MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE:INT) announced today that its board of directors has approved a 20% increase to its quarterly cash dividend to $0.12 per share, which will be payable on April 9, 2021 to shareholders of record on March 26, 2021.

“We are committed to returning capital to our shareholders, while maintaining the financial flexibility to invest in organic and strategic opportunities that drive sustained growth over the long-term,” stated Ira M. Birns, executive vice president and chief financial officer of World Fuel Services Corporation. “This dividend increase reflects our confidence in the future growth potential of our company.”

About World Fuel Services Corporation
Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing energy procurement advisory services, supply fulfillment and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.

For more information, call 305-428-8000 or visit www.wfscorp.com.

Information Relating to Forward-Looking Statements

This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our commitment to returning capital, our ability to invest in opportunities that drive growth and our confidence in our future growth potential. These forward-looking statements are qualified in their entirety by cautionary statements and risk factor disclosures contained in the Company’s Securities and Exchange Commission (“SEC”) filings, including the Company’s most recent Annual Report on Form 10-K filed with the SEC. Actual results may differ materially from any forward-looking statements due to risks and uncertainties, including, but not limited to: our ability to effectively manage the effects of the COVID-19 pandemic, the extent of the impact of the pandemic on ours and our customers' sales, profitability, operations and supply chains due to actions taken by governments and businesses to contain the virus, such as restrictions on travel, the speed and effectiveness of vaccine development and distribution, customer and counterparty creditworthiness and our ability to collect accounts receivable and settle derivative contracts, sudden changes in the market price of fuel or extremely high or low fuel prices that continue for an extended period of time, the loss of, or reduced sales to a significant government customer, such as the North Atlantic Treaty Organization as a result of the ongoing troop withdrawal in Afghanistan, the availability of cash and sufficient liquidity to fund our working capital and strategic investment needs, our ability to effectively utilize the proceeds from the sale of the Multi Service payment solutions business and derive the expected benefits, our ability to manage the changes in supply and other market dynamics in the regions where we operate, our ability to successfully execute and achieve efficiencies, our ability to achieve the expected level of benefit from any restructuring activities and cost reduction initiatives, our ability to successfully implement our growth strategy and integrate acquired businesses and recognize the anticipated benefits, unanticipated tax liabilities or adverse results of tax audits, assessments, or disputes, our ability to accurately predict the impact on our effective tax rate and future earnings, our ability to effectively leverage technology and operating systems and realize the anticipated benefits, notices from customers, suppliers and other third parties asserting force majeure or other bases for their non-performance, potential liabilities and the extent of any insurance coverage, actions that may be taken under the new administration in the U.S. that increase costs or otherwise negatively impact ours or our customers and suppliers businesses, the outcome of pending litigation and other proceedings, the impact of quarterly fluctuations in results, particularly as a result of seasonality, our failure to effectively hedge certain financial risks associated with the use of derivatives, the impact of climate change and natural disasters, and other risks detailed from time to time in our SEC filings. In addition, other current or potential risks and uncertainties related to the coronavirus pandemic include, but are not limited to: losses on hedging transactions with customers, heightened risk of cybersecurity issues as digital technologies may become more vulnerable and experience a higher rate of cyber-attacks in a remote connectivity environment, reduction of our global workforce to adjust to market conditions, including increased costs associated with severance payments, retention issues, and an inability to hire employees when market conditions improve, the impact of asset impairments, including any impairment of the carrying value of our goodwill, as well as other accounting charges if expected future demand for our products and services materially decreases, a structural shift in the global economy and its demand for fuel and related products and services as a result of changes in the way people work, travel and interact, or in connection with a global recession. New risks emerge from time to time and it is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changes in expectations, future events, or otherwise, except as required by law.

Ira M. Birns, Executive Vice President & Chief Financial Officer

Glenn Klevitz, Vice President, Treasurer
305-428-8000

MONTREAL--(BUSINESS WIRE)--Northern Genesis Acquisition Corp. (NYSE: NGA) announces that its proposed business combination partner, The Lion Electric Company (Lion), an innovative manufacturer of all-electric trucks and buses, announced today the construction of a battery manufacturing plant and innovation center in Quebec.

Utilizing cutting-edge technology, the factory is planned to begin operations in early 2023 and will produce battery packs and modules made from Lithium-ion cells. Construction is projected to break ground over the next few months at a location to be confirmed in the near future.

The project and its development represent an investment of approximately $185 million CAD by Lion, who will benefit from an important support by the federal and provincial governments of approximately $100 million CAD (amounting to $50 million CAD each). With the construction of the plant, Lion predicts to see a considerable reduction in the cost of its vehicle manufacturing while ensuring control and optimization of a key component of its vehicle supply chain. Given the battery is the most expensive component of an electric vehicle, this new manufacturing capability will have a direct impact on the development of heavy-duty electric transportation while also offering important environmental and economic benefits.

The Prime Minister of Canada, the Right Honourable Justin Trudeau, the Prime Minister of Quebec, Mr. François Legault, the Minister of Innovation, Science and Industry, the Honourable François-Philippe Champagne, and the Minister of the Economy and Innovation, Mr. Pierre Fitzgibbon, made the announcement today, accompanied by Mr. Marc Bédard, CEO and Founder of Lion Electric.

A Milestone for Lion

With a planned yearly production capacity of 5 gigawatt-hours in battery storage, Lion will be able to electrify approximately 14,000 medium and heavy-duty vehicles annually. The manufacturing plant and innovation center will offer Lion many strategic advantages, including a reduction in its battery system production cost as well as a stable line of procurement of battery packs. Highly automated, Lion’s factory is projected to produce one battery module every 11 seconds and a full battery pack every 5 minutes. Lion Electric will be the first Canadian manufacturer of medium and heavy-duty vehicles to equip itself with its own automated battery pack manufacturing capability, utilizing cutting-edge technology.

Lion’s innovation center will focus on research and development, with the goal of exploring and achieving new advancements in performance, range, energy capacity and the development of innovative products, and will allow the company the flexibility needed to rapidly adapt to emerging technologies.

Beyond the creation of numerous quality jobs in Quebec – including a projected 135 direct jobs, as well as hundreds more indirect regional jobs – this new facility will become an essential link in a chain of specialized suppliers essential to the electrification of transportation.

Quotes

“With today’s announcement, we are continuing to take steps to support our Canadian businesses, invest in innovation, and protect the environment. It is because of companies like Lion Electric that we are accelerating our transition to a resilient and competitive clean growth economy.”

The Rt. Hon. Justin Trudeau, Prime Minister of Canada

“In Quebec, we are fortunate to have leaders such as Lion Electric to help build a greener, more durable economy. With its new facilities at the cutting-edge of robotization, the company will be able to increase its productivity and will further its contribution to the growth or our economy. In the actual context of economic recovery, this is the type of initiative that can help Quebec differentiate itself in promising sectors, such as that of batteries, and one that my government commits to support.”

François Legault, Quebec Prime Minister

“Lion is synonymous with innovation and bold entrepreneurship, and a key player in Canada’s journey toward a sustainable, green growth future. Investments like the one announced today support job creation and our long-term prosperity, and position Canada as a leader in electric transportation. The electrification of transportation is a major driver for achieving our economic and climate objectives. That is why we are proud to support and assist Lion in this major milestone.”

The Hon. François-Philippe Champagne, Minister of Innovation, Science and Industry

“This new factory will contribute to the development of the battery sector, a priority for our government, and to the blossoming of Lion Electric. The company is gaining an increasing recognition in North America for its electric school buses and trucks while experiencing healthy growth, as demonstrated by notable contracts recently obtained from Amazon and CN, for example.”

Pierre Fitzgibbon, Minister of Economy and Innovation

“Lion is an important player in Quebec and Canada’s ecosystem of electrification of transportation. This factory will allow Lion to integrate a fundamental element to the supply chain of our electric vehicles. Thanks to the financing provided by the federal and provincial governments, we will now be able to manufacture in Canada what we previously imported. Lion, Quebec and Canada will gain from this, both on the economic and environmental fronts, to the great benefit of generations to come.”

Marc Bédard, CEO and Founder of Lion Electric

About Lion Electric

Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles all its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.

About Northern Genesis Acquisition Corp.

Northern Genesis Acquisition Corp. (NYSE: NGA) is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The Northern Genesis management team brings a unique entrepreneurial owner-operator mindset and a proven history of creating shareholder value across the sustainable power and energy value chain. Northern Genesis is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.

Transaction with Northern Genesis

On November 30, 2020, Lion announced that it had entered into a business combination agreement and plan of reorganization pursuant to which, subject to the satisfaction of customary closing conditions, a wholly-owned subsidiary of Lion will merge with Northern Genesis Acquisition Corp. (NYSE: NGA), a publicly traded special purpose acquisition company focused on a commitment to sustainability and strong alignment with environmental, social and governance principles. Upon completion of the transaction, Lion is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “LEV”.

Transaction with Northern Genesis

On December 31, 2020, Lion filed with the U.S. Securities and Exchange Commission (“SEC”) a preliminary registration statement on Form F-4 (as amended, the “Registration Statement”), which includes a preliminary proxy statement of Northern Genesis, in connection with their proposed business combination.

Upon closing of the proposed business combination, a wholly-owned subsidiary of Lion Electric will merge with and into Northern Genesis, and Lion is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “LEV”.

The business combination has been unanimously approved by the Boards of Directors of both Northern Genesis and Lion Electric and is expected to close in the first quarter of 2021, subject to the Registration Statement being declared effective by the SEC, approval by Northern Genesis stockholders as well as other customary closing conditions.

Important Information and Where to Find It

The Registration Statement filed by Lion Electric with the SEC includes a preliminary prospectus relating to the registration of the securities to be issued by Lion Electric to Northern Genesis’ stockholders in connection with the transaction, and a preliminary proxy statement of Northern Genesis in connection with Northern Genesis’ solicitation of proxies for the vote by its stockholders with respect to the transaction and other matters as described in the Registration Statement. After the Registration Statement has been cleared by the SEC and declared effective, Northern Genesis will mail a definitive proxy statement to its stockholders. Investors and security holders of Northern Genesis and other interested parties are urged to read the Registration Statement, the preliminary proxy statement/prospectus and amendments thereto and the definitive proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”), any amendments to the foregoing, and any other documents filed with the SEC, when available, because they will contain important information about Lion Electric, Northern Genesis and the proposed business combination. Investors and security holders of Northern Genesis may obtain free copies of the Joint Proxy Statement/Prospectus (when available) and other documents filed with the SEC by Northern Genesis and Lion Electric through the website maintained by the SEC at http://sec.report or by directing a request to: Northern Genesis Acquisition Corp., 4801 Main Street, Suite 1000, Kansas City, MO 64112 or (816) 514-0324. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Northern Genesis and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Northern Genesis’ stockholders in respect of the proposed business combination. Lion Electric and its officers and directors may also be deemed participants in such solicitation. Information regarding Northern Genesis’ directors and executive officers is available under the heading “Management” in its final prospectus dated August 17, 2020 filed with the SEC on August 18, 2020 (the “IPO Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, which may, in some cases, be different than those of their stockholders generally, are contained in the Joint Proxy Statement/Prospectus and will be contained in other relevant materials to be filed with the SEC in connection with the proposed business combination when they become available. Stockholders, potential investors and other interested persons should read the Joint Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. When available, these documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities or constitute a solicitation of any vote or approval. No offer of securities, other than with respect to the concurrent private placement of Lion shares as described in the Registration Statement, shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release constitute “forward-looking statements” (which shall include forward-looking information within the meaning of Canadian securities laws) within the meaning of Section 27A of the Securities Act. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the transaction, including with respect to timing and closing thereof and the ability to consummate the transaction. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion Electric’s and Northern Genesis’ management and are not predictions of actual performance. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lion Electric and Northern Genesis, and are based on a number of assumptions, as well as other factors that Lion Electric and Northern Genesis believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Lion Electric’s vision, business, objectives, plans and strategies will be achieved. Many risks and uncertainties could cause Lion Electric’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including those factors discussed in the Registration Statement and Northern Genesis’ IPO Prospectus, as well as other documents filed or to be filed by Lion Electric or Northern Genesis in accordance with applicable securities laws. These factors are not intended to represent a complete list of the factors that could affect Northern Genesis or Lion Electric, and there may be additional risks that neither Northern Genesis nor Lion Electric presently know or that Northern Genesis and Lion Electric currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Northern Genesis’ and Lion Electric’s expectations, plans or forecasts of future events and views as of the date of this press release. Northern Genesis and Lion Electric anticipate that subsequent events and developments will cause their respective assessments to change. However, while Northern Genesis and Lion Electric may elect to update these forward-looking statements at some point in the future, Northern Genesis and Lion Electric have no intention and undertake no obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing Northern Genesis’ and Lion Electric’s assessments as of any date subsequent to the date of this press release.

