A new CEO will not result in a new strategy, Birgitte Ringstad Vartdal tells ShippingWatch after serving close to 100 days as chief executive of Golden Ocean. "In the current market, it's all about being able to deliver" she says.
Earnings increased significantly in the second quarter for Icelandic carrier Eimskip as the carrier heralds several European acquisitions before the end of 2016 along with an imminent collaboration with Royal Arctic Line to service Greenland.
South Korean container carrier Hanjin Shipping must present a new proposal for a rescue plan after creditors on Thursday rejected the latest submission. The company is thus one step closer to entering court receivership.
Will the Maersk conglomerate be broken down and replaced by a structure similar to Sweden's Wallenberg, where a central investment company partially or fully owns the companies. This is the expectation from several sources with years of Maersk knowledge and with whom ShippingWatch has spoken.
Norwegian gas carrier Aurora LPG took a hit from the low rates in the first half of 2016, but management points to signs that the crisis is temporary in nature and that rates could rebound to sustainable levels already this year.
Royal Arctic Line revealed that the carrier is prepared to give up its monopoly on seafreight to and from Greenland, the LPG players published results weighed down by the low rates, and financial figures show UASC holding a massive deficit ahead of merger with Hapag-Lloyd. Here are some of the key stories this week on ShippingWatch.
The US Federal Maritime Commission is taking a break in its review of the Ocean Alliance and the container collaboration's impact on competition in the container market. The alliance needs to submit new information before the review can continue.
Welltec improved on both revenue and results in the second quarter, but the company does not dare believe that the oil sector crisis is over, despite the fact that the industry is slowly adjusting to an environment with lower oil prices.
Poor second quarter results and the downturn in the container shipping sector strain Maersk's - and Hapag-Lloyd's - credit worthiness, Moody's tells ShippingWatch. So far, however, their ratings remain in place, but Moody's is keeping a close eye on the sector these days.
A memorandum of understanding between Maersk Line and MSC's 2M alliance and Hyundai Merchant Marine has been signed. Now the more specific details concerning the Korean carrier's membership will be discussed, Maersk Line tells ShippingWatch.
Maersk will either have to invest big-time in forwarding company Damco or divest it entirely, note observers pointing to a fragmented market with small margins and big changes ahead. The conglomerate's history seems to indicate a sale.
Crude oil carrier Euronav has acquired two VLCCs still under construction. This is a good time to buy, as asset values are low, says CEO Paddy Rogers in relation to the carrier's final interim report for the second quarter.
The fact that rates are sliding even though the vessels have plenty to do on the global LPG market go against every shipping theory out there, says Christian Andersen, CEO of Avance Gas. The company is ready to partake in consolidation, but the question is whether BW LPG will get there first?
Rickmers Maritime has reduced its active fleet and has now idled three container vessels. It quite simply does not make sense to operate the vessels in light of the current rates and the expanded Panama Canal, CEO Søren Andersen tells ShippingWatch.