. It was not clear if the batteries first sparked the fire. The ship was burning from one end to the other – everything was on fire about five meters above the water line.

Severe burns were visible on the bow and along the 200-meter (220-yard) side of the ship, which was constructed in 2005 and can carry 17,738 tonnes of cargo, according to images given by the Portuguese maritime authorities.

February 20, 2022

Lithium-ion Batteries From Electric Vehicles Aboard The Felicity Ace Were Keeping The Fire Alive

Along with 4000 vehicles including Porches, Audis, and Bentleys, Felicity Ace was carrying lithium-ion batteries. Firemen were struggling to put out the fire that broke on the ship. Cabeças claimed lithium-ion batteries in the electric cars on board were “keeping the fire alive,” adding that extinguishing equipment was on its way. However, it was not clear whether the batteries sparked fire or not.

February 21, 2022

Two Large Salvage Tugs Set to Join Felicity Ace Firefighting Effort

Two huge salvage tugs were anticipated to arrive at the Felicity Ace vehicle carrier, which was still floating in the Atlantic Ocean suffering a fire. So far, there were no reports of oil leakage and the vessel was stable. An initial salvage team on board a patrol boat was on-site. Two huge tugs with fire fighting equipment were expected to arrive on the scene and begin spraying water on the ship. 

The two tugs would also try to tow the Felicity Ace to keep it from drifting away. The two huge fire-fighting tugs arrived from Gibraltar on Monday, February 21, according to MOL, while an extra “salvage boat” carrying fire fighting equipment will arrive from Rotterdam on February 26, two to three days later than scheduled.

The Portuguese Navy remained on the scene providing 24-hour monitoring of the vessel. The cause of the fire was still unknown. 

About $400 Million Worth of Cars Could be Lost in Felicity Ace Fire

According to a risk analyst at Russell Group, the Felicity Ace fire could lead to a loss of at least $115 million for Volkswagen, Porsche, Audi, and Lamborghini. The vessel was carrying around 4000 vehicles – the exact number was not disclosed. 

According to a study by the Russell Group in the United Kingdom, the entire financial worth of commodities on board the ship is believed to be $438 million, with automobiles and commercial vehicles accounting for an estimated $401 million. The calculations are based on the cargo being completely lost.

“This data demonstrates the fragile nature of global supply systems once again. The incident happened at a horrible moment for global automakers, which are experiencing a supply chain difficulty sourcing semiconductors, causing further delays for new vehicles,” said Russell Group’s Managing Director Suki Basi. “An occurrence like this isn’t going to do anything to establish customer trust.” 

February 24, 2022

Felicity Ace Continues to Burn Even After a Week

Carrying 4000 vehicles, Felicity Ace continued to burn even after a week of catching fire in the Atlantic Ocean. The white smoke coming off the car carrier reduced as compared to the past days. The fire on the ship was believed to be still burning, according to MOL ship management (Singapore). 

At this point, there was no evidence of oil leaking from the ship, and its stability was unaffected. The vessel’s white smoke is still visible, although it has decreased in comparison to the previous several days, according to the report. Two large salvage tugs which arrived at the vessel on Monday from Gibraltar, continued to spray the vessel with water for hull and boundary cooling.

On Thursday, two more salvage ships with firefighting and towing capabilities are anticipated to arrive. A salvage crew is planned to board the Felicity Ace as the weather permits for a first evaluation, which will determine future salvage and firefighting operations. 

February 25, 2022

Salvage Team Begins Towing Felicity Ace

More than a week after the ship was abandoned in the Atlantic Ocean, a salvage team successfully boarded the Felicity Ace vehicle carrier and secured a tow line to keep it from drifting, according to the ship’s manager. The smoke emanating from the ship stopped and was no longer visible. 

A salvage team boarded the Felicity Ace via helicopter, and the salvage tug ‘Bear’ began dragging the ship to a safe location off the coast of the Azores. The tow was being escorted by two more tugs, ALP Guard and Dian Kingdom, as well as a big anchor handling tug called V.B. Hispanic with extra firefighting capacity. The cause of the fire was still unknown.