Northern Genesis Contact:

Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
816-514-0324

Dŵr Cymru Welsh Water to Deploy Itron’s Cloud-based Mobile Meter Data Collection and Management Solution to Automate Meter Reading

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#itron--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, announced that it signed a contract to deploy Temetra, Itron’s intelligent cloud-based mobile meter management solution, for Dŵr Cymru Welsh Water to improve water data management and automate meter reading. With Itron’s solution, the utility will be equipped to efficiently read its 750,000 meters across the country of Wales in the United Kingdom.

Providing water to 3 million customers, Dŵr Cymru will take advantage of Itron’s Temetra solution to automate meter reading using both automated and manual meter data collection methods. With Temetra, the utility will improve meter reading efficiency with map-assisted meter reading on mobile devices; collect and upload data in real time; and securely store and manage data in the cloud.

“At Itron, we are committed to providing modern water solutions to help utilities gain actionable understanding of water metering and use, water distribution, water leakage and more,” said Don Reeves, senior vice president of Outcomes at Itron. “With our next-generation Temetra solution, Dŵr Cymru Welsh Water will be able to optimize its operations and improve customer engagement to make every drop of water count.”

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron^® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
This email address is being protected from spambots. You need JavaScript enabled to view it.

MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) highlights the company's plan to retire the Columbia Energy Center in its latest investor newsletter, "Interim Report," which also includes the following topics:

- Total shareholder return closes strong
- MGE Energy reports earnings
- MGE plans more solar, new battery storage
- Corporate Responsibility and Sustainability Report released
- Virtual annual meeting on May 18

The newsletter is available on MGE Energy's website at: https://www.mgeenergy.com/interimreport

Interim Report is published quarterly to provide investors with information about MGE Energy and its primary subsidiary, Madison Gas and Electric.

About MGE Energy

MGE Energy is an investor-owned public utility holding company headquartered in the state capital of Madison, Wis. It is the parent company of Madison Gas and Electric, which generates and distributes electricity in Dane County, Wis., and purchases and distributes natural gas in seven south-central and western Wisconsin counties. MGE Energy's assets total approximately $2.3 billion, and its 2020 revenues were approximately $539 million.

Investor relations contact
Ken Frassetto
Director Shareholder Services and Treasury Management
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--AECOM, the world’s premier infrastructure consulting firm, has partnered with Houston METRO, the region’s largest public transit provider, to accelerate deployment of automated technology in transit vehicles. Funded through a $1.5 million grant from the Federal Transit Administration (FTA), the team will pilot one of the nation’s first automated electric shuttle buses that will serve Texas Southern University, University of Houston, and Houston’s Third Ward neighborhood.

AECOM worked with METRO to develop the grant application, which was awarded through the FTA’s Accelerating Innovative Mobility (AIM) initiative to support transit mobility and innovation. The project, which is expected to be fully operational in spring 2022, was one of only 25 initiatives across the U.S. to receive FTA funding.

“We’re thrilled to work with our longtime partner, METRO, on this exciting AIM initiative and to further progress mobility and innovation in the transit industry while helping our clients achieve their sustainability goals,” said Andrew Bui, AECOM’s vice president of global transportation electrification.

The shuttle bus will be the first transit vehicle with automation deployed in real-life traffic conditions that meets FTA guidelines. These guidelines include the Americans with Disabilities Act and Buy America requirements.

“The shuttle will connect to METRO buses and light rail and be studied for potential use in urban, suburban, and rural environments,” said Kim Williams, METRO’s Chief Innovation Officer. “Our industry continues to evolve with new technology that prioritizes clean air quality.”

AECOM will provide management, planning, and engineering services for the project. METRO is also a founding member of AECOM’s Automated Bus Consortium, which investigates the feasibility of implementing pilot automated bus projects across the U.S. “This project will strengthen our ongoing efforts through our Automated Bus Consortium and contribute to Houston’s already expansive work in deploying emerging technologies,” Bui added.

Additional partners on the project include Phoenix Motorcars, the leading developer of zero emission, all-electric vehicles, which will deliver the pilot vehicle utilizing software from EasyMile, a leader in cutting-edge autonomous technology.

About AECOM

AECOM is the world’s premier infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.2 billion in fiscal year 2020. See how we deliver what others can only imagine at aecom.com and @AECOM.

Media:
Rachel Weiss
Senior Communications Manager
(212) 708-6746
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Diesel Genset Market Research Report: By Power Requirement, Mobility, Power Rating, Application - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

This factor will take the global diesel genset market from $13,773.0 million in 2019 to $21,929.9 million in 2030, at a 6.0% CAGR between 2020 and 2030.

Due to the rapid digitization around the world, the usage of intelligent personal assistants, autonomous cars, the internet of things (IoT), digital currencies, and cloud computing is rising.

This is because the increasing usage of all such technologies is leading to the demand for an additional space to store all the digital data being created. As a result, more data centers are being constructed around the world, which is ultimately driving the diesel genset market growth. Several components of data centers require a continuous supply of electricity, which, in cases of power cuts, is provided by diesel generators.

During the COVID-19 crisis, the advance of the diesel genset market has been hampered on account of the lockdowns initiated in all parts of the world. Such measures have resulted in the closing down of numerous factories and commercial areas, which has reduced the demand for generators. Additionally, construction has also been stopped at most places, thereby further leading to a low demand for such power generation equipment.

The backup power bifurcation is expected to grow faster in the diesel genset market in the years to come, on the basis of power requirement. Gensets are being widely installed for providing backup electricity at housing societies, individual houses, manufacturing plants, data centers, telecom towers, retail outlets, and hospitality establishments. Due to the increasing manufacturing and construction activities, the demand for backup power is set to rise further.

In the past, under the mobility segment of the diesel genset market, the stationary bifurcation generated the higher revenue. The demand for such equipment is increasing at a high rate in the manufacturing sector of India, China, Indonesia, and Brazil. Moreover, owing to fast-paced urbanization, the demand for stationary gensets for meeting electricity requirements is rising.

The highest CAGR in the diesel genset market in the near future, of 6.3%, in terms of value, will be witnessed by the 7-14 kilovolt-Ampere (kVA) category, based on power rating. As diesel generators of this power rating are cost-effective, they are widely used for household lighting. Additionally, the usage of these systems is increasing swiftly in urban residential pockets and villages.

Throughout the next decade, the largest share in the diesel genset market will be held by the commercial category, under the application segment. Generator sets find large-scale usage for backup and prime power supply at shops, offices, shopping malls, and many other commercial spaces. Further, with the high private infrastructure spending and governments' smart city projects, the demand for genets in the commercial sector will keep growing.

Asia-Pacific (APAC) has been the largest diesel genset market till now, driven by the rising construction activities, increasing installation of low-power-rating gensets at telecommunication towers, and high demand for diesel generators in the residential and commercial sectors. In addition, in China and India, diesel generators are popular as a source of auxiliary power in all industries.

In the coming years, the growth of the diesel genset market is predicted to be the most rapid in North America. The continent is increasingly witnessing power cuts owing to extreme weather events, such as tornadoes and hurricanes. Moreover, due to a rise in the disposable income of the people of Canada and the U.S., a large number of commercial and residential spaces are being constructed. During their construction and after being leased, these spaces are expected to install generators in a high volume for backup and prime power supply.

Market Dynamics

Trends

• Increasing strategic initiatives by market players

Drivers

• Growing number of data centers
• Low power production and grid power uncertainty
• Impact analysis of drivers on market forecast

Restraints

• Detrimental environmental impact and carcinogenic nature of diesel engine exhausts
• Falling cost of energy production through the use of renewable sources and availability of low-cost alternatives
• Impact analysis of restraints on market forecast

Opportunities

• Growth in the construction sector

Company Profiles

• Caterpillar Inc.
• Cummins Inc.
• Kohler Co.
• Generac Holdings Inc.
• General Electric Company
• Denyo Co. Ltd.
• AB Volvo
• Kirloskar Oil Engines Limited
• Atlas Copco AB
• Siemens AG
• Mitsubishi Heavy Industries Ltd.
• Doosan Corporation
• Yanmar Holdings Co. Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/mn8c8w

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

• ReNew Power becomes World’s first clean energy company to be recognised as a Lighthouse by World Economic Forum.
• ReNew joins cross-sector international network of companies recognized for use of technology to grow their bottom line, without increasing their environmental footprint.
• ReNew joins a diverse group of Lighthouse companies from the tech, heavy industry, consumer products, healthcare and energy sectors.

NEW DELHI--(BUSINESS WIRE)--ReNew Power (“ReNew” or “the Company”), India’s leading renewable energy company, today announced that it has been named to the World Economic Forum’s (WEF) Global Lighthouse Network, which recognizes companies using new technologies to achieve environmentally sustainable, community supportive, profitable growth. In announcing ReNew’s appointment, the WEF specifically noted the Company’s recent investments in digital analytics and machine learning to increase the power yield, and decrease the downtime, of its solar and wind generation assets, as factors in its appointment. ReNew is one of only two Indian companies to be recognized by the Global Lighthouse Network this year.

As announced on February 24, 2021, ReNew has entered into definitive agreement for a business combination with RMG Acquisition Corporation II (NASDAQ: RMGB, RMGBW, RMGBU), a publicly traded special purpose acquisition company (SPAC), that would result in ReNew becoming a publicly listed company. Completion of the proposed transaction is subject to customary closing conditions and is expected to occur in the second quarter of 2021.

ReNew’s Hubli facility was specifically nominated as a Global Lighthouse for its groundbreaking work in development and deployment of advanced analytics and machine learning solutions to increase the yield of ReNew’s wind and solar assets. The technology deployment helped ReNew improve employee productivity by 31% and reduce downtime for its assets by 31%, without incurring any additional capital expenditure.

Speaking about the honor, Mr. Sumant Sinha, Founder, Chairman and Chief Executive Officer of ReNew Power said, “We are delighted to be named a Global Lighthouse company by the World Economic Forum. The recognition is a testament to our transformation efforts as we embark on our journey to become a data driven, clean energy enterprise supporting India’s clean energy transition. As we gain scale, we will embrace technology even further, in a manner that helps us respond better to disruptions, prepare for shifts in supply-demand balance, and prioritize workforce development.”

The WEF Global Lighthouse Network is a group of 69 factories which serve as a platform to develop, replicate, and scale innovations, creating opportunities for cross-company learning and collaboration, while setting new benchmarks for the global manufacturing community.

Speaking about the Global Lighthouse Network, Mr. Enno de Boer, Partner, McKinsey & Company and Global Lead of its manufacturing work remarked, “The 69 Lighthouse manufacturers open a window into the future of operations. Though no industry is immune from digital transformation, four sectors are resetting benchmarks - Advanced Industries, Consumer Packaged Goods, Pharmaceutical and Medical products, and Heavy Industries. We are seeing a paradigm shift emerge, from reducing cost to more focus on enabling growth and environmental sustainability. The Lighthouses are proving that unlocking smart capacity through digital technologies is more effective than spending on capital infrastructure.”

Speaking about the Lighthouse program, Mr. Francisco Betti, Head of Shaping the Advanced Manufacturing and Production, World Economic Forum said, “This is a time of unparalleled industry transformation. The future belongs to those companies willing to embrace disruption and capture new opportunities. Today’s disruptions, despite their challenges, are a powerful invitation to re-envision growth. The lighthouses are illuminating the future of manufacturing and the future of the industry.”

