KBC Pensioenfonds splits managing director, CIO roles

first_imgVanbriel told IPE that the pension fund has about €2bn of assets across three schemes. No fundamental changes to its investment policy are planned for the time being. As CIO he will take on responsibility for the fund’s liabilities over the coming year. Termote was previously legal adviser and compliance officer at the pension fund, but took on more responsibility last year. He reports to Hans Verstraete, who heads the board of directors.Vanbriel joined the pension fund from KBC Asset Management, where he had a lengthy career. Most recently he was head of structured and money market funds from October 2013.Before that he was CEO, KBC Fund Management, and before that head of institutional business development. He was chief actuary at KBC Asset Management from 1995-2003. Brussels-based KBC Pensioenfonds has created a dedicated chief investment officer role with its managing director role now solely focussed on governance. Kurt Termote has been appointed managing director, with final responsibility for governance of the pension fund. Luc Vanbriel (pictured) has been appointed to the new role of chief investment officer, reporting to Termote.The reorganisation was implemented in connection with the retirement of managing director Edwin Meysmans earlier this month. He headed the Belgium pension fund for the KBC banking and insurance group for 20 years where his responsibilities included overseeing investments and governance of the pension fund.last_img read more

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All change for stewardship agenda as FRC reveals draft new code

first_imgAndrew Ninian, Investment Association“Asset managers have been clear that any new code should require signatories to report against actual stewardship activity, rather than just the policy that sits behind them, and should also reflect the growing range of issues that asset managers engage on, such as diversity and ESG.“The new proposed code recognises these key issues and provides a platform for them to be firmly embedded in the final version of the stewardship code.”Caroline Escott, policy lead for investment and stewardship at the Pensions and Lifetime Savings Association: Caroline Escott, PLSA“We’re pleased to see that many of these new proposals are in line with what our members have been calling for. Ensuring the code clearly explains how the principles apply to asset owners should make it easier for them to make sure their asset managers are undertaking effective stewardship.“We also welcome the specific reference to [ESG] issues as these can represent significant risks and opportunities to companies, so it’s important these are drawn out.”Fergus Moffatt, head of UK policy at ShareAction: The Financial Reporting Council (FRC) has proposed revisions to the UK’s stewardship code that would hold institutional investors to “substantially higher” standards of policy and practice.The draft 2019 code – on which it launched a consultation today – aimed “to create a market for stewardship driven by a demand from asset owners and beneficiaries for better quality information about how asset managers and service providers fulfil their responsibilities”.Win Bischoff, chair of the FRC, said the review of the code “recognises the significant changes in the investment industry and stewardship landscape since the 2012 revision”.“It sets both higher expectations for stewardship practice and introduces more rigorous public reporting with a focus on outcomes and effectiveness,” he added. “We believe the changes proposed put it at the forefront of stewardship internationally.” The changes come a month after a review of the FRC proposed scrapping the audit regulator and replacing it with an independent statutory regulatory body. The Kingman review also advocated a “fundamental shift in approach” to the stewardship code and said serious thought should be given to abolishing it if it could not focus on “outcomes and effectiveness” rather than policy statements.The consultation on the proposed changes to the stewardship code is part of a package of papers released today.center_img The entrance to the FCA’s headquarters in Stratford, LondonUK financial services regulator the Financial Conduct Authority (FCA) has launched a consultation on measures to implement the amended Shareholder Rights Directive for asset managers and life insurers, saying that its proposed new rules would set “an important baseline in a continuum of measures to drive effective stewardship.” .The revised stewardship code aimed to encourage higher standards beyond the minimum, it added.The FCA also published a joint discussion paper with the FRC, which it said aimed to “provide an appropriate platform” for a broader debate on stewardship – its importance and how it is best achieved. Fergus Moffatt, head of UK policy at campaign group ShareAction, said: “Given the FCA’s responsibility to supervise the conduct of asset management firms, carry out enforcement activities and achieve good consumer outcomes, it could feasibly play a more prominent role on stewardship.”What’s in the new code?The draft 2019 stewardship code is based on a new definition of stewardship, which identifies its primary purpose as “looking after the assets of beneficiaries that have been entrusted to the care of others”.This, according to the FRC, assigned asset owners a central role in promoting effective stewardship practice and in the selection, monitoring and evaluation of asset managers acting on their behalf.The FRC also proposed a broader scope for the code, with signatories also expected to exercise stewardship across assets outside of listed equities including fixed income and infrastructure equity.Asset owner and asset manager signatories to the code should, for example, “explain their policy on bond engagement, including the extent to which they engage pre- and post-issuance of bonds”, the FRC said.“The draft 2019 code sets higher standards for asset owners and asset managers regarding how they integrate stewardship responsibilities into their investment processes”Financial Reporting CouncilThe revised code also “sets higher standards for asset owners and asset managers regarding how they integrate stewardship responsibilities into their investment processes,” the FRC explained.One of the provisions in the draft code states that they would need to “disclose the structures and processes they have in place to ensure that information gathered through stewardship activities is factored directly into investment decision-making”.The revised code has a focus on purpose, values and culture, which is intended to align it with the new UK corporate governance code for companies. Material ESG factors The draft code makes explicit reference to environmental, social and corporate governance (ESG) factors, and signatories are expected to take into account material ESG issues when fulfilling their stewardship responsibilities. These changes align with recent changes to occupational pension regulations.For example, under the proposed code, asset owner and asset manager signatories would need to explain how their approach to investment and stewardship “is aligned with the investment time horizon of beneficiaries, including how they take material ESG factors into account”. The FRC has also heeded feedback that the code should be more clearly tailored to the different roles of different entities in the investment chain.The draft code differentiates between asset owners, asset managers, and service providers, including investment consultants and proxy advisers.Under the new code, pension funds with internally managed assets would follow principles and provisions for both asset managers and asset owners.The FRC has also proposed more rigorous requirements for reporting. Investors would be required to publish a policy and practice statement upon signing the code, and an annual activities and outcomes report. Reporting would be subject to increased oversight by the FRC.  Stakeholders welcome new codeAndrew Ninian, director of stewardship and corporate governance at the Investment Association: Fergus Moffatt, ShareAction“We support many of the changes proposed by the FRC in its consultation paper, particularly around clearer distinctions on the duties of the different types of signatory to the code…“In addition, the explicit reference to environmental and social factors throughout the document is an extremely positive step forward and the recognition by the regulator that ESG factors can be financially material – and in such instances should be considered by signatories – is good news for companies, investors, savers, and the environment.”last_img read more

