BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry



« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa


BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News





GTT focuses on growing fuel-related services with 75% stake in Ascenz

07 Dec 2017 13:23 GMT

Acquisition of bunker-saving solutions firm 'will prove to be very useful', says GTT.



GTT has confirmed that it has acquired 75 percent of the share capital of Ascenz from its two executive founders - Chia Yoong Hui and Sia Teck Chong - and several investment funds.

Singapore-based Ascenz designs operational monitoring and performance optimization systems for vessels, employing around forty people. Aimed at shipowners, Ascenz' solutions are designed to provide bunker savings and ensure vessel compliance with environmental standards.

In a statement, GTT said: "This transaction reinforces GTT's service portfolio in the area of LNG shipping. Moreover, with the development of LNG as fuel, which addresses the whole merchant fleet, this acquisition will also enlarge GTT's service range, which will prove to be very useful [in] this market segment."

"The shipping industry is increasingly opening up to new uses and services driven by digitalization. In this context, the energy efficiency systems marketed by Ascenz are meeting with growing success among shipowners," GTT added.

Philippe Berterottiere, chairman and chief executive officer of GTT, remarked: "This is a particularly important new phase for us. The two companies' complementarity will contribute to accelerate the group's development in services. 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 shipowners with even more compelling solutions."

Ascenz CEO and co-founder, Chia Yoong Hui, said: "We are delighted to be joining forces with GTT, leader in its sector, and to benefit from its in-depth knowledge of LNG markets. We share the same vision of Smart Shipping, and our respective know-how is perfectly complementary."

GTT noted that the transaction, which was funded in cash, will have "no significant impact" on its financial structure. The two co-founders of Ascenz will retain 25 percent of the share capital and are to continue managing the company.

The transaction is set to be completed "in the near future", GTT said.


Image: GTT's Mark III membrane system. Image credit: GTT




Related Links:

GTT to design tanks for CMA CGM's nine LNG-fuelled ULCVs
GTT and Wison in LNG tie-up that covers bunkering
GTT highlights subsea LNG bunkering solution in H1 review

Latest News:

Rolls-Royce's first mobile MTU gas engines get Doeksen go-ahead
Damen wins contract to convert dredger to LNG
Green Award launches Platinum label for zero-emission inland ships
Engines 'in better shape' with LNG bunkers: Viking Grace engineer
Oil and fuel oil hedging market update
Oil prices had another volatile day yesterday
Wartsila and MHI-MME to market new energy-saving solution for ships
Chevron releases methanol and lubricants white paper
Singapore injects more capital to fund LNG bunker vessel newbuilds
Once again US crude production reaches three-decade output high
Oil and fuel oil hedging market update
GTT and DSEC to jointly build LNG bunker tanks




Page Links:

Prices
Africa
Asia
Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Commentaries
Futures
Prices
Antwerp
Busan
Cape Town
Fujairah
Houston
Istanbul
Kaohsiung
Las Palmas
Maracaibo
New Orleans
Piraeus
Rio
Rotterdam
Santos
Singapore
News
Latest News
Blogs
Archive
Americas
Asia
Europe
Middle East
News
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Environment
Events
Financial
Fuel Quality
Lubes & Additives
Oil Spills
People
Port News
Projects
Regulation/Legal
Services, Products, Technology
Statistics & Research
Vessels
Contact & Terms
Contact Us
Advertise
Terms & Conditions
Privacy Policy
Events
Upcoming Events