Companies and Market

Rolls-Royce is to offload its unprofitable ship-designing arm, Commercial Marine, to Norway-based technology group Kongsberg Gruppen in a deal valued at £500m.The UK company has been planning to sell the unit since January. The transaction will see Roll-Royce cede the marine products, systems and aftermarket services businesses carried out by ...

DP World Antwerp is working with NxtPort to become the first terminal operator to make all its data available on the platform.   An agreement between the two parties will mean that information related to containers that are handled in the terminal such as gate in, gate out, loading and ...

The newly formed container shipping company, Ocean Network Express (ONE) and Freightliner, a subsidiary of Genesee & Wyoming (G&W), have signed a contract that will see 118,320 road miles per day removed from UK roads.By guaranteeing rail wagon capacity on the main intermodal routes in the UK, the new contract ...

The development is the result of a memorandum of understanding (MOU) signed between the parties in December last year. Once completed, the ferry will be able to carry 502 passengers with an operational speed of 37k. The vessel will be deployed to serve JR Kyushu Jet Ferry’s major strategic route ...

DP World will own a 51% stake in the port following the completion of the deal, while Somaliland and Ethiopia will hold shares of 30% and 19% respectively. Ethiopia is also set to invest in a variety of infrastructure in order to develop the Berbera Corridor as a trade gateway ...

ING and EIB will each provide €150m to the financing facility as part of the deal, which will be made available to clients with significant European interests. The facility can be used to fund projects that feature an environmentally friendly element such as the construction of new vessels, or the ...

The total value of the transaction also includes shareholder loans of approximately A$162.5m ($128m). An independent third party known as the TIF Investment Trust is slated to hold the remaining 50% interest in the port following the deal’s completion. Announcing the deal, CMPort said in a statement: “The acquisition of Port ...

Higman operates a marine transportation fleet of 159 inland tank barges featuring a combined capacity of 4.8 million barrels, as well as 75 inland towboats. The company uses its fleet to ship petrochemicals, refined petroleum products, crude oil, natural gas condensate and black oil on the Mississippi River System and ...