重磅!全球第三大化学品船东MOL Chemical Tankers收购Nordic Tankers

2019年01月09日 18时 航运界网

航运界网获悉,1月8日,船队规模排名世界第三的化学品运输船东MOL Chemical Tankers(MOLCT)宣布将从Triton手中100%收购丹麦化学品运营商Nordic Tankers(NT)。股权基金Triton自2012年成为Nordic Tankers的唯一股东。
 


此次交易并未透露交易价格,Nordic Tankers的管理层将仍然由首席执行官Per Sylvester Jensen领导,总部仍设在哥本哈根,斯坦福、得克萨斯州和波哥达(Bogota)的办事处保持不变。

截至1月8日,MOLCT共运营56艘不锈钢深海化学品船,载重吨19,000MT至37,000MT不等,另有6艘8,000-12,000MT的小型化学品船,投放在东南亚地区。NT则运营19艘深海不锈钢化学品船,主要运营跨大西洋和拉丁美洲航线。MOLCT表示,尽管双方的贸易航线不同,但双方的经营战略相似。

MOLCT首席执行官Tsuneo Watanabe表示,“我们非常高兴收购NT,这将与MOLCT在化学油轮行业创造诸多协同效应。我们相信,双方的合作,将给客户提供更好、更高效的服务,为客户、船东、利益相关方、管理层、公司员工创造附加值。”
 


NT首席执行官Per Sylvester Jensen表示,“公司的股东从股权基金转变为行业内的领先者,这对公司的未来非常重要。NT适时需要一个具有行业背景的股东。2012年以来,Triton一直支持公司的变革、重组以及新的商业战略。而如今,到了需要一个长期行业股东的支持的时候了。所以,我很高兴看到MOLCT收购NT。”

2017年,NT录得亏损100万美元,而2016年则盈利630万美元,Per Sylvester Jensen认为,2018年公司的业绩表现正在向好,不过他拒绝去估计到底有多大的改善。

据了解,此次交易预计将于2019年2月完成,Nordic Tankers将变更为MOL Nordic Tankers A/S(MOLNT) 。

航运界网援引新加坡化学品航运咨询分析公司ShipsFocus的分析道,此次收购将夯实MOLCT作为世界第三的宝座,仅次于Stolt和Odfjell。收购之后,在新船运力增长较缓以及燃油成本较低的情况下,MOLCT有望迎来更佳的盈利水平。不过,两家公司如何实现协同效益,也是面临的一个重要挑战。ShipsFocus表示,“我们非常乐意看到行业的整合,这不仅仅利好于整个行业,也利好于所有的合作伙伴。 不过,也需要相应的合作,才能实现共同期望的协同效益。这并不是总是能实现的,但如果有妥当的领导力,清晰的愿景和强烈的决心,也是可以达到的。”

以下为航运界网采访ShipsFocus关于此次收购的详细内容:

1.Beyond Shipping:What’s impact of this acquisition to the chemical & parcel tanker segment?

ShipsFocus:This consolidation (combining 62 MOL ships with Nordic’s 19 to make total of 81) solidifies MOL’s wishes and position as world’s 3rd largest chemical tanker operator after Stolt and Odfjell, pushing ahead of aggressive contender Sinochem which is, on the other hand, going to become yet an even larger giant after its ChinaChem merger expected sometimes this year;

2. Beyond Shipping:What’s different this time compared to MOL’s previous JV with JO Tankers in Milestones?

ShipsFocus:This time it is a complete buy-out by MOL, a full 100% ownership, and not a JV;both are COA focused in the parcel trade albeit in different trade routes, so their similarity, familiarity of each other are stronger;so far, the Nordic management team (and trade I suppose) is kept intact.

3. Beyond Shipping:What are the upside to this?

ShipsFocus:The expanded MOL Chemical fleet has probably a good chance for a better operating margin this year with limited new build growth and lower bunker cost.

But in medium term, much depends on how MOL (and also other chemical carriers) negotiates sharing of expectedly higher low-sulphur bunker cost with their COA charterers comes 2020; this can be a critical point.

4. Beyond Shipping: What may be the challenges?what’s not known is the price MOL is paying for this expansion and ‘synergy’. Did Triton make a good deal with possible market take-off or did MOL benefit from a financial investor eager to move on?

ShipsFocus:So the test will come when (sometimes later) efforts are made to integrate to capture the synergy – which in Milestones case has seen big struggle (as the Japanese system doesn’t work well integrating foreign elements especially when management is involved);

5.Beyond Shipping:Are you positive about this acquisition?

ShipsFocus:We very much like to see such consolidation work. It’s good for the industry and also the partners themselves. But it takes some critical elements to be in place to realize those synergies they supposedly aim for. Not all of these are always achieved, though it is also not impossible if there is leadership, a clear vision and a strong determination. We wish them well!

注:关于此次并购将如何影响全球化学品运力结构和格局,航运界网将联合ShipsFocus提供更详尽的数据分析,敬请期待!