VV Norways Biggest Spenders over the Last Year

first_imgCompared to a few years ago, Norway 2019 is a very different place as many of the nation’s shipping and offshore industries achieved sustained growth through some of the most turbulent times ever faced.Since the last Nor-Shipping in 2017, the number of Norwegian companies owning vessels has increased from 205 to 238. The Norwegian owned fleet has grown by 119 vessels, standing at 2,055 ships, and in turn the gross tonnage of the fleet has increased to 47.74 million GT, according to data provided by VesselsValue.These new vessels have boosted the total fleet value of the Norwegian owned fleet by USD 3.5 billion, bringing their total fleet value to USD 44 billion, ranking fifth most valuable in the world.VesselsValue mentioned Borr Drilling, Solstad and 2020 Bulkers as some of the most notable Norwegian companies.Borr Drilling, the brainchild of John Fredriksen’s former right hand man, Tor Olav Troim, has rocked the market since emerging in late 2016. As of today, Borr has 36 high specification jack-up rigs, as its fleet value stands at USD 3.5 billion.The offshore market conditions over the last few years have taken their toll on Norwegian supply boat owners, and none more so than OSV giant Solstad. In January 2019, Finanstilsynet required Solstad to revalue its entire fleet; in doing so, the total value was reduced by NOK 850 million (USD 99 million).“Solstad has long maintained its fleet valuation figures, so this reduction shows not only Solstad’s acceptance of the continued poor market conditions, but also the resultant asset prices which is a major step forward,” VesselsValue said.And last, but not the least, 2020 Bulkers. Another Troim owned company, 2020 Bulkers has ordered eight newbuild Capesize bulkers at New Times Shipbuilding since late 2017, totalling around USD 350 million. The VV value of these vessels surged to USD 453 million today.However, the money keeps coming in for Tor Olav Troim. In January, 2020 Bulkers confirmed it had secured a long term bank loan running to USD 240 million for its Newcastlemax newbuilding programme. As of this month, 2020 Bulkers has made the move to become listed on the Oslo stock exchange. This move will also be used to fund its newbuild orders to New Times Shipbuilding, showing its continued growth strategy plans for 2019 and beyond, VesselsValue explained.Image Courtesy: VesselsValuelast_img read more

CEO of Providenciales Airport presented with Commando Dagger

first_imgFacebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsApp#TurksandCaicos, October 3, 2017 – Providenciales – John Smith, the CEO of Providenciales International Airport, was awarded a ceremonial Commando knife by the grateful UK troops who have been using PLS for the past weeks.On Monday, at an evening ceremony held in front of one of the British military’s helicopters currently at PLS, Governor Freeman thanked Wing Commander Phil Wadlow for the work he and his men had done moving people, stores and supplies around the Turks & Caicos Islands.  Wg. Cmdr. Wadlow in turn thanked Mr. Smith for his generous assistance, and the vital use of the airport given to the British forces.“It was an honour to come out here and be able to help.   We would not have been able to get anything done without the very generous use of the airport and facilities here, which have been absolutely fantastic”, said Wg Cmdr. WadlowHe was followed in thanking Mr. Smith by Lieutenant Colonel Tom Salberg, who has been based at the airport during the post-hurricane relief effort.   Lt. Col. Salberg took the opportunity to present Mr. Smith with a ceremonial Commando dagger, an emblem of 3 Commando Brigade, of which Lt. Col. Salberg’s men are part.“It’s been a privilege to work side by side with the TCI people to help the relief effort after the recent hurricanes.    The airport has been a vital location for us and we wanted to say our thanks before my team leaves TCI, and is replaced by a smaller team of specialists who can help with longer term recovery”, said Lt. Col. Salberg.“This dagger is a small, and sharp, symbol of our thanks”, he added.Press Release: TCIGPhoto captions:Header photo: Lt. Col. Salberg presents Mr Smith with his new dagger1st insert: The group at the evening ceremony2nd insert: The British military helps deliver supplies across TCI after hurricanes Irma and Maria. Related Items:last_img read more