ReNew Power, along with the World Economic Forum’s entire group of Global Lighthouse Network companies will be officially recognized at the “Lighthouse Live: Reimagining Operations for Growth” online event on March 17, 2021 at 8:00 am EST / 2:00 pm CET /6:30 pm IST. Interested parties may register for and attend the online event by clicking the link below: https://broadcast.mckinsey.com/332/4794/microsite/global-lighthouse-network-awards-2021.asp

About ReNew Power

ReNew Power Private Limited is India’s leading renewable energy independent power producer (IPP) by capacity and is the 13^th largest global renewable IPP by operational capacity. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, as well as distributed solar energy projects that generate electric power for commercial and industrial customers. As of December 31^st 2020, ReNew Power had a total capacity of close to 10 GW of wind and solar energy projects across India, including commissioned and committed projects. ReNew has a strong track record of organic and inorganic growth. ReNew’s current group of stockholders contains several marquee investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA. For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power

About Global Lighthouse Network

The Global Lighthouse Network is a community of production sites and other facilities that are world leaders in the adoption and integration of the cutting-edge technologies of the Fourth Industrial Revolution (4IR). Lighthouses apply 4IR technologies such as artificial intelligence, 3D-printing and big data analytics to maximize efficiency and competitiveness at scale, transform business models and drive economic growth, while augmenting the workforce, protecting the environment, and contributing to a learning journey for all-sized manufacturers across all geographies and industries. The Global Lighthouse Network is a World Economic Forum project in collaboration with McKinsey & Co, factories and value chains that join the Network are designated by an independent panel of experts.

No Offer or Solicitation

This press release is for informational purposes only and shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

Media Contacts
Arijit Banerjee This email address is being protected from spambots. You need JavaScript enabled to view it.
+91 9811609245

Madhur Kalra
This email address is being protected from spambots. You need JavaScript enabled to view it.
+91 9999016790

Investor Contact
Caldwell Bailey, ICR Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced that it has formed a new Energy Transition Ventures group within Kinder Morgan to identify, analyze and pursue commercial opportunities emerging from the low-carbon energy transition. The group, led by Jesse Arenivas, President of Energy Transition Ventures and CO₂, and Anthony Ashley, Vice President of Energy Transition Ventures, will focus on broadening Kinder Morgan’s reach beyond the low-carbon energy initiatives currently in development by KMI’s business units.

“While we continue to remain disciplined and focused on attractive returns when evaluating investment opportunities in these new ventures, we are extremely pleased to announce the formation of this new group at a time when energy markets are evolving both nationally and abroad,” said Steve Kean, CEO of KMI. “Jesse and Anthony have the ideal skill sets to lead this organization, with more than 50 years of combined experience in the energy and banking industries.”

“This is an exciting time in the energy sector,” said Arenivas. “As public policies, including tax and other government incentives, align with ESG objectives, our unparalleled asset footprint provides a solid footing to facilitate the energy transition.”

The team consists of a group of in-house financial, commercial and engineering talent that will focus on analyzing and quantifying opportunities for additional assets and service offerings tailored to the ongoing energy transition. They will focus on customer outreach and business development activities in pursuit of those new ventures, which may include services like carbon capture and sequestration, renewable natural gas capture, hydrogen production, renewable power generation, electric transmission and renewable diesel production.

About Kinder Morgan, Inc.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient, and environmentally responsible manner for the benefit of people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines and 144 terminals. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO₂ and other products, and our terminals store and handle various commodities including gasoline, diesel fuel chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.

Important Information Relating to Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are not historical in nature. Forward-looking statements in this news release include express or implied statements concerning the anticipated availability and benefits of commcercial opportunities, and KMI’s ability to develop projects, relating to the energy transition. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize or their ultimate impact on KMI’s operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include the risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2020 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on KMI’s website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.

Melissa Ruiz
Media Relations
(713) 469-9176
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
(800) 348-7320
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.kindermorgan.com

INDIANAPOLIS--(BUSINESS WIRE)--Allison Transmission Holdings Inc. (NYSE: ALSN), a leading designer and manufacturer of vehicle propulsion solutions for commercial and defense vehicles, the largest global manufacturer of medium- and heavy-duty fully automatic transmissions, and a leader in electrified propulsion systems, today announced that David S. Graziosi, President & Chief Executive Officer, and G. Frederick Bohley, Senior Vice President, Chief Financial Officer & Treasurer, will present at the Bank of America Global Industrials Conference on Tuesday, March 16. The management team will present at 1:10 p.m. GMT; 9:10 am EDT.

The presentation materials and webcast will be available on the Allison Transmission website at http://ir.allisontransmission.com/. A replay of the webcast will remain available on the company's website for 12 months.

About Allison Transmission

Allison Transmission (NYSE: ALSN) is the world’s largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and medium- and heavy-tactical U.S. defense vehicles, as well as a supplier of commercial vehicle propulsion solutions, including electric hybrid and fully electric propulsion systems. Allison products are used in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (school, transit and coach), motorhomes, off-highway vehicles and equipment (energy, mining and construction applications) and defense vehicles (wheeled and tracked). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a market presence in more than 80 countries, Allison has regional headquarters in the Netherlands, China and Brazil with manufacturing facilities in the U.S., Hungary and India. Allison also has approximately 1,500 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.

Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
(317) 242-3078

Media Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
(317) 242-5000

HANGZHOU, China--(BUSINESS WIRE)--Ant Group today announced it will become carbon neutral by 2030, and pledged its support to bring down emissions through technological innovations, joining the urgent global efforts to curb climate change and its devastating effects.

The company will also set up a carbon neutrality fund to support the research and development of renewable energy and other green technologies, and work with industry partners to promote green finance.

“Going green has always been a strong priority for Ant since our founding, we firmly believe technology can and should be used to further sustainable development,” said Yijie Peng, Vice President of Ant Group. “The carbon neutrality goal that we pledged today is the next milestone in our pursuit of an inclusive, green and sustainable future.”

Ant Group has detailed a roadmap to neutralize direct and indirect emissions associated with the purchase of electricity from this year (Scopes 1 and 2). By 2030, Ant Group will fully cancel out carbon emissions generated from other sources it does not own or control, covering areas such as supply chain and business travel (Scope 3).

Taking advantage of its leading capabilities in developing blockchain technology and its real-world applications, Ant Group will also explore ways to apply blockchain solutions to the climate effort, including using the technology to track the carbon reduction process.

To ensure transparency and accountability, Ant Group invited an external specialist, the China Environmental United Certification Center (CEC), to join in discussions when designing its carbon neutral plan. The CEC is an official service provider to the 2022 Winter Olympics, supporting the Games in assessing its carbon reduction solutions.

Ant Group will periodically provide updates on its progress towards achieving the carbon neutral goal.

About Ant Group

With its vision of bringing inclusive, green and sustainable services to consumers and small businesses in China and around the world, Ant Group has been pioneering innovative solutions to promote green lifestyle among consumers.

In 2016, Ant Group’s Alipay, China’s leading digital payment platform, introduced the Ant Forest green initiative within the app to encourage low-carbon activities — such as paying utility bills online and walking instead of driving — among users. Green energy points earned by users joining the initiative can be used to plant trees or protect a certain area of land for biodiversity conservation.

As of October 2020, over 550 million people have joined Ant Forest, planting over 200 million trees in Gansu Province, Inner Mongolia Autonomous Region and other arid areas in China, contributing to the reduction of approximately 12 million tons of carbon emission. Meanwhile, the initiative also helped protect conservation land of 370 million hectare (3.7 million square kilometers).

In 2019, Alipay Ant Forest was awarded “UN Champions of the Earth” award, the United Nations’ highest environmental honor, and “2019 UN Global Climate Action Award,” for using digital technologies to scale up climate action.

For more information, please visit our website at www.antgroup.com or follow us on Twitter @AntGroup.

Media Enquiries
Sarah Dai
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--#OOTT--Opportune LLP, a leading global energy business advisory firm, is pleased to announce that Trent Determann, Managing Director at Opportune LLP, is now President in its Outsourcing practice. Mr. Determann joined Opportune in May 2020 and was promoted to Managing Director at year-end.

Prior to joining, Mr. Determann most recently served as Chief Financial Officer at Rebellion Energy II LLC. Prior to Rebellion, he was the Vice President of Finance at Gastar Exploration Inc. and Financial Planning Manager at PetroPoint Energy Partners LP. Throughout his career, Mr. Determann gained extensive experience working for both public and private companies and has managed relationships with various investors. At these companies, Mr. Determann’s experience included managing finance, accounting, treasury, risk management, strategy, financial modeling, M&A, A&D, capital markets, crude and gas marketing, and reservoir engineering.

Opportune’s oil and gas outsourcing services provide upstream, midstream and first purchaser clients with improved efficiency in the daily business of financial reporting, transactional processing and reporting, treasury management, land administration, production allocation and reporting, regulatory reporting, business analytics, system conversions, system integrations, and back-office implementation. With a skilled, right-sized staff using industry-leading technology, our oil and gas back-office lowers costs and allows for instant scalability, giving our clients the ability to react as their business needs change. In a time when efficiencies are a must, outsourcing is a perfect solution that provides reliability and continuity.

About Opportune LLP

Opportune LLP is a leading global energy business advisory firm specializing in adding value to clients across the energy industry, including upstream, midstream, downstream, power and gas, commodities trading and oilfield services. Opportune’s service lines include complex financial reporting, dispute resolution, enterprise risk, investment banking, outsourcing, process and technology, reserve engineering and geosciences, restructuring, strategy and organizational design, tax, transactional due diligence, and valuation. For additional information, please visit www.opportune.com.

Bryan Sims
713-237-4904
This email address is being protected from spambots. You need JavaScript enabled to view it.

GREENWICH, Conn.--(BUSINESS WIRE)--Diamond S Shipping Inc. (NYSE: DSSI) (“Diamond S”, or the “Company”), one of the largest publicly listed owners and operators of crude oil and product tankers, today announced results for the fourth quarter of 2020.

Highlights for the Fourth Quarter and Recent Events

• Reported net loss attributable to Diamond S of $57.8 million, or net loss of $1.45 basic and diluted earnings per share, and Adjusted EBITDA (see Non-GAAP Measures section below) of $8.0 million. The reported net loss includes a loss on vessel sales, related to the sale of the Aias and Amoureux, and a cancelled scrubber installation, which, in aggregate, was $29.6 million. Excluding the loss on vessel sales and the cost of the cancelled scrubber project, the net loss was $28.2 million, or $0.71 per share.
  
  
• Agreed to sell two Suezmax vessels, the Aias and the Amoureux, which were delivered to buyers in January and February 2021 respectively. The sale of the vessels generated approximately $20 million in net proceeds before settlement of working capital.
  
  
• Net debt at December 31, 2020 was $594.4 million, implying a net debt to asset value leverage ratio of approximately 44% based on broker valuations as of December 2020. At quarter end, total free liquidity available to the Company above bank minimum cash requirements was $108.1 million.

Craig H. Stevenson Jr., President and CEO of Diamond S, commented: “Although near-term market conditions will likely remain challenging, the positive long-term market dynamic remains unchanged. In fact, the permanent closures of certain refineries will result in increased tanker demand for product tankers once conditions normalize. Overall tanker demand is expected to gradually increase over the course of 2021 and eventually return to pre-pandemic levels next year as product demand recovers and inventory levels normalize. Diamond S will be well-positioned to create value for our shareholders as the recovery unfolds. Our recent sale of two Suezmax vessels highlights the disconnect between the tangible market value of our fleet and our current market capitalization. These sales also add to our strong liquidity position, reduce our interest expense and are consistent with our historical approach to managing our balance sheet conservatively.”

Fourth Quarter 2020 Results

Reported net loss attributable to Diamond S for the fourth quarter of 2020 was $57.8 million, or net loss of $1.45 basic and diluted earnings per share. Excluding the loss of vessel sales and cancelled scrubber project cost of $29.6 million, the net loss was $28.2 million or $0.71 per share compared to a net income of $26.1 million, or $0.65 per basic and diluted share, for the fourth quarter of 2019. The decrease in net income for the fourth quarter of 2020 compared to the fourth quarter of 2019 is primarily related to weaker tanker market conditions driven by the global pandemic.

