J.P. Morgan Asset Management Raises $480M For Second Maritime Fund
J.P. Morgan Asset Management has closed its second maritime fund at $480 million. The limited partners of Global Maritime Investment Fund II include pension plans, insurance companies, endowments and healthcare organizations. The pool will invest in vessels in distressed shipping sectors. So far, the fund has deployed $312 million of its capital via the acquisition of 14 assets.
Institutional Investors Stow $480M Into JP Morgan Shipping Fund
<p>Pension funds, insurers and other institutional investors have committed $480m (€430m) to a new shipping fund run by JP Morgan Asset Management.</p>
<p>The Global Maritime Investment Fund II has already bought 14 assets, investing $312m or 65% of its total capital, the firm said.</p>
PensionDanmark, Danica Invest $300M In New Ship Leasing Fund
<p>Danish pension funds PensionDanmark and Danica Pension have backed the launch of a $300 million (€279 million) shipping fund run by Navigare Capital Partners. Because the investment is very different from its other infrastructure assets, the pension fund is creating the new asset class of shipping within its overall €26.4 billion portfolio in which to categorise the fund.</p>
Rival Drilling Tycoons Place Bets On Offshore Oil-Rig Recovery
<p>Billionaire John Fredriksen and his former top adviser Tor Olav Troim may not see eye to eye anymore, but they agree on this: it’s time to buy offshore rigs again.</p>
<p>Foreseeing a boom in oil drilling a decade ago, the shipping tycoon and his right-hand man built one of the biggest offshore-rig companies before they fell out in 2014. With the industry now in the doldrums with assets at bargain prices, the two are at it again, this time as competitors.</p>
OVL Submits $3 Bn New Development Plan For Farzad-B Field
The new plan, filed with Iranian Offshore Oil Company (IOOC), excludes liquefaction facilities to turn the gas into LNG for ease of shipping to nations like India, sources privy to the development said.
GE Shipping To Buy Suezmax Crude Carrier
Great Eastern Shipping Company has signed a contract to buy a Suezmax Crude Carrier of about 1,50,000 dwt.
Danish Shipping Group Acquires German Container Company
Danish conglomerate A.P. Moller-Maersk A/S says it has acquired a German container shipping company that is ranked as the world's seventh largest container line.
Korea Line Wins Bid To Purchase Hanjin Shipping Assets
Shipping operator Korea Line Corp. won a contest for some assets of bankrupt Hanjin Shipping Co., whose collapse in late August stranded billions of dollars in cargo at sea, disrupting supply chains world-wide.
Olympic Shipping Says Investors Willing To Put Up $62M In Refinancing
Norwegian supply vessel shipping firm Olympic Shipping said a consortium of investors is willing to invest about 500 million Norwegian crowns ($61.79 million) in a refinancing of the company, out of which approximately 400 million is new liquidity.
From Chance Meeting, ConocoPhillips Emerged As Oil Major
Sixteen years ago, on his way to a black-tie fundraiser in Oklahoma City, Archie Dunham, then chief executive of the Houston oil company Conoco, stepped out of hotel elevator just as Jim Mulva, his counterpart at Phillips Petroleum of Oklahoma, emerged from another nearby. ]