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In Conversation With DVB
CEO of DVB Bank, Mr Wolfgang Driese and Member of the Board of DVB Bank and Head of Shipping Division, Mr Dagfinn Lunde were in Singapore last month and we were very happy to have the opportunity to spend some time with the two affable gentlemen, who shared with us their take on the turmoil that the shipping industry has been through.
Mr Driese is credited with transforming DVB from an unknown generalist domestic German bank into a global player with a specialisation in international transport finance, staying true to its name Deutsche VerkehrsBank AG. Mr Lunde carried out a successful reorganisation of DVB’s shipping division in January 2008, and “sectorised” the previous regional sales team into ten groups focusing on key shipping sectors: Container Box Group, Cruise & Ferry Group, Crude Oil & LNG Tanker Group, Chemical & LPG Tanker Group, Container Vessel Group, Dry Bulk Group, Floating Production Group, Offshore Drilling Group, Offshore Support Group and Product Tanker Group. Ship financing now makes up a substantial chunk of 54.2% in DVB’s lending portfolio, with a total value of USD 13.88 billion as at 30 September 2009. Continue Reading
In Conversation With Nordic Maritime
Nordic Maritime celebrated its 10th anniversary with good company, good food and good cheer recently, having come a long way since its humble beginnings as ship manager. The company began life during the Asian Financial Crisis when CEO Morten Innhaug found himself torn between decisions – return to Norway or find a job in Singapore. And as fate would have it, Innhaug was offered the opportunity to take over the Singapore office he was tasked to set up for a Norwegian owner. The office at that time already had the people and procedures to perform ship management services but the challenge was to find business to cover the overhead costs. As the saying goes, every crisis breeds opportunity and in this one, the lifeline came when DMNG – a Russian geophysical company, awarded Nordic Maritime a ship management contract for one of its vessels. The rest, as they say, is history.
Today, in addition to operating 7 vessels for DMNG and other clients in the offshore market, Nordic Maritime is a shipowner with plans to diversify into the offshore construction and accommodation sector. It acquired its first survey/utility vessel, Emma in 2005 and is in the midst of constructing four accommodation field development vessels (“AFDVs”) at NGV Tech yard in Port Klang, Malaysia, specially designed to meet the increasing need for premium accommodation. Marine Money speaks to Chief Operating Officer Kjell Gauksheim and Chief Financial Officer Wayne Law this week to find out more about the strategies that Nordic Maritime has in place to ride through the next decade. Continue Reading
Conversation with President of U-Ming Marine Transport, Mr C K Ong
Every year, Marine Money ranks the world’s public listed shipping companies and we are very pleased to see a strong Asian showing this year with U-Ming Marine Transport (“U-Ming Marine”), Mitsui O.S.K. Lines, Precious Shipping and Courage Marine in the top 10 spots. We were very fortunate to have a chance to speak to Mr C K Ong, President of U-Ming Marine Transport for this exclusive write-up when he was in New York City to receive the award.
As a new entrant to our universe of 100 public shipping companies this year, U-Marine Marine finished 2nd in overall performance and 7th in the credit rankings. The management taken to heart the main lesson of shipping, which is recognizing its volatility.” With that in mind, it manages the company to protect the downside knowing it will survive to enjoy the fruits of the cycle. Since its listing in 1990, the company has not incurred a loss, even in the most difficult markets and has throughout that period regularly paid a dividend. Continue Reading
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