March 1, 2022

Felicity Ace Sinks in the Atlantic Ocean

The Felicity Ace car carrier sank in the Atlantic Ocean on March 1, 2022. The ship’s manager, MOL Ship Management (Singapore) stated that the vessel sank about 9 a.m. local time on Tuesday, roughly 220 nautical miles off the coast of the Azores Islands, according to preliminary information from the on-site recovery team. Salvage vessels stayed in the area to monitor the situation.

According to reports, several automobiles on board were electric vehicles with lithium-ion batteries, complicating firefighting attempts. We may never know what started the fire or contributed to its spread because the ship is now at the bottom of the ocean.

“Further information will be provided as it becomes available,” MOL said in its update. 

Ship management is a highly competitive industry. Even though there has been much consolidation in the industry, with some very big managers developed, the reality is that this is an extremely fragmented business with hundreds of enterprises selling their services to the same client.

Pricing has always played a significant role in who earns the contract, but according to those who polled for this study conducted by Splash247, the importance of pricing above all else is shifting in owners’ priorities.

According to Caroline Huot, senior vice president for ship management at Delta Corp, the ‘we can do it cheaper than you’ approach has resulted in poor vessel management, underestimating of operating costs, and fooling owners into believing that vessel operation expenses can be permanently reduced. Caroline says that because of this model, many companies have failed to develop and invest in new tools.

Mingfa Liu, general director of ship services at IMC Shipping acknowledges that “For some shipowners, saving a dollar now would mean everything, as they have a relatively short-term vision.”

Experienced Ship managers focus more on value than the price

According to Claes Eek Thorstensen, vice chairman of Thome Group, only short-term “opportunistic” ship managers have this mindset of looking for cheap solutions while investing in ships. He adds that experienced managers have always prioritized performance and efficiency.

Quality shipowners understand that cost is only one component of the equation and a knowledgeable ship manager will consider regulatory compliance, safety, seafarer training and welfare, as well as environmental concerns like decarbonization to be a critical component of running a well-rounded ship management service.

“Focusing just on expenses was never a viable and promising business strategy for taking care of high-value client assets,” says Ian Beveridge, CEO of Bernhard Schulte Shipmanagement. The CEO of Anglo-Eastern Bjorn Hojgaard agrees with this and says that the old adage of ‘price is what you pay, value is what you get’ still holds.

“Ship Managers have been effective in growing the positive gap between the value delivered to their customers and the price clients have had to pay for this value,” Hojgaard adds. Northern Marine’s ship management director, Sean McCormack, says his company has never subscribed to the idea of a low-cost business strategy. The managing director of Union Marine Management Services, Vinay Gupta, believes that a lot of good operators have finally realized that there is a limit to how low they can reduce costs without compromising quality, and that decreasing them further will only affect them in the long term.

He says that “I have observed a trend nowadays where too low a budget is not considered clever anymore”, adding that he finds it gratifying that many clients recognize these days that the cheapest option is not always the best.

Ship management software affects the cost

Shipping industry has been slower to undertake the digital transformation journey. What differentiates a manager in high quartiles is his or her ship management software with its value-added and user-friendly features.

Shipping managers can’t pool their knowledge together to offer a standardized software for a suite of functions for two main reasons: competitiveness and the fact managers all have different opinions about what a software suite of functions should entail.

Sachit Sahoonja, CEO and managing partner at Su-Nav says that, “For most of the managers their software is their USP. If that’s common, there is nothing left.”

According to Sean McCormack, ship management director at Northern Marine, the demands of clients in shipping are quite different, and attempting to produce standardized off-the-shelf software that is flexible enough to suit all of those needs would be difficult.