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Uncertainty persists over Ireland’s IORP II transposition

first_imgIreland is “at an advanced stage” of drafting legislation to implement IORP II, according to a government minister – but the pensions sector remains uncertain about the final timeline.Regina Doherty, Ireland’s minister for employment affairs and social protection, yesterday told a conference organised by the Economic and Social Research Institute (ESRI) that her department was working towards transposing IORP II “as early as possible”.The deadline for member states to transpose the EU-wide pension fund directive was 13 January. The EU has launched infringement proceedings against several EU countries relating to transposition of IORP II – although in several cases the infringements are understood to be minor.Ireland’s pensions industry has been pushing the government to implement IORP II to put an end to the uncertainty facing schemes and employers, but the timeline for transposition remains a mystery. The IAPF held its annual defined contribution conference today, and Moriarty said the association would call for IORP II to be transposed as quickly as possible.   Regina Doherty, minister for employment affairs and social protection, IrelandIn her speech yesterday, Doherty also spoke about the government’s plans to introduce auto-enrolment. Findings from consultations and research would be delivered to the government “in the coming months and I look forward to the scheme commencing, as planned, in 2022”, she said.ESRI was commissioned by Doherty’s department to examine the potential macro- and micro-economic impacts of auto-enrolment.According to figures from Ireland’s Central Statistics Office and cited by Doherty, 35% of private sector workers were signed up to voluntary pension plans in 2018. This figure rose to 47% when public sector arrangements were included.“Despite considerable efforts over many years by the state and the private sector to incentivise voluntary pension participation, pension coverage has failed to increase in any way significantly,” she said.center_img This week the country’s pensions regulator, the Pensions Authority, published a report on defined benefit scheme statistics in which it said the IORP II Directive “will shortly be transposed into Irish law”.However, when questioned, a spokesperson for the Department for Employment Affairs and Social Protection said it was “aware that an application has been granted for a judicial review for a set of reliefs and a stay in relation to the transposition into Irish law of the IORP II Directive”.Judicial reviewThis was a reference to a move by the Association of Pension Trustees in Ireland (ATPI) and two other plaintiffs to try to block IORP II transposition due to fears about the impact on smaller schemes, in particular small self-directed schemes that are mostly for company directors. The government has indicated that a exemption for smaller schemes would no longer apply under the IORP II regime in Ireland.The case brought by APTI was due “for mention” in the High Court on 28 May, but this was adjourned until 4 June, again “for mention”, which is for more administrative matters than a hearing.“Everybody is in the dark a bit about what the timeline is for transposition,” said Jerry Moriarty, chief executive at the Irish Association of Pension Funds (IAPF).“It was clearly delayed even before there was a court case so I’m not sure whether that’s a side issue or a real issue for transposition,” he told IPE.last_img read more

