SHIPPING-

UAE shipping firm Sharaf Group and Italy’s SMAG have inked an MoU oncooperation in logistics and shipping services, according to WAM. The two sides will work to enhance trade and investment cooperation in several areas including air and sea freight, warehousing, and logistics services. The signing took place at the Investopia Europe event in Milan during a visit by UAE Economy Minister Abdullah bin Touq Al Marri to explore investment opportunities between the UAE and Italy in renewable energy, tourism, and fintech.

Dubai-based Densay Shipping has booked orders for six ultramax bulk carriers at Chinese shipyards, according to Splash. The shipping outfit has ordered two vessels each at China Merchants Jinling Shipyard, Nantong Xiangyu Shipbuilding and Offshore Engineering, and New Dayang Shipbuilding, with deliveries slated for 2024 and 2025. The orders cost between USD 32 - 35 mn apiece. Densay currently owns 39 ships with a further three ultramax vessels on order at Japan’s Imbari shipyard slated for delivery in 2023 and 2024.

MARKETS-

Dubai-based Gulf Navigation (Gulf Nav) has carried out an AED 638k capital reduction via shares cancellation, according to a DFM filing (pdf). The action was implemented through the cancellation of c.637.7 shares, nominally valued at AED 1 apiece on a pro rata basis, representing a 50% reduction in shareholder equity.

Remember: The shipping firm recently sold a USD 27 mn petrochemical tanker to Classical Oil Field Chemicals (FZCO) to allow it to pay off an USD 11.7 mn loan and to help solidify its liquidity position. The company has been restructuring all of its loans in order to pay off most of its debt and reduce the total cost of its borrowing. It also exited unprofitable sectors and restructured its business to focus on maritime operations, ship management, and agency services.

Transworld wants to take Shreyas private: Dubai-based Transworld Group plans to delist shares of its Indian subsidiary Shreyas Shipping & Logistics (SSL), according to a statement (pdf). SSL is a container feeder operator with shares listed on India’s National Stock Exchange and the Bombay Stock Exchange. Transworld’s management cited “enhanced operational flexibility” as the reason for taking SSL private, and said that share pricing will be determined through reverse book building, according to the press release.

The caveat: Indian securities regulations require Transworld to control a minimum 90% stake in SSL in order to execute the transaction. It currently only owns a 70.44% stake, with plans to buy the remaining shares from public shareholders “at a fair price,” according to the statement.

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