After five rough years, John Fredriksen's Frontline is back in good shape, according to Morgan Stanley prior to the financial report Friday, which is expected to show the dawn of new times supported by the recovery in the tanker market.
The Swedish Shipowners' Association expects that the Swedish tonnage tax proposal will be approved so that it can be implemented from January 1st 2016. "We sense positive political signals," Per A. Sjöberger, head of corporate conditions at the association, tells Shippingwatch.
New data from Clarksons Research show that Greek shipowners in particular are profiting from the current boom in crude oil rates. The country's shipowners control one fifth of the entire global tanker fleet.
Oslo-listed BW Offshore was impacted by the decline in the oil price in both revenue and profits in the first quarter this year. Long-term contracts ensure that the company will not suffer big losses, notes management.
South Korean passenger ferry Sewol, which sank suddenly in April 2014, resulting in the death of more than 300 people, will now be raised. The tender begins today for the contract, which is worth an estimated USD 90 million. Svitzer will make a bid, the company tells ShippingWatch.
Two Chinese companies are allegedly looking to acquire stakes in Australian mining company Fortescue, reports IHS Maritime 360. Low iron ore price could force indebted Fortescue to accept the offer. Sources inform that the company is also looking to sell eight VLOCs.
If the anticipated improvement in the oil price does not exceed 75 dollars within the next 12 months, the company will have additional financing needs, writes the small Faroese oil company in an interim report.
Despite the current upticks in the chemical tanker market, this development is far from permanent, says Stolt-Nielsen Limited. It will be 2018 before the pressure begins to wear off, the company's Vice President of Corporate Finance tells ShippingWatch.
The generalized Shanghai Containerized Freight Index has dropped 25 percent over the past five years and up until today. Read on to learn how select carriers like Hapag-Lloyd and Maersk Line have performed in this period.
Shipbroker Maersk Broker, which last year joined forces with Lightship Chartering to create the joint venture LMB Chartering, achieved significant growth in 2014. 2015 is off to a good start, especially in terms of consulting services, on which the company has grown its focus, CEO Anders Hald tells ShippingWatch.
Avance Gas achieved a result of USD 23.8 million in the first quarter of the year. The massive VLGC orderbook is a challenge, but the market will remain strong for the next year and a half, CEO Christian Andersen tells ShippingWatch.
The employees at Norwegian shipyard Havyard have agreed to a four-day workweek, and thus a 15 percent pay cut, for a few months in order to keep the company afloat, reports business daily Dagens Næringsliv.
Danish offshore service company Welltec has secured a framework agreement with Shell. The deal outlines the legal framework for future joint projects. The two companies have been working together for more than 20 years.