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​Finland readies solvency safety net to avoid fire sales at pension firms

first_imgWith falling asset prices hitting solvency ratios at providers in Finland’s first-pillar earnings-related pension system, the country’s Ministry of Social Affairs and Health has prepared a bill on the temporary strengthening of pension insurers’ solvency.The idea is that the proposal can be submitted to parliament immediately if average solvency plummets – preventing pension insurance companies from forced sales of equities at depressed prices.The proposal was drawn up on 27 April, the ministry announced.“The proposal will be issued only if the average solvency of institutions for occupational retirement provision decreases substantially due to the deterioration of the financial market situation,” it said. The proposal was put together in co-operation with the central labour market organisations, the Finnish Financial Supervisory Authority (FIN-FSA) and the Finnish Centre for Pensions, the ministry said.Work on the draft followed a report from FIN-FSA on 13 March, that the average solvency of pension institutions was at a moderate level, but threatened to decline if financial market developments continued in that direction, it said.“However, after mid-March, the situation calmed down and the average solvency of pension institutions has remained at a reasonably good level,” the ministry said.Hanna Mäkinen, mathematician at Finnish pensions alliance TELA, commented that although the tumult on global stock markets seemed to have calmed, future prospects were still very uncertain.“That is why it is good to prepare for a very fast-changing situation by preparing a temporary law now,” she said.“In this way, it will be implemented quickly if necessary, if the situation in the financial markets changes significantly so that the average solvency of employment pension insurers decreases substantially from the current level,” Mäkinen said.It was important for their operations that pension insurance companies were able to assess when any legislation would come into force, she said, adding: “For this reason, it is good that the Financial Supervision Authority is publishing information on the average solvency of employment pension insurers more frequently than usual.”TELA, whose members include pension insurance companies and pension funds, said the precautionary bill included three different measures that could be used to strengthen the solvency capital of occupational pension insurers, which would make it possible for the providers to avoid having to sell their investment assets to a significant extent in an unfavourable market situation.“In this way, pension assets’ good long-term return potential would be supported, as well as the financial stability and sustainability of the pension system,” Mäkinen said.The solvency regulation applies to Finland’s private-sector employment pension insurers including pension insurance companies and pension funds, TELA said.Solvency capital at the country’s two largest pension insurance companies, Ilmarinen and Varma, were shown to have fallen by 25% and 30% respectively when the firms reported first quarter results last week, but both firms said ratios remained well above minimum requirements.To read the digital edition of IPE’s latest magazine click here.last_img read more

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Brisbane Gatsby-esque mansion hits the market

first_imgThis property in King Arthur Tce, Tennyson, is for sale.ONE of Brisbane’s most decadent riverfront mansions has hit the market.This property in King Arthur Tce, Tennyson, is for sale.The lavish estate at 121 King Arthur Terrace, Tennyson, is like something out of the pages of F. Scott Fitzgerald’s The Great Gatsby.The decadent dining room in the home.The property encompasses more than 3,500 sqm of riverfront land, with a five-bedroom main residences, a three-bedroom guesthouse and a third building that could be used as a gym or office — all spread across three titles.More from newsParks and wildlife the new lust-haves post coronavirus15 hours agoNoosa’s best beachfront penthouse is about to hit the market15 hours agoThe view from the living and dining area of the home.Features include an eight-person spa with sweeping views, internal lift, a wine cellar, 12-seat cinema, riverside pavilion with its own kitchen and bathroom, private jetty and pontoon, in-ground pool and tennis court.One of the bathrooms in the property at 121 King Arthur Tce, Tennyson.Records show the property was last listed for sale in 2004 for $4.2 million.It’s for sale via tender through Sarah Hackett of Place – Bulimba, with inspections by appointment only.This property at 121 King Arthur Tce, Tennyson, is for sale.last_img read more

