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Danish roundup: Skandia Denmark, PensionDanmark, MP Pension

first_imgThe unit-link product Skandia Basic similarly ended the quarter with higher returns than those posted in the first quarter – 2.5% to 4.4% versus 0.7% and 1.3% – but underperformed the benchmark in the second quarter.“This is because the reference index is denominated in US dollars, which rose significantly in value during the period,” Skandia Denmark said.Because of this, the Basic portfolio – although it was hedged against currency risk versus US dollars – lost ground against the reference index, it said.Skandia said its investment department had decided to overweight equities in the portfolio compared with bonds because financial markets had been hit in the second quarter by a series of measures from central banks to ease credit.But with Danish mortgage bonds making up the bulk of Skandia Denmark’s fixed income portfolio, fixed income returns had been boosted by a further reduction in interest rates, as well as the European Central Bank’s lending programme to the financial sector at the end of the quarter.“On top of this,” it added, “as a result of positive tendencies in emerging markets, we increased our exposure to government bonds from these countries.”In other news, PensionDanmark is investing DKK175m (€23.5m) in a commercial property in Copenhagen already let to a government agency.It is buying the asset from MP Pension, the Danish labour-market pension fund for academics run by Unipension.The building in the Østerbro district of the Danish capital is currently leased by the Danish Working Environment Authority (Arbejdstilsynet), and contains 14,273sqm of space.Torben Möger Pedersen, PensionDanmark’s chief executive, said: “We see this as a good real estate investment in an attractive location close to the S-train (urban rail network) and the coming metro station on the Cityring.”He said the pension fund had a very solid tenant in the Danish Working Environment Authority – and therefore the state – so the investment would give scheme members a good and stable return.PensionDanmark said, since it sold its entire residential property portfolio in June, it now had just under DKK10bn in overall real estate investments.In the next few years, the fund said it expected to make new investments in residential as well as commercial property of DKK2bn a year.At the moment, PensionDanmark is the developer of six large commercial construction projects, either alone or in cooperation with other investors.These include the Alfa Laval headquarters in Ålborg, Semco Maritime in Esbjerg, Nordea Bank Danmark in Ørestaden, NCC in Gladsaxe and, soon, MTH in Søborg, as well as the new psychiatric hospital in Vejle.Its next big residential project will be the construction on Islands Brygge in Copenhagen, which will include 550 new homes. Investment returns on unit-link pension products at Skandia Denmark undercut benchmarks in the second quarter of 2014, prompting the unit of Nordic financial group Skandia to sell shares in US companies.Reporting some results for the April to June period, Skandia Denmark said its Skandia Match unit-link pensions product had produced between 2.9% and 3.8%, up from the 2.6% to 3.1% range reported for the first quarter but lower than the reference index.The company said: “A significant reason for this are the falls partly on the Japanese stock market but particularly on the US market at the start of the quarter.“Skandia’s investment department has since reduced the exposure to both small and large US companies.”last_img read more

AIDA Cruises starts LNG fueling ops in Mediterranean ports

first_imgAIDAperla (Image courtesy of Aida Cruises)AIDA Cruises, a Carnival Corporation company, said it will start regular operations to supply its LNG-powered AIDAperla with liquefied natural gas during the vessel’s stay in three Mediterranean ports.Following successful tests, the cruise company will start the LNG bunkering operations in the Spanish port of Barcelona, France’s Marseille and Civitavecchia in Italy.AIDA Cruises said in a statement it was also in talks with Palma de Mallorca in Spain.On average, a cruise ship spends around 40 percent of its operating time in a port. Thanks to its dual-fuel engine, the AIDAperla can produce the required energy from LNG during the ship’s port berth, AIDA noted in the statement.The LNG supply in the port takes place via a truck-to-ship method.AIDAprima LNG bunkering in the port of HamburgAIDAperla is the sister vessel to LNG-powered AIDAprima that was delivered last year.AIDAprima, the company’s first vessel in the LNG-powered series has already been provided with LNG in all five ports of her Northern Europe cruises since May 2016. AIDAperla is the second cruise ship that is able to produce onboard power from LNG while docked.In April last year, Aida Cruises signed an LNG supply deal with Shell for its two vessels, with Shell becoming Aida Cruises’ exclusive strategic partner in all ports that provide LNG bunkering.Worth mentioning, AIDA Cruises is also awaiting the delivery of two fully LNG-powered cruise ships which will able to run on LNG in port and at sea as well.AIDAnova, currently being built at the Neptun Werft in Rostock is expected to be delivered in the fall of 2018 while its sister ship will reinforce the AIDA fleet in the spring of 2021. LNG World News Stafflast_img read more