The Company groups its business primarily by commodity transported and segments its fleet into a 16-vessel crude oil transportation fleet (the “Crude Fleet”) and a 50-vessel refined petroleum product transportation fleet (the “Product Fleet”). The Crude Fleet consists of 15 Suezmax vessels and one Aframax vessel. In December 2020, the Company agreed to sell two Suezmax vessels that were delivered in Q1 2021. The Product Fleet consists of 44 medium range (“MR2”) vessels and 6 Handysize (“MR1”) vessels.

Net revenues for the Company, which represents voyage revenues less voyage expenses, were $58.4 million for the fourth quarter of 2020 compared to $123.1 million for the fourth quarter of 2019. Net revenues from the Crude Fleet were $15.3 million in the fourth quarter of 2020 compared to $55.6 million for the fourth quarter of 2019. The decrease in net revenues for the Crude Fleet were primarily due to the continued impact of the pandemic on global oil demand. Net revenues from the Product Fleet were $43.1 million in the fourth quarter of 2020 compared to $67.5 million for the fourth quarter of 2019. The decrease in net revenues in the Product Fleet were driven by the same factors as the Crude Fleet.

Vessel expenses were $43.2 million for the fourth quarter of 2020 compared to $44.7 million for the fourth quarter of 2019. Vessel expenses, which include crew costs, insurance, repairs and maintenance, lubricants and spare parts, technical management fees and other miscellaneous expenses, decreased by $1.5 million primarily due to timing of crew reliefs and logistics for delivery of services and materials.

Depreciation and amortization expense was $29.2 million in the fourth quarter of 2020 compared to $28.7 million for the fourth quarter of 2019.

General and administrative expenses were $6.7 million in the fourth quarter of 2020 compared to $8.3 million for the fourth quarter of 2019. The decrease of $1.6 million is attributable to the strategic change in commercial managers in the Product Fleet, which transitioned from an in-house MR desk of salaried employees to external managers in the Norient Product Pool, a decline in travel expenses due to the pandemic and a decline in legal and accounting professional fees related to regulatory filings.

Interest expense was $6.6 million in the fourth quarter of 2020 compared to $11.0 million for the fourth quarter of 2019. Interest expense decreased in the fourth quarter of 2020 due to a lower average debt balance as a result of debt repayments and a decrease in the effective interest rate. Total gross debt outstanding as of December 31, 2020 was $714.9 million, or 20% lower compared to December 31, 2019.

Other income, which consists primarily of interest income, was less than $0.1 million in the fourth quarter of 2020, compared to $0.3 million for the fourth quarter of 2019.

Liquidity

As of December 31, 2020, the Company had $104.2 million in cash and restricted cash and $60.0 million available under its revolving credit facility. Available liquidity as of December 31, 2020 was $108.1 million, net of $56.1 million in restricted cash and minimum cash required by debt covenants. Following the sales of the Aias and Amoureux, revolving credit capacity has decreased by $7 million under the provisions of our debt documents.

Outlook

We expect the tanker market to remain under pressure for the remainder of the first half of 2021. Demand for crude oil and refined products, while recovering from trough levels in Q2 2020, is expected to average about 96 million barrels per day, or 4 million barrels per day lower than pre-pandemic levels in 2021, according to OPEC. In the short term, however, tanker supply appears to be higher than current demand levels as improvements in consumption are being offset by draws in inventory.

We believe in the longer-term fundamentals of the tanker industry. Tanker supply remains balanced based on pre-pandemic demand levels, and the number of vessels on order nearly matches the number of vessels that might be expected to be scrapped, based on the average useful life of a vessel. We expect conditions to normalize and then gradually improve over the next 12 to 18 months.

As of March 5, 2021, approximately 81% of Crude Fleet revenue days operating in the spot market in the first quarter have been fixed at an average rate of approximately $9,200 per day. In the Product Fleet, 83% of revenue days operating in the spot market have been fixed at an average rate of approximately $8,800 per day in the first quarter of 2021. The Product Fleet includes a weighted average blend of MR2 vessels, fixed on 85% of revenue days at an average rate of $9,100 per day, and MR1 vessels, fixed on 72% of first quarter revenue days at an average rate of $6,700 per day.

We continue to monitor the effects of the COVID-19 virus on our business. The shipping industry is not only affected by the reduced economic activity caused by the global pandemic, but our direct operations face travel restrictions and health protocols that differ across every port that we are called to perform our services or to maintain the condition of our vessels. Our crews stand at the forefront of these challenges with the added health procedures to get on board and extending their contracted time aboard the vessel to ensure safe relief from the next crew. While the Company has faced increased costs in order to support the safe transition of our crews and the logistics for delivery of services and materials to vessels, we remain dedicated to ensure our crews are healthy and safe while operating our vessels and transitioning to and from our vessels.

Conference Call

The Company will hold a conference call on March 12, 2021 at 8:00 a.m. Eastern Time to discuss its results for the fourth quarter of 2020.

To access the call, participants should dial +1 866 211-4137 for domestic callers and +1 647 689-6723 for international callers. Participants are encouraged to dial in ten minutes prior to the call. Please enter passcode 7955988.

A live webcast of the conference call will be available from the Company’s website at www.diamondsshipping.com.

An audio replay of the conference call will be available starting at 11 a.m. ET on Friday March 12, 2021 through Friday, March 19, 2021 by dialing in +1 800 585-8367 or +1 416 621-4642 and entering the passcode 7955988.

About Diamond S Shipping Inc.

Diamond S Shipping Inc. (NYSE: DSSI) owns and operates 64 vessels on the water, including 13 Suezmax vessels, one Aframax and 50 medium-range (MR) product tankers. Diamond S is one of the largest energy shipping companies providing seaborne transportation of crude oil, refined petroleum and other petroleum products. The Company is headquartered in Greenwich, CT. More information about Diamond S can be found at www.diamondsshipping.com.

Disclosure Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements including, but not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements herein are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. Such statements reflect the Company’s current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The Company is making investors aware that such forward-looking statements, because they relate to future events, are by their very nature subject to many important factors that could cause actual results to differ materially from those contemplated. Some of the factors that could cause our actual results or conditions to differ materially include, but are not limited to, unforeseen liabilities; future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, financial condition, losses, future prospects, business and management strategies for the management, expansion and growth of the Company’s operations; risks relating to the integration of assets or operations of entities that it has or may in the future acquire and the possibility that the anticipated synergies and other benefits of such acquisitions may not be realized within expected timeframes or at all; the failure of counterparties to fully perform their contracts with the Company; the strength of world economies and currencies; the duration and impact of the COVID-19 (coronavirus) outbreak; general market conditions, including fluctuations in charter rates and vessel values; changes in demand for tanker vessel capacity; changes in the Company’s operating expenses, including bunker prices; drydocking and insurance costs; the market for the Company’s vessels; availability of financing and refinancing; charter counterparty performance; ability to obtain financing and comply with covenants in such financing arrangements; changes in governmental rules and regulations or actions taken by regulatory authorities; potential liability from pending or future litigation; general domestic and international political conditions; potential disruption of shipping routes due to accidents or political events; vessels breakdowns and instances of off-hires; and other factors. Please see the Company's filings with the SEC for a more complete discussion of certain of these and other risks and uncertainties. The Company undertakes no obligation, and specifically declines any obligation, except as required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measures

To supplement the Company’s financial information presented in accordance with accounting principles generally accepted in the U.S. (“GAAP”), management uses certain “non-GAAP financial measures” as such term is defined in Regulation G promulgated by the Securities and Exchange Commission (the “SEC”).

Investor Relations Inquiries:
Robert Brinberg
Tel: +1-212-517-0810
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

SAN FRANCISCO--(BUSINESS WIRE)--Engine No. 1, which has nominated four highly qualified, independent director candidates to the Exxon Mobil Corporation (NYSE: XOM) (“ExxonMobil” or the “Company”) Board of Directors (the “Board”), today released the following statement.

“We began this campaign last year by noting that each Board member is ‘highly accomplished and respected, including by us,’ and that remains true today. However, we believe it is also still true, as we said then, that the Board lacks directors who bring ‘a diverse set of experiences in successful, global energy operations and decades of leading value-creating transformations in the industry.’ We therefore continue to believe that reenergizing ExxonMobil requires the election of our nominees, each of whom brings substantial yet unique track records of success in energy. In determining which current Board members to support for election, we took into account a number of factors, including the following:

Energy Experience. Each of our nominees has generated strong returns in energy and has unique experience directly applicable to the array of challenges facing ExxonMobil. Gregory J. Goff is one of the most respected operators in the oil and gas industry and generated a 1,224% return for shareholders as the CEO of Andeavor. Kaisa Hietala helped transform the refining company Neste into the world’s largest and most profitable producer of renewable fuel, a business which ExxonMobil has pursued for years without success. Alexander Karsner has decades of conventional and renewable energy experience including with some of the most successful clean tech startups of the last decade, and helps oversee major investments in cutting edge energy projects for Alphabet’s X. Anders Runevad generated a 480% return for shareholders as the CEO of Vestas, which has more worldwide installed wind power than any other manufacturer, and is credited with turning the once heavily-indebted Vestas around.

While after our campaign launched the Board added Wan Zulkiflee, who served as the CEO of Malaysian national oil company Petronas from 2015 to 2020, we do not believe this helps satisfy the need for successful and transformative energy experience on the Board. We cannot assess the total financial picture of a fully state-owned oil company, given the lack of disclosure and governance standards found in a publicly-traded company (while Petronas does have publicly-traded affiliates, they account for a small percentage of Petronas’ earnings). However, the considerations in running such a company, while important to the country, are far different than those required to run a company for the primary benefit of public shareholders. Petronas also has not played a material part in any significant and successful energy industry transformation. In addition, ExxonMobil seems not to have ventured far in its search and Mr. Zulkiflee’s experience is in many ways duplicative, given that ExxonMobil has had an operational partnership with Petronas since 1976 and operates production sharing contracts with Petronas that produce 1/5 of Malaysia’s oil production and 1/2 of its gas production.

Capital Allocation Expertise. As ExxonMobil’s CEO noted at the Company’s recent investor day, there are many CEOs with capital allocation experience, and the Board has long included CEOs with such experience in a variety of unrelated industries. However, we do not believe that ExxonMobil’s problems with capital allocation in recent years arose because the Board does not understand corporate finance, including the risk of allocating capital to long-term projects with low average returns on capital employed in an industry facing declining capital productivity, commodity volatility, rising costs of capital, and uncertain long-term demand. We believe these problems and the stress on ExxonMobil’s balance sheet arose from a failure to grasp changing industry dynamics, and that longer term problems will arise from ExxonMobil’s refusal to accept that oil and gas demand may decline in decades to come and from its lack of a viable long-term strategic plan to address what happens if it does.

Technological Expertise. The Company’s CEO also stated at the investor day that ExxonMobil is first and foremost a technology company, and he stressed the importance of technology and science in the evolution of ExxonMobil’s business, as well as government policies that will help determine which new energy technologies take root. While we acknowledge Dr. Susan Avery’s expertise in climate science, we do not believe any current Board members bring any other relevant technological expertise. This again is in sharp contrast to our nominees, including Mr. Karsner, who is an expert in cutting edge energy technologies; Ms. Hietala, who, in addition to her renewable fuel business expertise, is a trained geophysicist and environmental scientist; and Mr. Runevad, who, as CEO of Vestas, developed a deep understanding of how renewable energy companies with growing markets and declining cost curves are transforming the industry. Furthermore, Mr. Runevad was a CEO signatory to the Paris Pledge for Action signed in connection with the Paris Agreement and Mr. Karsner brings a deep understanding of the regulatory environment that will have an increasing impact on the Company given his experience as U.S. Assistant Secretary of Energy.