Environmental considerations

Environmental factors are becoming increasingly significant in most owners’ decision-making processes, and this trend will only continue with new laws beginning next year. “A badly managed ship owing to a low budget will reflect emissions when you can’t repair the engines due to financial restrictions,” cautions Sanjeev Verma, managing director of Landbridge Ship Management.

Owners, according to Verma, may begin to realize that those who provide low management dues may be unable to maintain the right emissions rating of their ships, which would subsequently reflect in a vessel’s commercial revenues.

Low sulphur bunker costs rose by $100 per ton on Wednesday (09/03/2022), having risen by a third since the end of February to almost $1,000 per tonne, adding millions of dollars to the cost of running a ULCV on a round-trip from Asia to North Europe. As a consequence of a strong surge in oil and gas prices in the early Monday trade, VLFSO prices have reached new highs.

Brent crude reached a record high of $139 per barrel before falling back, while gas prices reached a new high of 800p per therm, well surpassing the previous high of 485p per therm. Fujairah is the first major bunkering port to cross the $1,000 mark according to figures from Ship&Bunker. 

Corresponding VLSFO prices in Singapore also surged to $981 per tonne having eased back to $892.50 on Friday. The bunker price in Singapore crossed the $1,000 per mark on Wednesday morning (09/03/2022) as the market braces for yet higher oil prices. 

With a Russian oil ban “on the table” as sanctions are ratcheted up in the aftermath of Ukraine’s invasion, traders anticipate oil will exceed $200 per barrel by the end of the month, more than double the price at the start of the year.

Scrubber-fitted vessels save close to $250 per tonne

As per Ship&Bunker statistics, the price differential between VLSFO and heavy fuel oil widened further last week, benefiting owners who installed scrubbers. The global average of VLSFO prices in 20 bunkering ports jumped by 12% to $962.50 per tonne on Monday. 

In the meantime, heavy fuel oil prices shot up to $714.50 per barrel, representing a marginal gain of less than 11% on a global basis. The average price difference between VLFSO and HFO is $248 per tonne, leading to considerable cost savings for scrubber-equipped ships.

Brent oil had fallen back to $122.50 by late afternoon London time on Tuesday (08/03/2022), while West Texas Intermediate was hovering at $117.50.

According to experts, the day’s high volatility was a clear indicator of serious concern about the global energy landscape. The widespread consensus is that prices will continue to rise, posing a significant risk to the global economy this year.

Britain has banned any ship with Russian ties from accessing its ports as part of measures to isolate President Vladimir Putin’s government because of its war on Ukraine. In a tweet announcing the blanket ban, British Transport Secretary Grant Shapps urged other countries to ban ships with ties to Russia from visiting their ports.

“We’ve just become the first nation to adopt laws banning any ships with any Russian link from entering British ports,” Shapps added.

UK transport secretary Grant Shapps wrote to the country’s ports on Monday instructing them not to allow the entry of any ships owned, controlled, chartered, or operated by any person connected with Russia. 

The ban is also set to apply to any ship flying the Russian flag or registered in Russia. The decision came a day after Scotland’s first minister, Nicola Sturgeon, requested Shapps to prevent a Russian tanker from landing in the Orkney Islands. 

In the midst of Russia’s increasing attack on Ukraine, UK Prime Minister Boris Johnson criticized Russian President Vladimir Putin, saying his ‘unprovoked’ actions have far-reaching consequences for other nations. The UK Prime Minister accused Putin of adopting “barbaric” and indiscriminate techniques to kill civilians in Ukraine.

Britain has banned all ships with Russian connections from visiting its ports as part of its efforts to isolate President Vladimir Putin’s government in the aftermath of its war on Ukraine.

Announcing the move in a tweet, he further appealed to other nations to follow the same. “Today I’ve written to all UK ports asking them not to provide access to any Russian flagged, registered, owned, controlled, chartered, or operated vessels. Given Putin’s action in Ukraine, I’ve made clear these vessels are NOT welcome here with prohibiting legislation to follow,” Shapps tweeted.

