The drop in oil price has obliterated the foundation for numerous contracts, particularly in the offshore sector. But who will book the losses? This showdown has now begun, a Singapore-based shipping lawyer tells ShippingWatch.
All executives have day-to-day jobs – and no one has his or her own office. At one of the world’s largest dry bulk operators, Oldendorff Carriers, things are markedly different than the shipping industry is used to.
When DFDS CEO Niels Smedegaard takes over as chairman of the European Shipowners Association (ECSA) in 2016, he will focus the organization on working to avoid the implementation of inappropriate political decisions, he explains to ShippingWatch.
The offshore crisis causes more idled vessels in Norway, unclaimed rigs at Chinese yards and criticism of politicians at the EU and IMO are just some of the topics among this week's top stories on ShippingWatch.
According to accident report, shipper's declaration concerning Bulk Jupiter's bauxite cargo was useless. Much stricter guidelines look set to be implemented, the Danish Maritime Authority tells ShippingWatch.
As part of the Danish government's plans to move a number of public jobs out of Copenhagen, the Danish Maritime Authority and its 200 employees will be relocated to Korsør, on the western edge of Zealand.
"There is no understanding at the IMO about what goes on in the market on the owner and operator side," says Jens Maul Jørgensen, chairman of the International Bunker Industry Association, IBIA, in an unusually sharp and direct criticism of the IMO.
The trustees of bankrupt oil company OW Bunker are trying a fresh approach to retrieve approximately USD 29 million owed from other companies by using an as yet untested Danish provision. This is the hottest new development in the case, says lawyer.
American World Fuel Services and Danish Bunker Holding have set themselves apart as the world's two biggest bunker companies. "We are in effect playing a part in the future development of the industry," says Bunker Holding CEO Keld Demant in an interview with ShippingWatch.
In spite of an industry hit by a lower oil price and reduced demand from especially China and Japan, the head of Shell LNG is optimistic about the future. Growth will be driven by increased demand for greener fuel, says Shell's Vice President for Global LNG.
Anyone can sail from one port to another, so if Maersk Line wants to maintain its market share, the Danish juggernaut must compete on more than prices. Customer service must be paramount, the company’s Asia-Pacific CEO tells ShippingWatch.
Norwegian shipping group Stolt-Nielsen saw its net result decline in the third quarter. A solid chemical tanker market was unable to compensate for the low rates and increasing competition in the container sector, notes the company.