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Live like royalty in Mediterranean-style Gold Coast castle

first_img MORE NEWS: New home hotspots revealed It has a Mediterranean style with Italian and Spanish influences. There is plenty of space to entertain guests.“They built it to an Italian style,” he said, adding it also had Spanish influences.“They want to downsize and have something smaller in Australia and then probably buy something in Poland as well.”He said the upstairs balcony was one of the home’s standout features.“That balcony, it’s just magic,” he said.“The most impressive part of (the property) is the views.”Property records show it is listed with multiple agencies. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:58Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:58 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p360p360p216p216pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenWhy location is everything in real estate01:59 MORE NEWS: V8 racer’s parents take another shot at selling Coast home The castle-like house at 32 Eagles Close, Tamborine Mountain is listed with a $2.35 million price tag.HOUSE hunters on the market for a castle would usually need to take their search to Europe. But one Gold Coast listing is offering a taste of the royal life in our own backyard. The Mediterranean-style residence occupies a prime position on Tamborine Mountain with views that stretch far and wide.Known as ‘Villa Maria’, the sprawling 1.01ha property includes a two-storey castle-like house, separate entertainment pavilion and extensive gardens with fruit and nut trees, a vegetable patch and chook run.center_img It is listed with a $2.35 million price tag.Professionals Serendipity agent Ton Wolf said it was unlike any other property on the Coast.“It’s very impressive,” he said.It has been on and off the market for the past two years but Mr Wolf and colleague Paul Edwards have recently taken over the marketing in a renewed sales push.Columns, arches and a turret define the property on the outside while marble fireplaces, feature light fittings, detailed cornices and Rosewood timber window and door frames characterise the inside.Mr Wolf said the owners were a Polish couple who built the house in 2005. Feel like royalty while kicking back in the bath. What a view!More from news02:37International architect Desmond Brooks selling luxury beach villa11 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago The entertainment pavilion has a barbecue and pizza oven.last_img read more

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World Taco Day: the best Gold Coast houses to host a Mexican fiesta

first_img This is the perfect spot to enjoy a taco or two.The buyers of this property will be grabbing their tacos, hard or soft, and heading to the patio every Tuesday. The four-bedroom house at 55-57 Sierra Drive (ironically close to the word siesta) is on the market with a $779,000 price tag through Ray White Rural agents Emma Hawker and Cherie Todd. MORE NEWS: Insane $45m mega-mansion hits market Does World Taco Day have you inspired to buy a house to host a fiesta?IN celebration of World Taco Day we have found the best Gold Coast houses to host a Mexican fiesta. If you want an authentic setting to chow down your favourite taco, you won’t be able to go past this Tamborine Mountain property. It’s bright, it’s bold and the exterior will have you feeling like you’re walking the streets of the North American country. RELATED: Extensive renovation takes estate from dated to daring MORE NEWS: Curved beach house lands sweet seven-figure deal A grand estate at 25 Fyfes Rd, Gilston, would be the perfect spot for a fiesta. The fanciest of Mexican feasts could be made in this kitchen.If you’re looking for more of a luxurious abode to host a colourful fiesta, a grand Gilston property at 25 Fyfes Rd will fit the bill. Originally built for a Malaysian prince in the 1970s and once owned by ‘pyjama party king’ and property developer Bernie Else, the property is no stranger to a soiree. While it’s the epitome of opulence, the property has splashes of colour throughout and ample entertainment areas that make it the perfect spot for a fiesta. It is on the market with a $2.7-$3 million price guide through Michael Kollosche and Rob Lamb of Kollosche. More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:01Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:01 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD540p540p360p360p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAustralian homes fit for a celebrity01:01 Speak Spanish? A Spanish-inspired manor at 392 Gilston Rd, Gilston, is seeking a buyer.And if Mexico’s many languages are enough to inspire you, this manor with touches of a Spanish castle might be a match. Limestone walls, soaring ceilings and an atrium are highlights of the four-bedroom house at 392 Gilston Rd, Gilston which has a $5.5 million price tag. So touch up on your Spanish and you’ll fit right in.last_img read more

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Fred. Olsen plans wave device redeployment off Hawaii