Today I’ve written to all UK ports asking them not to provide access to any Russian flagged, registered, owned, controlled, chartered or operated vessels.

Given Putin’s action in #Ukraine I’ve made clear these vessels are NOT welcome here with prohibiting legislation to follow. pic.twitter.com/5pKzfvcbGi

— Rt Hon Grant Shapps MP (@grantshapps) February 28, 2022

“The maritime sector is fundamental to international trade, and we must play our part in restricting Russia’s economic interests and holding the Russian government to account,” Shapps said in the open letter.

“We will seek to support UK ports in identifying Russian ships within the scope of the above and will communicate directly with relevant ports when we identify ships bound for UK ports who fall within the scope of the above. Further detailed sanctions against Russian shipping are being developed and further details will be shared shortly,” he added.

In an effort to stop the conflict in Ukraine, Western nations have slapped broad sanctions on Russian corporations, wealthy individuals, and even Putin.

On Thursday, the Turkish-owned bulk carrier Yasa Jupiter was struck by a missile in the Black Sea off the coast of Ukraine’s Odessa, sustaining minor damage and becoming the first verified merchant ship victim of war since Russia’s invasion of Ukraine.

The 61,078 dwt bulk carrier Yasa Jupiter was en route to Romanian waters. None of the crew members was hurt. The Turkish business Yasa Shipping’s Marshall Islands-flagged ultramax was on its approach to Romanian national seas. According to the firm, one of the hatch covers was struck when the cargo was released at Odessa, Ukraine’s largest port. There has been no recorded injury or loss of life.

“Following the information that a bomb hit the Turkish-owned Yasa Jupiter with the Marshall Islands flag off the coast of Odessa, which came to AAKKM, it was learned during the meeting that there was no request for help, that the ship was in transit to Romanian territorial waters, that there was no loss of life and that it was safe,” reported the Turkish General Directorate of Maritime Affairs in a brief statement on Twitter.

However, Recep Tayyip Erdogan, Turkey’s president, delivered a harsher statement condemning the attack on the ship and the assault. He described the strike as a breach of Ukrainian sovereignty and an illegitimate action, adding that “Turkey supports Ukraine’s effort to protect its territorial integrity.”

The Turkish Ministry of Foreign Affairs released a single photo taken from the wheelhouse of the bulker Yasa Jupiter. The 61,000 dwt bulker had apparently left the Ukrainian port of Dneprobugsky, with its AIS identifying a destination of Novorossiysk in Russia. It was claimed to have been hit by either a bomb or a missile when around 60 nautical miles outside of Odessa. The image depicts a bridge covered in shattered glass and trash.

Marshall Island flagged bulker been damaged by missiles at her hold number 5. No injuries. The vessel proceeding towards Romanian territorial waters. pic.twitter.com/d7UHMkede0

— dry bulk freight market & commodities (@chartering101) February 24, 2022

According to reports, the ship was struck in one of its holds but remained seaworthy, with the Turkish Ministry stating that it is currently sailing towards Romanian seas. Earlier allegations of two Russian cargo ships being assaulted are yet to be confirmed. Russia’s Federal Security Service said that two of its commercial vessels were targeted by the Ukrainian military, an allegation that observers are disputing as well as Ukraine’s capacity to carry out such an attack as it battles the Russian attack.

Russia’s invasion of Ukraine has resulted in the closure of all ports of the nation, as well as suspension of all rail transportation by the government. The Ukrainian military has ordered the suspension of all commercial activity at Ukraine’s seaports.

Russia previously halted commercial ships in the Azov Sea until further notice, although Russian ports in the Black Sea remained open for navigation. Nonetheless, Dryad Global, a maritime security consultant, recommended all commercial operators to avoid any transit or activity in the Black sea within the exclusive economic zones of Ukraine or Russia.

As Russia’s invasion of Ukraine takes a toll on merchant ships, there is a rising concern for the safety of thousands of seafarers, both at sea and shore. The Ukrainian government has stated that two vessels were seized yesterday in Romanian seas near Snake Island, heading towards the Crimean peninsula, in addition to the three ships being struck by the Russian military in the Black Sea.

