Liquefied natural gas (LNG) engineering firm GTT (Gaztransport & Technigaz) in early December completed a 75% acquisition of the share capital of Singapore-based ‘smart shipping’ technology company Ascenz.
Ascenz develops operational monitoring and performance optimisation systems for vessels; its solutions enable them to achieve significant fuel savings while ensuring vessel compliance with environmental standards.
“We are delighted to be joining forces with GTT, leader in its sector, and to benefit from its in-depth knowledge of LNG markets,” said Ascenz CEO and co-founder Chia Yoong Hui.
“We share the same vision of Smart Shipping, and our respective know-how is perfectly complementary.”
The development, made on the back of an expected increase in the use of LNG as a marine fuel, will allow GTT to expand its range of services.
“This is a particularly important new phase for us. The two companies' complementarity will contribute to accelerate the group's development in services,’ notes Philippe Berterottière, Chairman and Chief Executive Officer of GTT.
“With the rise of LNG as fuel, a market in which GTT intends to grow, the energy efficiency systems designed by Ascenz will enable us to provide ship-owners with even more compelling solutions."
The transaction was funded in cash and will have no significant impact on GTT’s financial structure.
Ascenz’s two executive founders, Chia Yoong Hui and Sia Teck Chong, will retain 25% of the share capital and continue management of the firm.
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
Poll shows market participants think Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels and intensifying competition from other ports in Asia.
‘We will now take the necessary time to consider and evaluate the verdict and the premises of the verdict thoroughly before making any decision of whether to appeal to a higher court,’ informs company.