Trades from the Far East to South America can look forward to a massive capacity influx in July, says Alphaliner. South America will likely be the next battleground in the container carriers' price war.
South Korea beat Denmark in the race for the international top job at the IMO. "Of course I'm disappointed that I didn't win," Andreas Nordseth, Director General of the Danish Maritime Authority, told ShippingWatch after the final decision.
A series of institutional investors are now ready to file a lawsuit against OW Bunker. The main points of contention concern responsibility for the IPO prospect and securities law disclosure agreements. The lawsuit targets OW Bunker's senior management and equity fund Altor.
For the first time ever, Singapore Shipping Association (SSA) has elected a foreigner, or "angmo" as foreigners are called in the country. The choice was a Dane, who will represent the carriers in the world's largest shipping hub.
South Korea's Lim Ki-tack has been elected new Secretary General of the International Maritime Organization, confirms the IMO. Denmark's Andreas Nordseth faced off against the South Korean candidate in the final voting round.
The plunge in the oil price and the cut-throat market for oil companies will force the rig companies to remove hundreds of rigs from the water over the next few years. Five companies will be hit particularly hard.
The downturn in the offshore market has pulled the rug out from underneath the offshore carriers. Prospects of 20 percent overcapacity in 2016 will force even more carriers to pull ships from the market, Erik Tønne, chief analyst at Clarksons Platou Offshore, tells ShippingWatch.
DFDS CEO Niels Smedegaard has met with France's Minister of Transportation to discuss developments in the English Channel. DFDS will ensure 200 jobs for French employees. "No matter what, this will affect employment," Niels Smedegaard tells ShippingWatch.
The decision from the US to promote LNG transport on US-flagged vessels could constitute an unfortunate precedent. It could potentially impact the export of shale oil and shale gas if the country lifts its ban on the export of crude oil, warns the International Chamber of Shipping.