According to the authorities, the Ukrainian flagged bulk ships Afina and Princess Nicole (pictured) were operating in Romanian seas when they got an instruction to approach a Russian warship for inspection 22 miles off Snake Island.

When both the ships reached the Russian vessels, their AIS was deactivated and communication was stopped. According to the most recent statistics, the grain-laded ships are presently 18 miles off the shore of Crimea, with a total of 50 crew members detained. Kiev condemned the incident as an act of piracy.

Many ships are still stranded in the conflict zone, with the struggle for vital ports like Odessa increasing. “The attack in the south from Mariupol is apparently proceeding more quickly, having gained the port city of Berdyansk amidst fighting also in Melitopol and Kherson, as well as Odessa,” according to a daily shipping statement from Norwegian broker Lorentzen & Co.

The shipping portal counts 109 merchant ships in Ukrainian waters, down from 157 registered at the start of the conflict. Over the weekend, Indian Maritime Organization Secretary-General Kitack Lim reiterated his call to keep seamen safe from the fighting.

Lim said, “I am deeply concerned about the consequences of Ukraine’s military activity on global shipping, logistics, and supply chains, particularly the repercussions on the delivery of commodities and food to underdeveloped countries and the influence on energy supplies.”

He also added that “Along with the people of Ukraine, innocent ships, seafarers and port workers engaged in legitimate trade should not be adversely impacted by this growing crisis. Shipping, particularly seafarers, cannot be collateral victims in a larger political and military crisis – they must be safe and secure.”

Henrik Jensen, CEO of Danica Crewing Services, a major supplier of Ukrainian crew to the global merchant fleet, has urged shipowners to enhance internet access volume and speed on vessels with Ukrainian crews on board, allowing them to better communicate with their families and keep up with news developments.

Danica has been preparing for staff to leave the country, but many have answered saying they appreciate the gesture but will remain to protect their nation. Furthermore, men between the ages of 18 and 60 are not permitted to leave the nation. “I have no words. What happens in Ukraine is insane,” Jensen said.

According to Bjorn Hojgaard, CEO of Anglo-Eastern, a ship manager with a significant presence in Odessa, said that Ukrainian crew changes have “hibernated” because no one can leave the country at the moment. “If anyone onboard wants to return home, we will assist them in every way we can.” Right now, a handful has requested it, but others wish to continue their contract in order to keep earning money for their families,” Hojgaard told.

The International Chamber of Shipping (ICS) has warned of supply chain disruption if Ukrainian and Russian mariners’ freedom of movement is restricted. According to the Seafarer Workforce Report, released in 2021 by BIMCO and ICS, there are presently 1.89 million seafarers operating over 74,000 vessels in the worldwide merchant fleet. Of this total workforce, 198,123 (10.5%) of seafarers are Russian, while Ukraine accounts for 76,442 (4%).

In other shipping-related news, Turkey’s foreign minister, Mevlut Cavusoglu, stated on Sunday that the country will limit Russia’s naval presence in the Dardanelles and Bosphorus straits, as asked by Ukraine. Meanwhile, both bp and Equinor have indicated intentions to quit the Russian market.

News Credits: Splash247

APMT Terminals Mumbai, also known as Gateway Terminals India (GTI), has planned to invest $115 million in infrastructure development in order to increase container handling capacity. This investment will be used to increase container handling capacity, allowing GTI to fulfill shifting client demands for bigger ships.

The funds will be used to buy six ship-to-shore (StS) cranes and three rail-mounted gantry (RMG) cranes. With this investment, the company aims to increase the container handling capacity by 10% to 2.18 million TEUs.

The initiative, according to GTI COO Girish Aggarwal, is a step forward in assisting the government’s goal to increase “Ease of Doing Business.” “The investment will allow us to safely and effectively serve bigger boats at our terminal.” This, in turn, would help our customers enhance operational efficiency in the Indian trade,” Aggarwal explained.