Process. We believe the Board’s decision to expand its size following the start of our campaign was indicative of a Board seeking to avoid adding successful and diverse energy industry experience and that the process suffered from other serious flaws. While we will save a more fulsome analysis for a later date, we will note that while the Board added new directors who do not satisfy most of its own stated criteria for membership, it declined to even meet with our nominees, who include two former CEOs named by Harvard Business Review as among the Best-Performing CEOs in the World (not just in energy but in any industry), one of whom helped lead an energy industry transformation in a business that ExxonMobil is pursuing and which Harvard Business Review called one of the Top 20 Business Transformations of the Last Decade, and a former U.S. Assistant Secretary of Energy who is an expert in carbon capture, smart grids, and other areas that will be critical to ExxonMobil’s long-term future.

Tenure. ExxonMobil has noted frequently in recent days that its average Board tenure is approximately five years, versus eight years on average for the S&P 500. We believe this is less impressive when considering that the Board just added three new members. More importantly, the Board has for years refreshed itself without, in our opinion, a significant change in direction or improvement in performance for shareholders. This leads us to conclude that it is the absence of successful and transformative energy experience, rather than insufficient turnover, that is primarily responsible for these issues. As a result, we took length of service into account, but this was not the sole determinant.

Need for Change. Relatedly, we took into account the ability of current Board members to drive change at ExxonMobil. We have no doubt that many Board members have the capacity to advocate for change, including Dr. Avery, who is a trained climate expert; Kenneth C. Frazier, who has been a leading voice regarding business ethics; and Joseph L. Hooley, who brings an investor’s perspective into the boardroom and led numerous value-creating sustainability initiatives at State Street. However, we also believe that without directors who have the necessary energy industry expertise, experience, and credibility to help translate the desire for change into a business plan and help ensure that management effectively pursues that plan, even the best intentions will not result in real change at ExxonMobil.

Conclusion. With these considerations in mind, we ask shareholders to vote on the WHITE proxy card for our nominees and for all of the Company's nominees except for Steven A. Kandarian, Douglas R. Oberhelman, Samuel J. Palmisano, and Wan Zulkiflee. Messrs. Kandarian, Oberhelman and Palmisano have been directors at the time of strategic decisions that, in our opinion, have destroyed shareholder value and generated significant long-term risk for investors. While Mr. Kandarian’s tenure has been shorter, his industry experience is far removed from the type of commodity-linked, manufacturing, and/or technology experience that the Company itself has said would be most useful. We also believe that the Board’s process for adding three new directors in the face of a proxy contest was highly flawed, and while we respect his accomplishments, Mr. Zulkiflee’s experience is not as relevant for a public company in need of transformative and successful energy experience as any of our nominees. In short, while we hold all of these individuals in high regard, we believe that the nominees we are recommending for election will best strengthen the Board and create the most complementary mix of general and industry-specific expertise possible for the benefit of all shareholders. We look forward to continuing to make the case for our nominees and for reenergizing ExxonMobil.”

Additional information regarding Engine No. 1’s campaign to reenergize ExxonMobil may be found at www.ReenergizeXOM.com.

About Engine No. 1
Engine No. 1 is an investment firm purpose-built to create long-term value by driving positive impact through active ownership. The firm also will invest in public and private companies through multiple strategies. For more information, please visit: www.Engine1.com.

Important Information

Engine No. 1 LLC, Engine No. 1 LP, Engine No. 1 NY LLC, Christopher James, Charles Penner (collectively, “Engine No. 1”), Gregory J. Goff, Kaisa Hietala, Alexander Karsner, and Anders Runevad (collectively and together with Engine No. 1, the “Participants”) have filed with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of WHITE proxy to be used in connection with the solicitation of proxies from the shareholders of Exxon Mobil Corporation (the “Company”). All shareholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants, as they contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying WHITE proxy card will be furnished to some or all of the Company’s shareholders and is, along with other relevant documents, available at no charge on Engine No.1's campaign website at https://reenergizexom.com/materials/ and the SEC website at http://www.sec.gov/.

Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the definitive proxy statement filed by the Participants with the SEC on March 15, 2021. This document is available free of charge from the sources described above.

Disclaimer

This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only, and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this press release and the material contained herein that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Certain information included in this material is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this material in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results. All figures are unaudited estimates and subject to revision without notice. Engine No. 1 disclaims any obligation to update the information herein and reserves the right to change any of its opinions expressed herein at any time as it deems appropriate. Past performance is not indicative of future results. Engine No. 1 has neither sought nor obtained the consent from any third party to use any statements or information contained herein that have been obtained or derived from statements made or published by such third parties. Except as otherwise expressly stated herein, any such statements or information should not be viewed as indicating the support of such third parties for the views expressed herein.

Media Contacts
Gasthalter & Co.
Jonathan Gasthalter/Amanda Klein
212-257-4170
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Contacts:
Innisfree M&A Incorporated
Scott Winter/Gabrielle Wolf
212-750-5833

HIGHLIGHTS

• Fourth quarter production of 35,738 Boe per day, up 23% from the third quarter
• Fourth quarter cash flow from operations of $81.8 million, excluding $8.8 million spent to reduce net working capital, up 19% from the third quarter
• Total debt balance reduced by $39.0 million in the fourth quarter and $178.0 million in total during 2020  
• Completed $140.2 million common stock offering and $550.0 million senior notes offering in February 2021. Borrowing capacity of $373.0 million under revolving credit facility as of March 11, 2021
• Announced entrance into the Marcellus Shale with the pending acquisition from Reliance Marcellus, LLC
• Signed and closed seventh Permian acquisition since entry into the basin in September 2020

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”) today announced the company’s fourth quarter and full year 2020 results.

MANAGEMENT COMMENTS

“Northern enters 2021 in an enviable position,” commented Nick O’Grady, Northern’s Chief Executive Officer. “The fourth quarter showed the durability of our strategy, the cash generating power of our asset base, and our commitment to focusing on return on capital employed. The flexibility and dynamic nature of our non-operated business model have never been so clear. We enter 2021 as a multi-basin company, dedicated to the allocation of capital into the highest return projects, with a reinvigorated capital structure that should provide for growth opportunities and a clear path to our ultimate goal: to responsibly return capital to shareholders.”

FINANCIAL RESULTS

Fourth quarter Adjusted Net Income was $35.7 million or $0.64 per diluted share, up from $21.5 million or $0.50 per diluted share in the prior year. Fourth quarter GAAP net loss was $146.2 million or $3.21 per diluted share. Adjusted EBITDA in the fourth quarter was $94.3 million.

Full year 2020 Adjusted Net Income was $96.0 million or $1.82 per diluted share. Full year 2020 GAAP net loss was $921.3 million or $21.55 per diluted share. Full year 2020 Adjusted EBITDA was $351.8 million. (See “Non-GAAP Financial Measures” below.)

PRODUCTION

Fourth quarter production was 35,738 Boe per day, a 23% increase from the third quarter. Oil represented 76% of production in the fourth quarter. Northern estimates that curtailments and shut-ins reduced the Company’s average daily production by approximately 4,200 Boe per day in the fourth quarter. Northern had 5.9 net wells turned online during the fourth quarter, compared to 3.4 net wells turned online in the third quarter of 2020. Full year 2020 production was 33,078 Boe per day.

PRICING

During the fourth quarter, NYMEX West Texas Intermediate (“WTI”) crude oil averaged $42.63 per Bbl, and NYMEX natural gas at Henry Hub averaged $2.48 per Mcf. Northern’s unhedged net realized oil price in the fourth quarter was $35.69 per Bbl, representing a $6.94 differential to WTI prices. Northern’s fourth quarter unhedged net realized gas price was $2.13 per Mcf, representing approximately 86% realizations compared with Henry Hub pricing.

For full year 2020, Northern’s realized oil differential was $6.63 per Bbl. Northern’s full year unhedged net realized gas price was $1.14 per Mcf, representing approximately 57% realizations compared with Henry Hub pricing.

OPERATING COSTS

Lease operating costs were $28.2 million in the fourth quarter of 2020, or $8.58 per Boe, down 5% on a per unit basis compared to the third quarter. Fourth quarter general and administrative (“G&A”) costs totaled $4.4 million, which includes non-cash stock-based compensation. Cash G&A costs totaled $3.4 million or $1.04 per Boe in the fourth quarter, down 25% on a per unit basis compared to the third quarter.

CAPITAL EXPENDITURES AND ACQUISITIONS

Capital spending for the fourth quarter was $48.9 million, made up of $17.9 million of organic drilling and completion (“D&C”) capital and $31.0 million of total acquisition spending and other items, inclusive of ground game D&C spending. Northern had 5.9 net wells turned online in the fourth quarter. Wells in process totaled 28.1 net wells as of December 31, 2020. On the ground game acquisition front, Northern closed on 11 transactions during the fourth quarter totaling 4.6 net wells, 663 net mineral acres and 373 net royalty acres (standardized to a 1/8 royalty interest).

RELIANCE ACQUISITION UPDATE

On February 3, 2021, Northern announced a definitive agreement to acquire assets from Reliance Marcellus, LLC, a subsidiary of Reliance Industries, Ltd., for $175.0 million in cash plus 3.25 million common stock warrants. The acquisition has an effective date of July 1, 2020 and is expected to close in April 2021. EQT Corporation, the operator of substantially all of the assets, has elected to exercise its preferential purchase right on a portion of the assets, which (together with the exercise of other preferential purchase rights) will reduce the cash purchase price, net to Northern, by approximately $48.6 million, or 28%. Northern estimates it retains approximately 99% of the net drilling inventory on the assets, compared to prior estimates. Due to the largely developed nature of the properties subject to the preferential right, over a five-year period, Northern expects they would have only contributed 10-15% of the long term cash flows from the acquired properties. Additionally, Northern estimates an 18% reduction in capital spending on the acquired assets in 2021, compared to prior estimates. Northern has released detailed updated guidance for the acquired assets in the guidance section below.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2020, Northern had $1.8 million in cash and $532.0 million of borrowings outstanding on its revolving credit facility. Northern had total liquidity of $129.8 million as of December 31, 2020, consisting of cash and borrowing availability under the revolving credit facility.

On January 4, 2021, Northern retired $65 million, or 50% of its VEN Bakken Note. In February 2021, Northern strengthened its balance sheet through common equity and debt transactions. Northern issued 14.4 million shares of common equity for gross proceeds of $140.2 million. Northern also issued $550 million of 8.125% Senior Unsecured Notes due 2028. With the net proceeds from these transactions, Northern retired the remaining $65 million of its VEN Bakken Note and retired $272.1 million, or 95% of its remaining Senior Secured Notes due 2023 on February 18, 2021. Northern intends to call or purchase the remaining 2023 Notes on or before May 15, 2021. Northern used the remainder of the proceeds to retire debt under its revolving credit facility and for cash on hand.

As of March 11, 2021, Northern had $287.0 million of borrowings outstanding on its revolving credit facility, leaving $373.0 million of borrowing availability. Northern additionally has $15.7 million Senior Secured Notes due 2023 that remain outstanding, and $550 million of newly issued Senior Unsecured Notes due 2028.

In April 2021, upon closing of the Reliance acquisition, Northern will fund the unadjusted cash purchase price of $126.4 million, less the $17.5 million deposit previously paid. The cash purchase price will be subject to typical closing adjustments, including an expected reduction for the net cash flows already received by Reliance from the properties since the effective date.

2021 ESTIMATED GUIDANCE — EXISTING WILLISTON AND PERMIAN PROPERTIES

2021 ESTIMATED GUIDANCE — RELIANCE ASSETS (PENDING ACQUISITION) — FULL YEAR

2021 ESTIMATED GUIDANCE — CORPORATE

FOURTH QUARTER 2020 RESULTS

The following table sets forth selected operating and financial data for the periods indicated.

FULL YEAR 2020 RESULTS

The following table sets forth selected operating and financial data for the periods indicated.

HEDGING

Northern hedges portions of its expected production volumes to increase the predictability of its cash flow and to help maintain a strong financial position. The following table summarizes Northern’s open crude oil commodity derivative contracts scheduled to settle after December 31, 2020 (excluding basis swaps).

The following table summarizes Northern’s open natural gas commodity derivative contracts scheduled to settle after December 31, 2020.

CAPITAL EXPENDITURES & DRILLING ACTIVITY

Capitalized costs are a function of the number of net well additions during the period, and changes in wells in process from the prior year-end. Capital expenditures attributable to the increase of 2.3 in net wells in process during the year ended December 31, 2020 are reflected in the annual amounts incurred for drilling and development capital expenditures.

