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Strong Partnerships 03 2 0 1 7 Q U A R T E R L Y A G A Z I N E O F T H E B W G R O U P MCI(P)115/11/2017 Strong Partnerships H E R I T A G E Editorial Contents 03/2017 Publisher For further information, BW Group please contact: Responsible Editor BW Group Nick Fell 10 Pasir Panjang Road #18-01 Mapletree Business City 04 CHAIRMAN’S MESSAGE 24 Being Well at Sea Managing Editor Singapore 117438 Harnessing technology Lisa Lim + 65 6434 5871 to improve the [email protected] GLOBAL BW physical, mental and Editorial Team social health of crew Alice Tsai Christina Chu Kate Langstrøm 26 BIMCO’s SHIPTERM Sonia Vaswani 10 sets sail at BW Group seminar in Singapore Contributions From Christian Hoppe 10 Another Milestone George Lim Achieved Ivy Yap 06 BW Catcher is officially FEATURE Kamilla Moestue Røstad named at Keppel Shipyard 20 Full Circle Kei Ikeda in Singapore, and the Marita Sandvoll 06 A Win-Win Deal Lives touched 37 years ago hard work continues are reunited at the Oslo office Mukesh Sharan BW, through its shareholding Venu Viswanadha in DHT Holdings Inc, is Yen Siow 16 Company Compass now one of the largest BW aspires to be Best on independent VLCC owners 10 BW Group Fleet Design & Production Water, and much work is Simple Reels Genesis Pte Ltd being done to ensure we 08 BW’s Biggest Deal in are headed that way 28 Around the World 2016 Wins Marine Money Deal of the Year Award BW Gas JuJu LNG Ltd.’s 33 Special thanks to ... $684.5 million senior secured non-recourse term loan was recognised by Marine Money International as the Deal of the Year for Bank Debt – East. 18 18 Work Hard, Play Harder BW LPG spends Family Day by the beach learning how to be Best on Water 4 World Horizon Issue 03/2017 World Horizon Issue 03/2017 5 he first half of the year is behind organisation’s purpose and introduces the While we must embrace what new us, and as always it has been an concept of striving to be “Best on Water”, technology offers, we also need good Tactive period for the Group. with all this entails. The relevance of back-up systems, both digital and vision and values is to provide a common analogue. As a reminder of this, we Chairman’s A significant corporate deal saw the BW language to guide decision-making as the suffered attacks on our systems over VLCC fleet merged with DHT, a publicly BW organisation gets larger. Having shared the course of the past month along with listed supertanker company in which BW norms across the Group allows better numerous other companies. Thanks to the now holds 33.5%. Observers of history will delegation and distribution of responsibility excellent efforts of our teams ashore and know this to be a significant step, as VLCCs with less concern that actions will go at sea, the business continued to function, have been a mainstay of the BW core fleet against our core values - collaborating well, but not without substantial nuisance to all. Message for many decades. But closer observers being ambitious with our goals, reliable will know that this follows a pattern of for our customers, and enduring in how Whether it relates to M&A, vision and evolving with the times - buying ships and we think about building the business. values, or embracing new technologies, a companies, selling fleets, branching out strong culture founded on positive team into new areas of business and sometimes A third front has been on digitalisation, spirit and care for what we do will provide finding growth through corporate where we have chosen to work with the foundation for ongoing success. combinations rather than outright purchase. a group called Alpha Ori to develop a We look forward to continued involvement technology platform. This will combine in the VLCC sector albeit in a new construct. sensors for data collection, traditional enterprise systems, and new data analysis Within the organisation, the first half of to help improve vessel performance. 