first_imgFred. Olsen has informed that the US Naval Facilities Engineering Command (NAVFAC) will sponsor another deployment of BOLT Lifesaver device at the wave energy test site outside Marine Corps Base in Hawaii.Final budget approval by NAVFAC and the formal project execution is expected to take place August this year, Even Hjetland, Project Manager at Fred. Olsen, confirmed.Fred. Olsen’s point absorber wave energy device was recently retrieved from the US Navy’s Kaneohe Bay Wave Energy Test Site (WETS), and towed to Pearl Harbor where it will undergo refurbishment and modification before redeployment.The device will be reinstalled at WETS’ 30-meter-deep testing berth around the end of the year for another round of testing which is expected to last for six months, according to Hjetland.The project will be managed by Hawaii Natural Energy Institute (HNEI), with Fred. Olsen and University of Washington as subcontracted providers of hardware and engineering support.Hjetland added that all marine operations will be conducted by a local marine services provider Sea Engineering.The scope for this deployment, according to Hjetland, has three primary components. The first is to increase stiffness in the winch mooring lines for increased power performance.Hjetland said: “Under the previous deployment at the 60-meter site, these mooring lines were way below specified stiffness values. This resulted in much of the hull motion being spent straining these lines rather than rotate the winch drum, resulting in reduced power production performance. We expect the increased stiffness to increase power production by about 50%.”Also, Hjetland revealed that Applied Physics Lab at University of Washington will lead a mechanical, electrical and datalink integration of an oceanographic sensor package on the BOLT Lifesaver device, as well as the components from a subsea inductive charging technology by the Seattle-based company WiBotic, to enable demonstration of operating these systems with power generated by ocean waves.“The application that Fred. Olsen is commercially pursuing with our wave energy technology, is as a provider of power and communication link to offshore systems. For this deployment, we also aim to demonstrate low power export and fiber optics link for a small sensor at about 15-meter water depth,” concluded Hjetland.last_img read more

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Maersk Oil lifts profit on higher oil price, lower costs

first_imgMaersk OIl-operated Culzean development in the UK North SeaDanish oil company Maersk Oil increased its profit and revenues for the second quarter of 2017 helped by higher oil prices and lower costs. According to a financial report on Wednesday by Maersk Oil’s parent company, A.P. Moller – Maersk, Maersk Oil recorded an underlying profit of $184 million in the second quarter of 2017, compared to $130 million in the prior-year period.This result was driven by a higher average oil price of $50 per barrel versus $46 per barrel in 2Q 2016, lower costs and one-off income totaling $66 million related to tax and provisions. The result was partly offset by the lower entitlement production.The company’s revenues also increased totaling $1.37 billion in the second quarter of this year compared to $1.29 billion in the prior-year period.Maersk Oil reduced operating expenses excluding exploration costs and costs related to purchase of oil and gas for resale, by 3%, to $452m versus $468m in 2Q 2016.Cash flow used for capital expenditure was $259m, versus $330m in 2Q 2016, primarily directed at the Culzean, UK and Johan Sverdrup, Norway developments.The reduced entitlement production of 284,000 boepd, versus 331,000 boepd in 2Q 2016, was due to Qatar, where cost reduction and higher oil price led to fewer entitlement barrels for cost recovery in addition to unplanned production losses lowering the gross production.Maersk Oil exited Qatar in July after 25 years, having produced more than 1.75bn barrels of oil from the Al Shaheen field. The company said the exit from Qatar by mid-July progressed as planned. The economic finalization of the exit is still subject to review; however, Maersk Oil does not expect any adverse impact from this.Lower year-on-year production from mature assets in the UK also contributed. In Denmark, Kazakhstan, US, Algeria and Iraqi Kurdistan, production was in line with or slightly higher than same period last year due to good operational performance offsetting natural decline.The oil price is impacted by the prolonged OPEC production cuts agreed in May 2017 and was within a range of $44-55 per barrel in 2Q 2017 compared to $40-50 in the same period last year. Global supply surplus appears to extend also into 2018, however, significant uncertainty remains in the oil price outlook, the company concluded.Offshore Energy Today Stafflast_img read more

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Nissen Kaiun Orders Ten Panamax Bulkers

first_imgJapanese marine transportation company Nissen Kaiun has placed an order for ten 82,000 DWT bulk carriers at compatriot shipyards, shipbroking firms indicate.Under the deal valued at USD 270 million, Tsuneishi Zosen Shipbuilding has been hired for the construction of five vessels, while Imabari Shipbuilding has been entrusted with building the remaining five ships.The Panamax newbuildings are slated for completion and delivery by 2020.The latest order has pushed the company’s newbuilding count to 29 ships, which includes six Aframax tankers also being constructed by Tsuneishi Zosen, eight MR2 tankers being built by Japan Marine United, two VLCCs at Mitsui Ichihara, one VLGC LPG and one Panamax bulker at Mitsubishi Heavy Industries and Tsuneishi Cebu respectively and a Handy bulk carrier being built by Shikoku Dockyard.Majority of the ships are slated for delivery in 2018, with the rest being delivered throughout 2019 and 2020.World Maritime News Stafflast_img read more

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