ACREAGE

As of December 31, 2020, Northern controlled leasehold of approximately 183,527 net acres primarily targeting the Bakken and Three Forks formations of the Williston Basin, and approximately 90% of this total acreage position was developed, held by production, or held by operations.

FOURTH QUARTER 2020 EARNINGS RELEASE CONFERENCE CALL

In conjunction with Northern’s release of its financial and operating results, investors, analysts and other interested parties are invited to listen to a conference call with management on Friday, March 12, 2021 at 10:00 a.m. Central Time.

Those wishing to listen to the conference call may do so via the company’s website, www.northernoil.com, or by phone as follows:

Website: https://78449.themediaframe.com/dataconf/productusers/nog/mediaframe/43930/indexl.html
Dial-In Number: (866) 373-3407 (US/Canada) and (412) 902-1037 (International)
Conference ID: 13717215 - Northern Oil and Gas, Inc. Fourth Quarter and Year-End 2020 Earnings Call
Replay Dial-In Number: (877) 660-6853 (US/Canada) and (201) 612-7415 (International)
Replay Access Code: 13717215 - Replay will be available through March 19, 2021

UPCOMING CONFERENCE SCHEDULE

33rd Annual Roth Conference
March 15, 2021

SPE A&D Symposium
Houston, TX
May 13, 2021

UBS Global Oil and Gas Conference
May 25, 2021

Wells Fargo Energy Conference
June 2-3, 2021

Stifel Cross Sector Insight Conference
June 8-10, 2021

RBC Energy Conference
June 8-9, 2021

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding Northern’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on Northern’s properties and properties pending acquisition; Northern’s ability to acquire additional development opportunities; potential or pending acquisition transactions, including the Reliance acquisition; Northern’s ability to consummate pending acquisitions, including the Reliance acquisition, and the anticipated timing of such consummation; the projected capital efficiency savings and other operating efficiencies and synergies resulting from Northern’s acquisition transactions; integration and benefits of property acquisitions, including the Reliance acquisition, or the effects of such acquisitions on Northern’s cash position and levels of indebtedness; changes in Northern’s reserves estimates or the value thereof; disruptions to Northern’s business due to acquisitions and other significant transactions; infrastructure constraints and related factors affecting Northern’s properties; ongoing legal disputes over and potential shutdown of the Dakota Access Pipeline; the COVID-19 pandemic and its related economic repercussions and effect on the oil and natural gas industry; general economic or industry conditions, nationally and/or in the communities in which Northern conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; Northern’s ability to raise or access capital; changes in accounting principles, policies or guidelines; and financial or political instability, health-related epidemics, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern’s operations, products and prices. Additional information concerning potential factors that could affect future results is included in the section entitled “Item 1A. Risk Factors” and other sections of Northern’s more recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause Northern’s actual results to differ from those set forth in the forward looking statements.

Northern has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern’s control. Northern does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

Mike Kelly, CFA
Chief Strategy Officer
952-476-9800
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Global Crystalline Silicon Solar PV Modules Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.

The publisher has been monitoring the crystalline silicon solar PV modules market and it is poised to grow by $46.90 billion during 2021-2025 progressing at a CAGR of 19% during the forecast period.

The report on crystalline silicon solar PV modules market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the favourable government regulations, increasing investments in renewable energy and rise in solar PV installations.

The crystalline silicon solar PV modules market analysis includes product segment and geographical landscapes. This study identifies the increased adoption of microgrids as one of the prime reasons driving the crystalline silicon solar PV modules market growth during the next few years. Also, developments in solar efficiency and development of zero energy buildings will lead to sizable demand in the market.

Companies Mentioned

• Canadian Solar Inc.
• Ja Solar Holdings Co. Ltd.
• Jiangsu Shunfeng Photovoltaic Technology Co. Ltd.
• JinkoSolar Holding Co. Ltd.
• LONGi Green Energy Technology Co. Ltd.
• Risen Energy Co. Ltd.
• Suzhou Talesun Solar Technology Co. Ltd.
• Trina Solar Co. Ltd.
• Yingli Green Energy Holding Co. Ltd.
• Zhejiang CHINT Electrics Co. Ltd.

The report on crystalline silicon solar PV modules market covers the following areas:

• Crystalline silicon solar PV modules market sizing
• Crystalline silicon solar PV modules market forecast
• Crystalline silicon solar PV modules market industry analysis

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast an accurate market growth.

Key Topics Covered:

1. Executive Summary

• Market Overview

2. Market Landscape

• Market ecosystem
• Value chain analysis

3. Market Sizing

• Market definition
• Market segment analysis
• Market size 2020
• Market outlook: Forecast for 2020 - 2025

4. Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

5. Market Segmentation by Product

• Market segments
• Comparison by Product
• Monocrystalline - Market size and forecast 2020-2025
• Polycrystalline - Market size and forecast 2020-2025
• Market opportunity by Product

6. Customer landscape

• Customer landscape

7. Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2020-2025
• North America - Market size and forecast 2020-2025
• Europe - Market size and forecast 2020-2025
• South America - Market size and forecast 2020-2025
• MEA - Market size and forecast 2020-2025
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

8. Vendor Landscape

• Overview
• Landscape disruption

9. Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Canadian Solar Inc.
• Ja Solar Holdings Co. Ltd.
• Jiangsu Shunfeng Photovoltaic Technology Co. Ltd.
• JinkoSolar Holding Co. Ltd.
• LONGi Green Energy Technology Co. Ltd.
• Risen Energy Co. Ltd.
• Suzhou Talesun Solar Technology Co. Ltd.
• Trina Solar Co. Ltd.
• Yingli Green Energy Holding Co. Ltd.
• Zhejiang CHINT Electrics Co. Ltd.

10. Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

For more information about this report visit https://www.researchandmarkets.com/r/70e8nr

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

DUBLIN--(BUSINESS WIRE)--The "Pipeline Transport Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global pipeline transport market as it emerges from the COVID-19 shut down.

The global pipeline transport market is expected to grow from $170. 76 billion in 2020 to $180. 93 billion in 2021 at a compound annual growth rate (CAGR) of 6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $262. 31 billion in 2025 at a CAGR of 10%.

Companies Mentioned

• ABB Group
• Alcatel-Lucent
• Emerson Electric Co
• FMC Technologies
• Schneider Electric

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market research findings.
• Benchmark performance against key competitors.
• Utilize the relationships between key data sets for superior strategizing.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis

The pipeline transport market consists of sales of pipeline transportation services and related goods by entities (organizations, sole traders and partnerships) that use transmission pipelines to transport products, such as crude oil, natural gas, refined petroleum products, and slurry. The pipeline transport market is segmented into crude oil pipeline transport; natural gas pipeline transport; refined petroleum products pipeline transport and other pipeline transport.

Asia Pacific was the largest region in the global pipeline transport market, accounting for 29% of the market in 2020. North America was the second largest region accounting for 26% of the global pipeline transport market. Africa was the smallest region in the global pipeline transport market.

Pipeline transportation companies are using augmented reality for efficient maintenance operations. Augmented reality (AR) is the technology of combining real-world images, video, etc. with computer-generated information and/or imagery being viewed through an output including a monitor, headset, etc. AR overlays digital elements onto the physical world, typically using a headset or tablet that the user can point toward real-life objects. in the pipeline transportation industry, AR headsets that clip onto hard hats can project hands-free instructions a technician needs onto equipment to conduct an inspection or maintain a system. AR animations dramatically boost efficiency and reduce errors and uncertainty by showing the necessary steps, tools, and parts.

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Pipeline Transport Market Characteristics

3.1. Market Definition

3.2. Key Segmentations

4. Pipeline Transport Market Product Analysis

4.1. Leading Products/ Services

4.2. Key Features and Differentiators

4.3. Development Products

5. Pipeline Transport Market Supply Chain

5.1. Supply Chain

5.2. Distribution

5.3. End Customers

6. Pipeline Transport Market Customer Information

6.1. Customer Preferences

6.2. End Use Market Size and Growth

7. Pipeline Transport Market Trends And Strategies

8. Impact Of COVID-19 On Pipeline Transport

9. Pipeline Transport Market Size And Growth

9.1. Market Size

9.2. Historic Market Growth, Value ($ Billion)

9.3. Forecast Market Growth, Value ($ Billion)

10. Pipeline Transport Market Regional Analysis

10.1. Global Pipeline Transport Market, 2020, By Region, Value ($ Billion)

10.2. Global Pipeline Transport Market, 2015-2020, 2020-2025F, 2030F, Historic And Forecast, By Region

10.3. Global Pipeline Transport Market, Growth And Market Share Comparison, By Region

11. Pipeline Transport Market Segmentation

11.1. Global Pipeline Transport Market, Segmentation By Type

12. Pipeline Transport Market Segments

12.1. Global Crude Oil Pipeline Transport Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion)

12.2. Global Natural Gas Pipeline Transport Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion)

12.3. Global Refined Petroleum Products Pipeline Transport Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion)

12.4. Global Other Pipeline Transport Market, Segmentation By Type, 2015-2020, 2020-2025F, 2030F, Value ($ Billion)

13. Pipeline Transport Market Metrics

13.1. Pipeline Transport Market Size, Percentage Of GDP, 2015-2025, Global

13.2. Per Capita Average Pipeline Transport Market Expenditure, 2015-2025, Global

For more information about this report visit https://www.researchandmarkets.com/r/cgtt16

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

DUBLIN--(BUSINESS WIRE)--The "Global Integrated Marine Automation Systems Market by Autonomy (Autonomous, Remotely-operated, Partial Automation), Ship Type (Commercial, Defense, Unmanned), End-user (OEM, Aftermarket), Solution (Products, Services), System and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The global integrated marine automation system is projected to grow from USD 4,906 million in 2020 to USD 7,889 million by 2025, at a CAGR of 10% from 2020 to 2025.

New defense and commercial vessels are equipped with advanced systems for improved safety and efficiency. The implementation of advanced systems acts as an important driver for the integrated marine automation system market. Integrated marine automation system is one of the variants of automated vessels. These ships involve integrating various systems and subsystems, enabling effective decision-making based on sensor fusion technology and Artificial Intelligence (AI) for processing the data, hence reducing or eliminating human intervention.

Based on autonomy, remotely-operated segment projected to lead integrated marine automation system market during the forecast period

Based on autonomy, the integrated marine automation system market is segmented into fully autonomous, remotely-operated and partial automation. The growth of the remotely-operated segment of the integrated marine automation system market can be attributed to the increased investments in developing unmanned and remotely-controlled vessel operations.

Based on ship type, commercial segment projected to dominate integrated marine automation system market during the forecast period

Based on ship type, the integrated marine automation system market is segmented into commercial and defense. The commercial segment is expected to dominate the market, owing to the rising seaborne trade and tourism across the globe.

Based on end-user, the OEM segment accounts for the largest market size during the forecast period

Based on end-user, the integrated marine automation system market is segmented into OEM and aftermarket. The OEM segment is estimated to account for a largest share in 2020 as compared to the aftermarket segment. The growth of the OEM segment can be attributed to the increased investments in naval defense by various countries and rise in seaborne trade activities across the globe.

Asia-Pacific is expected to account for the largest share in 2020

The integrated marine automation system market has been studied for North America, Europe, Asia-Pacific, Middle East & Africa and Latin America. Asia-Pacific is estimated to account for the largest share of the global market in 2020. Shipbuilding companies from Japan, South Korea, and China, are also among the largest players in each of the four major segments, namely, tankers, bulk carriers, container ships, and offshore vessels. Asia-Pacific has witnessed rapid economic development over the years, increasing maritime trade. This rise in sea trade has subsequently led to an increasing demand for ships to transport manufactured goods worldwide. Thus, the rising number of ships has increased the demand for integrated marine automation system in the Asia-Pacific region.

