Makings of a $1.5bn deal: Navig8 leaders Nicolas Busch and Gary Brocklesby reveal how a transaction that was the talk of Posidonia was pieced together with Adnoc L&S over several months of negotiations. The pair have sold their controlling interest in a 32-ship tanker fleet and pools business to the Middle East giant.
Attracting Adnoc: Captain Abdulkareem Al Masabi, chief executive of Adnoc L&S, revealed why the company was interested in Navig8. Global expansion goals and a need for capacity to ship its own giant cargo base contributed.
Tragedy strikes: A shipbroker from Italian broking shop Italia C&A died in a road accident in Athens during Posidonia week. A message sent to industry contacts by the Genoa-based brokerage and seen by TradeWinds said: “With great sadness, we all at Italia would like to inform you that our dear friend and colleague working in S&P/project department Alex Callio passed away on the 5th of June. Alex is leaving an unfilling void that we are not able to describe.”
Icon in the hot seat: Angeliki Frangou banged the drum for both diversity and diversification at Posidonia. The Navios Maritime Partners chief executive spoke passionately about recruiting from the full talent base and argued that mixed fleets drive superior results.
Done deal: Evangelos Marinakis was a busy man at Posidonia and a prominent presence throughout the week. One photocall came alongside a delegation from Chinese yard CSSC on Tuesday to celebrate his $800m order for six greener VLCCs.
Tanker double: One of Greece’s biggest orderbooks has grown even further, as Leon Patitsas-led Atlas Maritime and partners European Maritime Finance inked a pair of suezmax vessels with DH Shipbuilding.
In the neighbourhood: Kylie Minogue sent Posidonia fever into overdrive with an appearance at the Capital Maritime party. The Australian star was the talk of the town, with videos and pictures sending WhatsApp and social media buzzing.
What we learned: Posidonia is a mix of business and pleasure. Amid all the fun, there were some big takeaways picked up from listening to some of the sharpest minds in the business.
Away from Athens: Asyad Shipping is being named as the likely buyer of two VLCC slots that were marketed by South Korean shipbuilder Hanwha Ocean in an unusual tender for the berths. VLCC sources said the deal has been agreed at a price of around $130m per ship. However, they added that is subject to board approval by the Omani shipowner so is not yet fully concluded.
Trader raid: Trafigura is said to be making a major push into the VLCC sector by extending a newbuilding series in China. Sources said the Swiss trader has ordered three more vessels at Jiangsu New Hantong Ship Heavy Industry, where it entered VLCC ownership in February through an order for two vessels.
Fresh blood: Denmark’s Lauritzen Bulkers has found a replacement for outgoing chief executive Niels Josefsen close to home. Copenhagen-based chartering operation Integrity Bulk’s chief executive and founding partner Martin Egvang has been recruited to take over.
Long read: It did not take long for Diamond Shipbroking owner Vassilis Diamantidis to figure out what he wanted to be in life, writes Harry Papachristou. His first shipping job with Tsakos Shipping & Trading in the 2000s made him familiar with many different aspects of the shipping business, from crewing to spares to purchases. By the age of 22, he was off to Brazil and the experience would pave the way for a move into Diamond Shipbroking.
