Nordic Tankers A/S divests chemical tanker activities; announces name change and reorganization

(reuters) -- Nordic Tankers A/S announced that on March 27, 2012, it has entered into a conditional agreement to sell its chemical tanker activities, including the organization for USD 30 million to a company controlled by Triton, a European investment firm.

The sale is a result of discussions between the Company and its banks driven by the debt position in the Company and continuing low freight rates. Nordic Tankers A/S will in the future be a tonnage provider with a fleet of six product tankers in the range between 37,000 and 73,000 dwt (deadweight tonnage).

A moratorium on deferred and ordinary instalments payable until March 31, 2013 has been agreed on for the product tanker fleet subject to certain conditions. The listed Company will change its name from Nordic Tankers A/S to Nordic Shipholding A/S.

Teijin links up with CCFA for more business prospects

(fibre2fashion) -- Teijin Limited announced a partnership with the China Chemical Fibers Association (CCFA) to pursue business opportunities in the fields of chemical fibers and related industries in China. This is the first time for the CCFA to enter into a comprehensive alliance with a foreign private business.

Teijin has already reached an agreement to set up a closed-loop system for recycling polyester with Zhejiang Jiabao New Fiber Group Co., Ltd., which is based in Shaoxing, Zhejiang province and is a group company of Jinggong Holding Group, a prominent company involved with environmental management.

The system will be created by leveraging Teijin's leading-edge proprietary chemical recycling technology and business expertise cultivated through the global expansion of its Eco Circle closed-loop recycling system.

China is a high-priority market in the Teijin group's medium- to long-term growth plan. The group aims to expand business in China through strategic alliances with local partners, expansion of production and R&D bases and development of environment-related businesses.

BMW recalls 1.3 million 5 and 6 series models worldwide

(bbc) -- German luxury carmaker BMW is recalling some 1.3 million cars worldwide because of potential battery problems that could, in extreme cases, result in a fire.

The cars involved are 5 and 6 Series models built between 2003 and 2010. The company said it had received nine reports of the defect, but was not aware of any injuries resulting from the fault.

Owners should take the vehicles to authorised dealers for repair. It said the battery cable cover may be incorrectly mounted. A company statement said: "In order to carry out a quality measure, BMW is recalling all BMW 5 and 6 Series models of the previous generation, built between 2003 and 2010 and still on the market, for repair at authorised dealers.

"This can result in the electrical system malfunctioning, the vehicle failing to start and, in some cases, to charring or fire." It said it would write to all owners and that checks would take about 30 minutes and be free of charge. Earlier this month, the company reported record profit margins in its core car business for 2011.

Its profits jumped by 51% last year to 4.9bn euros (USD6.43bn; GBR4.1bn) compared with 3.24bn euros from the year before. Sales rose 14% to 68.82bn euros.


BASF plans to sell its CONICA Sports Surfaces business

(basf) -- BASF is planning to sell its CONICA Sports Surfaces business area. The intention is to divest the site at Schaffhausen (Switzerland) along with the business in order to create the conditions for the retention of jobs. Furthermore, production and production-related services - for example logistics - for other product lines currently based at Schaffhausen will be transferred to another BASF site. BASF now employs some 150 people at Schaffhausen.

⌠We have a strong position with CONICA Sports Surfaces in the European home market, said Dr. Tilman Krauch, head of BASF's Construction Chemicals Division. ⌠However, growth opportunities for sports surfaces are mainly to be found outside of Europe. Furthermore, there are only few synergies with other BASF business areas that we can use to further expand the business. This is why we want to sell CONICA Sports Surfaces to a new owner who can offer the best possible chances for a long-term, profitable growth of the business.

The CONICA Sports Surfaces business area includes the development, production and marketing of surface systems for running tracks, gymnasia, tennis courts and playgrounds as well as solutions for artificial turf and molding binders. A little less than half of the Schaffhausen staff is employed in that business area. BASF acquired the business in 2006 in the course of its takeover of Degussa's construction chemicals activities.


Japan Feb petchem naphtha imports fall 23 pct y/y

(Reuters) - Japan's naphtha imports for the petrochemical sector fell 23 percent in February from the same month a year ago, government figures showed on Tuesday.

Imports of naphtha for ethylene production totalled 1.11 million tonnes last month, down from 1.43 million tonnes in the same month a year earlier, the Ministry of Economy, Trade and Industry said.