The collapse and alleged financial fraud at OW Bunker only paints part of the picture of an industry that can also be life-threatening. ShippingWatch tells the story about how two Danish bunker companies were recently attacked and fired upon off the coast of West Africa, after which their ship was hijacked.
The world's biggest shipping bank, DNB, offers a fresh round of beatings for carrier Norden in a new analysis. The carrier's market value has been cut in half in one year and the bank expects another deficit in 2015.
The Chinese government's air pollution reduction target will impact the country's coal import, in particular, but this is in no way bad news for major dry bulk vessels, says Maersk Broker. Find the shipbroker's three scenarios below.
OPEC's decision to not adjust the oil production, reached at the organization's meeting yesterday in Vienna, came as a surprise, says Nordea, pointing to two Danish carriers as winner and loser, respectively, following the meeting.
Flex LNG, which does not yet operate any vessels, finished the 3rd quarter at a deficit, but major investor John Fredriksen's acquisition of a stake in the company ensures working capital for the next 18 months, says the carrier in its interim report.
A printout from OW Bunker's own financial system shows that the collapsed bunker group had, by as early as September, registered a claim of almost USD 80 million to one single client. "Completely obvious that the OW Bunker senior management was able to follow developments," lawyer tells ShippingWatch.
Several carriers expect that OW Bunker's collapse could result in a million dollar loss this year and they have already made provisions for this in their bookkeeping. One of these is XO Shipping in Hellerup, Denmark, which has secured a bank guarantee from Danske Bank in order to avoid having ships arrested.
Following a very tough period for German shipyards, the shipbuilding industry has now adapted to the new reality. But the financing aspect remains problematic, General Managing Director of the organization VSM, Reinhard Lüken, tells ShippingWatch.
Like several other countries, the British government is betting on shipping as a growth engine, and on Thursday the government launched a comprehensive study of country's maritime cluster. Read the plan here.
The Panama Canal Authority will announce a new toll structure before the end of the year, which will come into force when the expanded canal opens in 2016, according to Bloomberg. It has to be competitive, says administrator Quijano.