2017 included the launch of updated vision, As a collaborative venture with other Sincerely, mission and values. Built on the original maritime organisations, we feel this Andreas Sohmen-Pao values, the new “VMV” refreshes the will give a better chance of success. Chairman 6 Global BW World Horizon Issue 03/2017 World Horizon Issue 03/2017 Global BW 7 n 23 March 2017, BW Group made the announcement that DHT Holdings Inc had acquired its fleet of 11 Very Large Crude Carriers and two new buildings. With the Osuccessful transfer of all VLCCs to DHT, BW currently owns 33.5% of DHT Holdings Inc, and BW’s involvement in this legacy segment has now evolved into one as a shareholder and through representation on the Board of DHT. Fleet List A Win-Win Deal The Acquisition BW Group’s VLCC Fleet was valued at approximately VLCC $538 million. DHT paid for the acquisition with shares DHT Holdings Inc, is now one of the world’s largest independent and $177.36 million in cash. This transaction made BW a Vessel Name Built DWT VLCC owners with the BW Group as its largest shareholder significant shareholder of DHT with 33.5% holding. DHT Tiger 2017 299,900 DHT Puma 2016 299,900 DHT Panther 2016 299,900 DHT and its Management Team DHT Lion 2016 299,900 DHT Leopard 2016 299,900 DHT is a NYSE-listed independent tanker owner and is managed DHT Jaguar 2015 299,900 DHT Opal* 2012 320,105 by five experienced industry veterans. This fast-expanding DHT Sundarbans 2012 314,249 company is led by co-CEOs Svein Moxnes Harfjeld and Trygve P. DHT Taiga 2012 314,249 BW Peony* 2011 320,014 Munthe. The two business partners joined DHT on September DHT Lotus* 2011 320,142 1, 2010 after both having more than 25 years of experience in DHT Amazon* 2011 318,129 DHT Redwood 2011 314,249 the industry. Mr. Harfjeld previously held senior management DHT Edelweiss* 2008 301,021 DHT China 2007 317,794 positions at Andhika Maritime, Coeclerici, Mitsui O.S.K., and DHT Europe 2007 317,713 BW Group. Mr. Munthe was previously CEO of Western Bulk, DHT Bauhinia* 2007 301,021 DHT Hawk 2007 298,923 President of Skaugen Petrotrans, Director of Arne Blystad DHT Scandinavia 2006 317,826 DHT Falcon 2006 298,971 AS and CFO of I.M Skaugen. Mr. Munthe currently serves DHT Lake* 2004 298,564 as chairman of the board of Ness, Risan & Partners AS. DHT Raven 2004 298,563 DHT Condor 2004 320,050 DHT Eagle 2002 309,064 Placing Customers, Shareholders and Integrity First DHT Utah* 2001 299,498 DHT Utik* 2001 299,450 DHT describes its business as follows “DHT is an experienced ship-owner and operator known in the industry to provide No. of vessels 26 7,998,995 excellent customer service and reliable operations. Its fleet of quality ships, from renowned shipyards, are run by its integrated Aframax management companies in Oslo and Singapore. DHT balances a combination of market exposure and fixed income contracts Vessel Name Built DWT for the fleet, and always maintains prudent capital structure to DHT Cathy 2004 115,000 ensure staying power through market cycles. DHT manages it DHT Sophie 2003 115,000 business and fleet to ensure customer satisfaction, and makes No. of vessels 2 230,000 prudent business decisions that would benefit its shareholders. Above all, DHT operates with integrity and upholds principles Newbuildings of good governance and a transparent corporate structure.” Vessel Name Built DWT About the Fleet DHT Colt 2018 318,000 DHT Stallion 2018 318,000 Because of the acquisition, DHT is now one of the world’s DHT Mustang 2018 319,000 largest independent VLCC owner in the world. Its fleet DHT Bronco 2018 319,000 consists of vessels built at quality yards and has an average No. of vessels 4 1,274,000 age of 6.9 years, consisting of 30 VLCCs (including four newbuildings for delivery in 2018), and two Aframaxes. * Ex-BW vessels 8 Global BW World Horizon Issue 03/2017 World Horizon Issue 03/2017 Global BW 9 BW’s Biggest Finance Deal in BW Gas JuJu LNG Ltd. collectively exceed $1.6 billion. The W Gas JuJu LNG Ltd. is a joint venture loan refinanced existing credit facilities 2016 Wins Marine company between Marubeni Corporation for the fleet of eight LNG carriers. It has (49%) and BW Gas Limited, Bermuda (51%). a term-to-maturity of 11.5 years and a BThe company’s eight LNG carriers, LNG weighted-average life of 5.3 years. River Orashi, LNG Enugu, LNG Oyo, LNG Benue, LNG Lokoja, LNG Kano, LNG Ondo, and LNG Imo, are on Says Jakob Bergholdt, “We are grateful for long-term charters to Nigeria LNG Limited. The fleet the confidence our bank partners have in transports LNG from Nigeria to Europe and the USA. us, and for the willingness of everyone to Money Deal of cooperate in order to make this transaction The Transaction such a success. My heartiest congratulations The original credit facility was provided in 2013 by a club to Jessica Cheung (VP, Group Treasury) and her of banks which included Standard Chartered. It was a full team for many tireless hours working this deal.” recourse loan that would hold the borrower liable in case of default, thereby allowing the banks to seize other assets Previous Wins the Year Award should the collateral prove insufficient to repay the debt.
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