Sign up
Log in Sign up
Mon 22 Nov 2010, 15:57 GMT

Chemoil to acquire Oceanconnect


Oceanconnect's Thomas Reilly to succeed Clyde Michael Bandy as Chemoil CEO.

Bunker supplier Chemoil Energy Ltd. has announced that it has entered into a letter of intent with Oceanconnect Holdings Inc. to acquire its marine fuels broking business.

Contingent on the acquisition moving ahead, Thomas Reilly, the current Chief Executive Officer and one of the shareholders of Oceanconnect Holdings Inc, would succeed Clyde Michael Bandy as Chairman and CEO of Chemoil.

In a statement Chemoil said that Bandy would continue as non-independent Director and Chairman of the company in order to provide 'a smooth and seamless transition of the managerial leadership to Mr. Reilly'.

"The potential acquisition is expected to include a significant number of key (Oceanconnect marine fuel group) employees located in London, New York, Tokyo, Korea, and Dubai handling an annual sales volume of approximately 8.5 million metric tons," Chemoil said.

"The potential acquisition, if brought to a close, will complement the company's existing core business as a premier independent supplier of marine fuel," the company added.

Chemoil said that it targets to bring the acquisition to a close by the end of the year.

Deal   KPI OceanConnect  
J-ENG 6UEC35LSGH hydrogen-fuelled engine unveiling. Japan Engine completes land-based testing of landmark hydrogen-fuelled engine for large vessels  

Hydrogen co-firing rate of at least 95% achieved during factory testing.
Aerial view of tanker vessel at sea. Ethanol edges into shipping’s fuel mix as methanol crossover eases adoption barriers  

Rising interest from cargo owners, shared technology with methanol and Brazilian production growth push ethanol beyond regional niche status.
AiP award ceremony for multi-purpose fuel tank and FGSS design. ABS grants Hanwha Ocean approval for dual-fuel tank enabling LNG-to-ammonia switch  

In-principle approval awarded for fuel tank and supply system enabling LNG carriers to convert to ammonia without replacement.
Lloyd's Register issues Factual Statement (FS) for PureMetrics CEMS. Lloyd's Register confirms suitability of Daphne Technology's emissions monitoring system  

Factual Statement validates the PureMetrics design for monitoring greenhouse gas emissions from marine engines.
IMO building with national flags. IMO issues shipboard biofuel blend checklist developed by IBIA  

Checklist for FAME-based biofuels formally incorporated into IMO document, supporting crews handling biofuel blends for the first time.
YM Weight naming ceremony. Yang Ming names fourth LNG dual-fuel container vessel YM Weight  

Newbuild features high-pressure dual-fuel main engines capable of running on either LNG or low-sulphur fuel oil.
Bureau Veritas grants AiP to SDARI. Bureau Veritas grants AiP to SDARI’s LNG dual-fuel liquefied CO₂ carrier design  

Classification society approves 85,000-cbm vessel concept designed to support the growing carbon capture and storage sector.
Houston skyline at night. JuWonOil looking to strengthen with two Houston hires  

Texas-based firm is recruiting a marine lubricants sales executive and a marine fuels and distillates trader.
Lloyd's Register (LR), Seapeak, Kongsberg Maritime and Tunable JDP launch. Four firms partner to trial continuous emissions monitoring on LNG carrier  

LR, Seapeak, Kongsberg Maritime and Tunable will test onboard CO₂ monitoring against engine data and default emissions factors.
Bunker Holding logo. Bunker Holding reshuffles commercial leadership across brand portfolio  

Appointments announced across KPI OceanConnect, Glander International Bunkering and its digital sales operations.




   Fuels & Propulsion

Ammonia B100 B24 B30 Bio-LNG / LBM / LBG Biofuel Biogas Biomethanol CBM Dual-fuel E-fuel E-methane / e-NG E-methanol Electric Ethanol FAME Green hydrogen Green/e-ammonia HVO Hydrogen LNG LPG Lubes Methanol MGO Nuclear UCOME ULSFO VLSFO Wind



 Recommended