Asian carriers have forced offshore supply rates to rock-bottom in the Middle East, a region that has otherwise weathered the crisis in better shape than the North Sea. The next 18 months will be a waiting game, CEO René Kofod-Olsen tells ShippingWatch.
It would be best for the sector as a whole if more carriers sent ships to be scrapped. But it does not always make sense for the individual carrier, and as such, it could become difficult to get rid of the current overcapacity, notes the International Chamber of Shipping in new report.
Royal Arctic Line’s cooperation with Eimskip means that the Greenlandic carrier for the first time will be able to reach the rest of the world without calling in Denmark. The two carriers now plan to invest in three new vessels, while a container collaboration could be underway.
Hyundai Merchant Marine, which is on the brink of receivership, has supposedly moved one step closer to an important agreement with several ship owners, while in a letter to customers the carrier even expressed intentions to order mega ships (ULCC).
It was expected that the dry bulk crisis would continue into 2016. But it was unlikely that anyone would have predicted that February would be the worst month ever, says J. Lauritzen CEO Jan Kastrup-Nielsen. In an interview with ShippingWatch, he describes the period as "extreme."
While the competition cuts into Topaz' existing markets, the offshore carrier is on the way with a strategic partnership in Mexico and is about to a completely new business area, CEO Rene Kofod-Olsen tells ShippingWatch.
J. Lauritzen said goodbye to CEO Jan Kastrup-Nielsen, who wound up serving three years as Chief Exec of the struggling dry bulk carrier. Maersk sent its first ship to Alang, while Dong published its IPO prospectus this past week on ShippingWatch.
Dong Energy has published its prospectus aimed at spurring investors from all over the world to invest in the Danish energy group. However, an investment in Dong comes with a long line of risks, according to the prospectus. Provisions related to the failed Hejre project could "increase significantly."
Maersk Wyoming arrived Tuesday to India's infamous Alang beach where it will be scrapped at the Shree-ram yard. The vessel is the first of two sent to be scrapped in India in a move which marks a break from the carrier's former scrapping principles. See the image of the vessel's arrival below.
The best result that Maersk Line could achieve in the current market conditions, says Maersk Group's CEO Nils Smedegaard Andersen after Wednesday's publication of the first quarter interim report from Maersk Group.
After five years at the office in Singapore, Martin Sato is returning to the J. Lauritzen headquarters in Copenhagen. An big and exciting challenge, not least because of the market, he tells ShippingWatch.
Low sales prices for dry goods containers combined with one-off costs related to a new factory in Chile hit Maersk Container Industry A/S with its third consecutive deficit. "Unsatisfactory," says CEO Stig Hoffmeyer.
The operating profit at John Fredriksen's Seadrill declined 26 percent in the first quarter of 2016 compared to the same period last year. However, the company notes significant progress against the last months of 2015.