GTI is a joint venture between APMT and the Container Corporation of India (CONCOR-A Government of India business) that operates at Jawaharlal Nehru Port Trust in Nhava Sheva. The terminal has 128 acres of yard area, a 2,336-foot berth line, and sophisticated service equipment such as three rail-mounted quay cranes, 10 twin-lifting quay cranes, and 40 rubber-tire gantry cranes.

APM Terminals is also investing in Nigeria’s largest container terminal, in addition to India. According to recent estimates, APM Terminals Apapa has spent $438 million upgrading its facilities with sophisticated cargo handling technology since winning the terminal’s concession in 2006.

Robert Maersk Uggla, 43, is to take over Chair of the Board of AP Moller–Maersk as Jim Hagemann Snabe stands down. Robert Mærsk Uggla is the great-great-grandson of Peter Mærsk Møller, who founded the company 118 years ago.

His mother Ane Maersk Mc-Kinney Uggla is also standing down as Vice-Chair of AP Moller–Maersk and will be replaced by board member Marc Engel. Ane Maersk Mc-Kinney Uggla has been Vice-Chair of AP Moller–Maersk since 2003 and is also chair of AP Moller Holdings.

On the changing of the guard she said: “The transformation of AP Moller – Maersk into an integrated container logistics company is well underway as a result of the efforts of the Board of Directors, the management led by Søren Skou, and the many dedicated employees. After three decades on the Board, it is time for me to pass on the responsibility to Robert, who with his seven years on the Board of Directors has been a driving force in the development of AP Moller – Maersk.”

Robert Maersk Uggla said, “I am very humbled to accept the nomination as Chair of the company. We initiated the restructuring and renewal of AP Moller–Maersk in 2016 and have come a long way on many fronts. I am grateful for Ane and Jim’s contributions to the company and their personal support also in the future. I look forward to continuing AP Moller-Maersk’s transformation in close cooperation with Marc Engel, the Board, and management.”

Mr. Engel joined the APMM board in 2019 and is also the outgoing chief supply chain officer of Unilever, and will hand over to his successor there, Reginaldo Ecclissato, after 30 years, in April.

Mr. Hagemann Snabe has served on APMM board since 2016 and has been chairman since 2017. He said: “It has been a privilege to be part of the reinvention of this unique company. The focus on the core business and the development of new capabilities within logistics, digitalization, and sustainability has been key to transforming the company.

“Robert has been involved all the way and during his time on the board has played a central role in the restructuring and transformation. The timing of a generational change is, therefore, well-chosen,” he added.

Nakilat, the world’s largest LNG carrier operator, declared on 7th February 2022 that 2021 has been its most successful year ever. Over the course of the calendar year, the Qatari firm earned $370 million in net profit, an increase of approximately 17 percent year on year.

According to Nakilat, the COVID-19 epidemic produced an “extremely hard and unpredictable” operating environment for shipping in 2021, yet it still managed to generate extraordinary profits. Reduced financing charges aided in cost reduction, enhancing the bottom line.

“Despite the company’s particular challenges, we continued to build on our operational response to the pandemic, allowing us to adjust quickly and maintain business continuation to produce value for our shareholders and customers,” stated H.E. Dr. Mohammed Bin Saleh Al Sada, chairman of the Nakilat board.

Nakilat anticipates a growing tide of LNG transportation in the next years, with a global growth rate of 5% per year projected until 2025. Much of the increased volume will come from Qatar’s own production: the country is constructing new liquefaction trains in an effort to increase output by 40% by 2026.

Nakilat now runs 74 LNG carriers, the largest fleet of its type, and serves both Qatari and international charterers. That fleet is poised to grow much more in the coming years: Qatari state gas giant Qatar Energy has initiated a multi-year newbuild drive to purchase up to 100 new LNG carriers from South Korean and Chinese yards.