Market Dynamics

Drivers

• Adoption of the Internet of Things (IoT) for Real-Time Decision Making
• Increasing Software Development
• Increasing Use of Automated Systems to Reduce Human Errors and Risks
• Increased Budgets of Shipping Companies for the Incorporation of Ict in Vessels
• Increasing Demand for Situational Awareness in Vessels

Restraints

• Vulnerability Associated with Cyber Threats

Opportunities

• Development of New Port Cities in Emerging Economies
• Initiatives for the Development of Autonomous Ships
• Revision and Formulation of Marine Safety Regulations in Several Countries
• Advancement in Sensor Technologies for Improved Navigation Systems in Vessels
• Development of Propulsion Systems

Challenges

• Cost-Intensive Customization of Marine Automation Systems
• Lack of Skilled Personnel to Handle and Operate Marine Automation Systems
• Lack of Common Standards for Data Generated from Different Subsystems in a Ship

Companies Mentioned

• ABB
• API Marine, Inc.
• Aselsan A.S.
• Buffalo Automation
• Consilium
• DNV GL
• Fincantieri S.p.A
• Fugro
• General Electric
• Honeywell International Inc.
• Hyundai Heavy Industries
• Jason Marine Group
• Kongsberg
• L3Harris ASV
• Logimatic
• Marine Technologies LLC
• Marlink
• Mitsui E&S Holdings Co. Ltd.
• MTU Friedrichshafen
• Northrop Grumman Corporation
• Praxis Automation & Technology B.V.
• RH Marine
• Rockwell Automation, Inc.
• Rolls-Royce plc
• Samsung Heavy Industries Co. Ltd.
• Sea Machines Robotics, Inc.
• Sedni Marine Systems
• Shone, Automation Inc.
• Siemens
• SMEC Automation Pvt. Ltd.
• Thales Group
• Tokyo Keiki
• Ulstein
• Valmet
• Wartsila

For more information about this report visit https://www.researchandmarkets.com/r/z7lng0

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

NEW YORK & CHARLOTTE, N.C.--(BUSINESS WIRE)--Sunlight Financial, a premier, technology-enabled point-of-sale financing company, today announced that its Chief Executive Officer, Matt Potere, and Chief Financial Officer, Barry Edinburg, will participate in a fireside chat at the 33rd Annual ROTH Conference, to be held virtually on Monday, March 15, 2021 at 9:00 AM Eastern Time.

A webcast of the fireside chat will be accessible through Sunlight’s website at www.sunlightfinancial.com/investors. A replay of the webcast will be available for 90 days following the conclusion of the event.

On January 23, 2021, Sunlight entered into a business combination agreement with Spartan Acquisition Corp. II (NYSE: SPRQ). The business combination is expected to close during the second quarter of 2021. Upon closing of the transaction, the combined public company will be named Sunlight Financial Holdings Inc. Sunlight Financial LLC will be the new public holding company’s sole operating subsidiary and Sunlight’s existing management team will continue to lead the business.

About Sunlight Financial

Sunlight Financial is a premier, technology-enabled point-of-sale finance company. Sunlight partners with contractors nationwide to provide homeowners with financing for the installation of residential solar systems and other home improvements. Sunlight’s best-in-class technology and deep credit expertise simplify and streamline consumer finance, ensuring a fast and frictionless process for both contractors and homeowners. For more information, visit www.sunlightfinancial.com.

Important Information for Investors

In connection with the transactions (the “Transactions”) contemplated by that certain Business Combination Agreement, dated as of January 23, 2021, by and among Sunlight Financial LLC, a Delaware limited liability company (“Sunlight”), Spartan Acquisition Corp. II, a Delaware corporation (“Spartan”), and their subsidiaries and affiliates party thereto, Spartan will file a Registration Statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”). Additionally, Spartan will periodically file other relevant materials with the SEC in connection with the Transactions. After the Registration Statement has been cleared by the SEC, a definitive proxy statement (the “Proxy Statement”) will be mailed to Spartan’s stockholders. Copies will be accessible free of charge at the SEC’s website at www.sec.gov. SECURITY HOLDERS OF SPARTAN AND SUNLIGHT ARE URGED TO READ (1) THE REGISTRATION STATEMENT, (2) THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO), (3) OTHER DOCUMENTS RELATING TO THE TRANSACTIONS THAT WILL BE FILED WITH THE SEC BY SPARTAN, AND (4) ADDITIONAL PRESS RELEASES FROM SUNLIGHT AND SPARTAN FOUND ON THEIR RESPECTIVE WEBSITES, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTIONS. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Investor Relations
Garrett Edson, ICR
This email address is being protected from spambots. You need JavaScript enabled to view it.
888.315.0822

Public Relations
Doug Donsky / Brian Ruby, ICR
This email address is being protected from spambots. You need JavaScript enabled to view it.
646.677.1844

• Highly disruptive start-ups to showcase groundbreaking IoT, AI and Autonomous Drones, Big Data and Advanced Analytics, and Blockchain solutions that could redefine the ports and logistics sector
• Top five start-ups will win cash prizes and the opportunity to explore the deployment or co-development of their technology with Gulftainer
• Future of Ports Startup Challenge evaluated more than 2,000 start-ups from over 200 cities with the aim to shortlist 250 technologies set to lead the transformation of the sector

SAN MATEO, Calif.--(BUSINESS WIRE)--Gulftainer, one of the world’s leading privately held port operators, today announced that it has shortlisted 10 highly disruptive start-ups from six continents to compete for the latest supply chain innovations at its ‘Future of Ports 2021’ event. Marking the end of the Future of Ports Startup Challenge that aims to identify promising, cutting-edge startups with the potential to disrupt the ports and logistics sector, the event will bring together industry leaders and innovators to discuss the future of the industry before a live virtual global audience.

The selection process saw Gulftainer, in partnership with global innovation platform OneValley, evaluate over 2,000 applicants with an aim to shortlist 250 most relevant technology solutions from over 200 cities. Applications came from companies operating across various stages of maturity, while the focus of the competition was on earlier stage companies that are set to benefit from Gulftainer’s operational expertise through proof of concepts to further develop their product offerings.

The rigorous selection process successfully narrowed down the list to the top 10 start-ups that demonstrated the strongest potential while presenting their projects to Gulftainer’s senior executives and global industry thought leaders.

Charles Menkhorst, Group CEO of Gulftainer, said: “We are on a mission to identify the very best entrepreneurs and thinkers whom we can potentially partner with to redefine the future of shipping and logistics industry. The caliber of start-ups and emerging technology companies we have seen throughout the challenge has been truly outstanding. These innovations can have a lasting impact on the industry’s future, and Gulftainer is excited to lead the way. We are committed to developing long-term partnerships with top technology companies that will define the future of the industry.”

“Gulftainer’s incredible call to action for entrepreneurs with a vision to transform the port and logistics landscape helped us identify some up-and-coming innovative companies from around the world. The process has gone through thorough assessments and in-depth interviews. Therefore, it is not surprising that our list of finalists features the most exciting, and potentially disruptive, technologies emerging globally,” said Nikhil Sinha, CEO of OneValley.

The ‘Future of Ports 2021’ event provides the shortlisted companies a virtual global platform to present their groundbreaking solutions across IoT and Robo-Doctors, AI and Autonomous Drones, Big Data and Advanced Analytics, and Blockchain for a chance to win cash prizes and the opportunity to explore the deployment or co-development of their technology solutions with Gulftainer.

The 10 start-up finalists are:

1. Artemis Robotics
2. Authenticiti
3. Creation Labs
4. Docktech
5. eYARD
6. IronYun
7. Moeco
8. Morpheus.Network
9. ThroughPut
10. Zainar

The ‘Future of Ports 2021’ will take place virtually March 18 at 7 p.m. (GST) in the UAE, and at 7 a.m. (PDT) and 10 a.m. (EDT) in the United States. Apart from product showcases by the shortlisted start-ups, the event will feature talks from industry thought leaders on disruptive innovation and technology within the supply chain and logistics ecosystem, and what the future holds for the industry. Badr Jafar, chair of the Executive Board for Gulftainer and CEO of Crescent Enterprises, the parent company of Gulftainer, will be delivering the opening remarks, followed with sessions by senior members of Gulftainer’s leadership, Nikhil Sinha, CEO of OneValley, and a panel of supply chain innovation thought leaders.

To learn more about the Future of Ports Challenge and Gulftainer, or to register to attend the Future of Ports 2021, visit FOP.GULFTAINER.COM.

About Gulftainer

Established in 1976, Gulftainer is a privately owned, independent port management and 3PL logistics company based in the United Arab Emirates (UAE) and for more than 40 years it has been delivering a world-class performance to its customers. Its global footprint including operations in the UAE, Iraq, Saudi Arabia, and the USA.

Gulftainer is excited to create an open, collaborative platform to lead the port industry’s revolution, engaging startups, entrepreneurs, and other stakeholders to create the future of the ports and logistics industry. For more information on Gulftainer, visit www.gulftainer.com.

About OneValley

OneValley, formerly GSVlabs, is a global entrepreneurship platform headquartered in Silicon Valley, that supports entrepreneurs, accelerates startups, and empowers organizations across the world that foster innovation communities. OneValley directly supports over 40,000 members and indirectly another 175,000+ through our enterprise partnerships and platforms, powered by our online platform Passport, the world’s most comprehensive innovation platform connecting Silicon Valley to the World and the World to Silicon Valley. For more information about OneValley, visit www.theonevalley.com.

US:
Kathryn Bradley, Gulftainer Communications
(M) +1 302 354 4096
(E) This email address is being protected from spambots. You need JavaScript enabled to view it.

OneValley
Vanessa Torre, Head of Marketing
(E) This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”), one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets, today reported results for the fourth quarter and full year 2020.

Highlights

• Net loss for the twelve months ended December 31, 2020 was $5.5 million, or $0.20 per diluted share. Net loss for 2020 reflects the impact of impairments and loss on sale of vessels of $100.1 million and various expenses related to refinancing of $14.5 million, and a non-cash deferred tax provision of $16.4 million recorded as a reduction of equity in results of the FSO (Floating Storage Offloading) joint ventures, principally related to the extension of their service contracts. Net income excluding these items would have been $125.2 million, or $4.39 per diluted share.
• Net loss for the fourth quarter was $116.9 million, or $4.18 per diluted share, compared to net income of $15.9 million, or $0.54 per diluted share, in the fourth quarter of 2019. Net loss for the current quarter reflects the impact of vessel impairment charges of $85.9 million and the aforementioned non-cash $16.4 million tax provision. Net loss excluding these items would have been $14.6 million, or $0.52 per diluted share.
• Signed 10-year extensions to our service contracts for our two FSO joint ventures, which are expected to generate in excess of $322 million of contract revenues for the Company over the additional 10-year extension periods.
• Time charter equivalent (TCE) revenues^(A) for the fourth quarter were $53.0 million, compared to $117.6 million for the fourth quarter of 2019.
• Adjusted EBITDA^(B) for the fourth quarter was a loss of $5.0 million, compared to $72.2 million for the fourth quarter of 2019. Full year Adjusted EBITDA was $220.1 million compared to $164.7 million for fiscal 2019. The amounts for Adjusted EBITDA for the 2020 periods are without consideration of any adjustment for the $16.4 million non-cash deferred tax provision recorded by the FSO joint ventures.
• Cash^(C) was $215.7 million as of December 31, 2020; total liquidity was $255.7 million, including $40.0 million of undrawn revolver.
• Paid a regular quarterly cash dividend of $0.06 per share in December 2020 and announced a quarterly cash dividend of $0.06 per share payable in March 2021.
• Sold and delivered a 2002-built VLCC, Seaways Mulan, a 2003-built VLCC, Seaways Rosalyn, and a 2001-built Aframax, Seaways Fran.
• Subsequent to the end of the quarter, announced contract to build three dual fuel LNG VLCCs at DSME shipyard in South Korea with seven-year time charters to Shell commencing at delivery in 2023.

“2020 was a challenging and volatile year for the tanker market, but also one in which we achieved solid results, generating a record $220 million of adjusted EBITDA, increasing our cash position to $216 million, and taking steps aimed at unlocking shareholder value by initiating a cash dividend and repurchasing approximately 5% of our outstanding shares,” said Lois K. Zabrocky, International Seaways’ President and CEO. “Our earnings power during the full year was driven by the performance of our sizeable fleet and our success executing four very favorable VLCC time charters early in 2020, enabling us to optimize revenue later in the year when oil inventory destocking adversely impacted tanker demand. Importantly, in addition to continuing to generate strong cash flows from two of these time charters into 2021, the extensions of our FSO joint venture contracts in the fourth quarter bolster our contracted cash flows through 2032. Over the last three years, the FSO joint ventures have returned over $54 million in cash to Seaways, excluding distributions related to refinancings.”

