While most companies — public and private — are wrapped in their own battles to drive down their carbon footprint, it has been the overall governance piece of the puzzle that's been under the spotlight this week.
The Governance Group's influential ESG report for the Oslo stock exchange put some interesting players under heightened scrutiny. While across the Atlantic, an activist investor upped the heat on Angeliki Frangou and the new model Navios Maritime Partners.
Here's what I've been reading this week:
1. Fredriksen's SFL snaps up modern suezmaxes in countercyclical tanker bet
Tanker rates are low and values have been comparatively strong, but that didn't stop John Fredriksen from wanting more. The Norwegian shipping tycoon's SFL Corp has snapped up a trio of modern suezmaxes in what it described as a countercyclical play. And Fredriksen may not be done, with Cleaves Securities' analyst Joakim Hannisdahl speculating that the shipowner's Frontline is looking for takeover opportunities.
2. Hanjin Heavy back in business as MPC Capital mulls $390m deal
Hanjin Heavy Industries & Construction (HHIC) is mounting a return to commercial shipbuilding thanks to the containership appetite of Germany's MPC Capital. The asset manager is in talks to build up to six 5,300-teu ships worth at least $390m at the shipyard, which has not signed contracts for any commercial vessel newbuildings since 2014.
3. Trouble in 'Angeliki-land': activist investor blasts Frangou after merger
Activist investor Ned Sherwood admitted that Navios Maritime Partners' all-stock acquisition of its sister tanker company puts him in a better place as a shareholder. But the man behind MRMP Managers has voiced criticism of corporate governance in the Angeliki Frangou-led Navios group.
4. Hafnia 'bottom of the class' as others improve in Oslo exchange ESG survey
The Governance Group looked into the environmental, social and governance (ESG) of nine shipping companies listed in Oslo, and BW Group-controlled Hafnia came out at the bottom of the pack. But there's room to improve, as none of the outfits got an A grade. The report noted that ESG is increasingly a factor in getting access to capital.
5. Shipping fantasy football league grows as broker Hintz takes lead
Who says working in shipping can't be fun? The 54 industry players participating in the Shipping Research Fantasy Football League are having their "best season yet". Howe Robinson Partners' Singapore-based sale-and-purchase broker Justin Hintz is already celebrating, after being named manager of the month for August.
6. Iyo Bank profits by reaching out to non-Japanese players
Iyo Bank has long been seen as more of a regional player within Japan, but it's got money to loan to shipping and it's looking beyond the country's borders. The bank boosted its ship lending last year by 12% but sees branching out into the international market as a way to keep revenue growth moving.