Ms. Zabrocky continued, “Consistent with our focus on accretive capital allocation, we are excited to have agreed to build three LNG dual-fuel VLCCs for delivery in 2023, enabling us to achieve a number of critical strategic objectives. Adding these vessels to our fleet on seven-year time charters to a market leading counterparty in Shell both allows us access to very competitive financing as we renew our fleet at attractive levels and provides strong, stable cash flows with added upside due to profit sharing above the base rate. Additionally, we expect these tankers to be well suited to adhere to future environmental regulation throughout their life. These ships meet not just today’s IMO Energy Efficiency Design Index (“EEDI”) but also beat the 2025 Phase III EEDI targets by about eight percent. Their significant environmental benefits, including substantially reducing our carbon footprint, are in keeping with Seaways’ commitment to ESG-focused corporate citizenship, and we are proud to continue to be at the forefront of sustainability initiatives in the maritime sector.”

Jeff Pribor, the Company’s CFO, added, “2020 was an important year for Seaways, as we successfully completed our sustainability-linked refinancing, which reduced our average interest rate by 3.5 percentage points and our annual interest expense by $25 million, strengthened our capital structure, and enabled us to begin returning capital to shareholders. Given our balance sheet strength, we believe we are well positioned to continue to allocate capital to create long-term shareholder value. Specifically, in addition to utilizing our strong cash flow to further prepay debt, we were able to execute on our share repurchase program and pay $0.06 per share in quarterly dividends. At the same time, we grew our total liquidity to $256 million, and our net loan to value of 32.7% remains one of the lowest among our tanker peers.”

Fourth Quarter 2020 Results

Net loss for the fourth quarter was $116.9 million, or $4.18 per diluted share, compared to net income of $15.9 million, or $0.54 per diluted share, for the fourth quarter of 2019. The decline in the fourth quarter primarily reflects lower TCE revenues and a $85.9 million loss on disposal of vessels and other property, including impairments.

Consolidated TCE revenues for the fourth quarter were $53.0 million, compared to $117.6 million for the fourth quarter of 2019. Shipping revenues for the fourth quarter were $56.7 million, compared to $124.0 million for the fourth quarter of 2019.

In the fourth quarter of 2020, the Company recorded an impairment charge of $85.9 million for one VLCC, one Aframax, two LR1s and four MRs to write-down their carrying values to their estimated fair values at December 31, 2020. Interest expense decreased by $6.5 million for the fourth quarter of 2020 compared to the fourth quarter of 2019 as a result of lower average outstanding debt balances in the current year periods compared to the 2019 periods and lower average LIBOR rates during 2020 compared with 2019. The lower average debt balance was principally attributable to $110 million in principal prepayments on the 2017 Term Loan Facility during the second half of 2019, the $40 million repayment of the Transition Loan Facility in August 2020 and the use of cash in the January 2020 refinancing to further reduce outstanding debt balances.

Adjusted EBITDA for the fourth quarter was a loss of $5.0 million, compared to $72.2 million for the fourth quarter of 2019.

Crude Tankers

TCE revenues for the Crude Tankers segment were $44.0 million for the fourth quarter compared to $92.5 million for the fourth quarter of 2019. This decrease primarily resulted from the impact of lower average rates in the VLCC, Suezmax, Aframax and Panamax sectors, with average spot earnings declining to approximately $17,500, $10,400, $8,100 and $9,500 per day, respectively, aggregating approximately $41.3 million. Shipping revenues for the Crude Tankers segment were $47.0 million for the fourth quarter compared to $98.6 million for the fourth quarter of 2019.

Product Carriers

TCE revenues for the Product Carriers segment were $8.9 million for the fourth quarter, compared to $25.1 million for the fourth quarter of 2019. Lower period-over-period average daily blended rates earned by the LR2, LR1 and MR fleets, with average spot rates falling to approximately $16,800, $14,900 and $10,000 per day, respectively, accounted for a decrease in TCE revenues of approximately $6.3 million. In addition, fewer revenue days in the LR1 fleet during the last quarter of 2020 due to vessels being off-hire for scheduled drydocks and a decrease in the MR fleet primarily resulting from the redeliveries of three MRs between March 2020 and July 2020 contributed to an aggregate decrease in TCE revenues of approximately $9.9 million. Shipping revenues for the Product Carriers segment were $9.7 million for the fourth quarter, compared to $25.3 million for the fourth quarter of 2019.

Full Year 2020 Results

Net loss for the full year ended December 31, 2020 was $5.5 million, or $(0.20) per diluted share, compared with net loss of $0.8 million, or $(0.03) per diluted share, for the full year ended December 31, 2019. During 2020, income from vessel operations decreased by $15.3 million to $39.9 million from $55.2 million in 2019. An increase of $99.8 million in losses on disposals of vessels and other property, including impairments, in the current year drove such decrease. Offsetting these non-cash charges to a large extent were significantly higher TCE revenues, and lower charter hire expenses.

Equity in income of affiliated companies decreased by $7.1 million to $4.1 million from $11.2 million in 2019. This decrease was principally attributable to decreases in earnings from the two FSO joint ventures of $15.3 million, partially offset by the impact of the Company no longer having an interest in the LNG joint venture, which was sold in October 2019. In 2019, the Company recognized a net loss of $8.2 million related to the LNG joint venture. The decrease in earnings from the FSO joint venture reflects the Company’s share of the non-cash deferred tax provision recorded in the fourth quarter of 2020, which was primarily driven by the execution of 10-year extensions on each of the joint venture’s existing service contracts in October 2020. The deferred tax provision relates to temporary differences between the financial reporting and tax basis of the FSO Vessels, which are scheduled to reverse over the period from the expiry of the current service contracts in 2022 through the expiry of the extended contracts in 2032.

Other expense was $12.8 million for the year ended December 31, 2020 compared with $0.9 million for the year ended December 31, 2019. The current year’s expense includes (i) prepayment fees of $1.0 million related to the 10.75% Subordinated Notes and a write-off of $12.5 million of deferred financing costs associated with the payoff of the 2017 Term Loan, ABN Term Loan Facility, and the 10.75% Subordinated Notes during the first quarter of 2020, and (ii) prepayment fees of $0.2 million and a write-off of $0.6 million of deferred financing costs associated with the payoff of the Transition Term Loan Facility in August 2020. Similarly, the 2019 expense includes a 1% prepayment fee of $1.1 million and the write-off of $3.6 million of deferred financing costs associated with the $110 million principal prepayments on the 2017 Debt Facilities.

Interest expense was $36.7 million in 2020, compared with $66.3 million in 2019. The decrease was a result of lower average outstanding debt balances in 2020 compared with 2019, and lower average margins and interest rates on the refinanced portion of debt entered into by the Company during the first quarter of 2020, and lower average LIBOR rates during 2020 compared with 2019.

Consolidated TCE revenues for the full year ended December 31, 2020 were $402.0 million, compared to $339.9 million for the full year ended December 31, 2019. Shipping revenues for the full year ended December 31, 2020 were $421.6 million compared to $366.2 million for the full year ended December 31, 2019.

Adjusted EBITDA for the full year ended December 31, 2020 was $220.1 million, compared to $164.7 million for the full year ended December 31, 2019.

Crude Tankers

TCE revenues for the Crude Tankers segment were $318.6 million for the full year ended December 31, 2020, compared to $259.5 million for the full year ended December 31, 2019. This increase resulted primarily from the impact of significantly higher average blended rates in the VLCC, Suezmax and Panamax sectors, with average spot rates increasing to approximately $46,900, $32,500 and $24,800 per day, respectively. The VLCC fleet accounted for $78.6 million of the total increase. Partially offsetting the rates-based revenue increase was the impact of a 505-day decrease in VLCC and Panamax revenue days, aggregating $10.0 million, and a $19.8 million decrease in revenue in the Lightering business in 2020. The decrease in Lightering revenue was offset by a decrease of charter hire expense of $20.9 million. The decrease in VLCC and Panamax revenue days resulted primarily from a 93-day and 325-day increase in drydock days for the VLCC and Panamax fleets, respectively, during the year for scrubber installations on the VLCCs and for regularly scheduled drydocks on the Panamaxes, and also reflects the sales of a 2003-built VLCC and a 2002-built VLCC during November and December 2020, respectively.

Shipping revenues for the Crude Tankers segment were $334.8 million for the full year ended December 31, 2020, compared to $285.4 million for the full year ended December 31, 2019.

Product Carriers

TCE revenues for the Product Carriers segment were $83.4 million for the full year ended December 31, 2020, compared to $80.4 million for the full year ended December 31, 2019. This increase was primarily attributable to higher average daily blended rates earned by the LR1, LR2 and MR fleets in 2020, with average spot rates increasing to approximately $25,700, $28,200 and $16,400 per day, respectively, aggregating approximately $15.6 million. Also contributing to the increase was a days-based increase of $1.9 million. This increase was attributable to additional LR1 revenue days, as a result of the entry into a two-year time charter-in of a 2006-built LR1 in August 2019 and the purchase of a 2009-built LR1 that was delivered to the Company in February 2020, partially offset by 226 more drydock days in the current year and the redelivery of one six-month time chartered-in LR1 to its owner in November 2019. These increases were largely offset by a 1,226-day decrease in MR revenue days arising from the redelivery of four time chartered-in MRs to their owners between the third quarter of 2019 and July 2020 and the sales of two 2004-built MRs between June and July 2019.

Shipping revenues for the Product Carriers segment were $86.9 million for the full year ended December 31, 2020, compared to $80.8 million for the full year ended December 31, 2019.

Constructing Three Dual Fuel VLCC Newbuildings

Subsequent to the end of the quarter, the Company contracted to build three dual fuel LNG VLCCs at DSME shipyard in South Korea. The three ships, upon delivery, will be time chartered to Shell for a period of seven years at a rate that consists of a floor rate plus profit sharing.

Share Repurchases

During the fourth quarter, the Board of Directors increased the share repurchase program authorization to $50 million. No shares were acquired under the repurchase program in the quarter.

Payment of Regular Cash Dividend

The Company’s Board of Directors declared a regular quarterly cash dividend of $0.06 per share of common stock on February 23, 2021. The dividend will be paid on March 26, 2021 to shareholders of record at the close of business on March 11, 2021.

Vessel Sales

The Company sold a 2002-built VLCC, Seaways Mulan, a 2003-built VLCC, Seaways Rosalyn, and a 2001-built Aframax, Seaways Fran, all of which were delivered to buyers during the fourth quarter.

10-Year Contract Extensions for FSO Joint Venture

During the quarter, the FSO Joint Venture signed a 10-year extension on each of the existing service contracts with North Oil Company (“NOC”), relating to the two FSO service vessels. The extensions will commence in direct continuation of the existing contracts, which were originally scheduled to expire during the third quarter of 2022.

Conference Call

The Company will host a conference call to discuss its fourth quarter 2020 results at 9:00 a.m. Eastern Time (“ET”) on Friday, March 12, 2021. To access the call, participants should dial (855) 940-9471 for domestic callers and (412) 317-5211 for international callers. Please dial in ten minutes prior to the start of the call. A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at www.intlseas.com.

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Friday, March 12, 2021 through 11:59 p.m. ET on Friday, March 19, 2021 by dialing (877) 344-7529 for domestic callers and (412) 317-0088 for international callers, and entering Access Code 10152888.

About International Seaways, Inc.

International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 36 vessels, including 11 VLCCs, two Suezmaxes, four Aframaxes/LR2s, 13 Panamaxes/LR1s and 4 MR tankers. Through joint ventures, it has ownership interests in two floating storage and offloading service vessels. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements

This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the Company’s plans to issue dividends, its prospects, including statements regarding vessel acquisitions, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2020 for the Company, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Category: Earnings