One single bankrupt estate could end up paying for everything if creditors in the five estates left following the OW Bunker case lose their case against the former executive management team and equity fund Altor. The trustee expects clarification in October before the case is summoned.
A shipwreck in the Mediterranean this summer had a fatal ending for hundreds of migrants, in spite of the crew on tanker Clipper Hebe implementing rescue efforts. The crew was then interrogated by Italian authorities about the adequacy of their effort. Shipowners call it a matter of principle.
The two industry behemoths Maersk and Boeing are now joining forces with, among others, the Danish Maritime Authority in seeking help from students at the Denmark's Technical University which, in an upcoming competition, will present their proposals for how to enforce the coming IMO sulfur emission requirements.
Positive for investor sentiment that that Scorpio Group management does away with a controversial scheme for paying fees to itself, notes Fearnley. But to Deutsche Bank's shipping analyst, the case is a textbook example of how dire these things can develop.
The recovering oil price, the sale of Danish Ship Finance, the aftermath in Maersk's executive circles, and calls for a new CO2 roadmap from the IMO were among this week's top stories on ShippingWatch.
When container carrier Hanjin Shipping entered court receivership on August 31st of this year, the development instantly sent shock waves throughout the global container sector. Here is the timeline of the container industry's biggest collapse ever.
The new joint venture between Denmark's Thorco and United Heavy Lift (UHL) in Hamburg was established in just four weeks, explains Lars Rolner who through the Germany carrier brings significant expertise and engineering capacity to the collaboration.
It is in violation of human rights when officers deployed on the stranded Hanjin vessels off the US coast are denied shore leave, says the International Transport Workers' Federation, ITF. The conditions for Hanjin's officers have triggered demonstration by port workers.
Major German shipping bank Commerzbank, also Germany's second-largest bank, will lay off close to 10,000 of the bank's total 45,000 full-time employees. Commerzbank's non-performing shipping loans are largely to blame for the bank's crisis, reports Reuters.
Wednesday's OPEC output deal has triggered a significant climb in the oil price, and this is healthy for the market, Hafnia Management CEO Anders Engholm tells ShippingWatch. Especially for product tankers, he says. ABN Amro's shipping analyst projects rising spot rates in crude, but only on the short term.
Management at the Scorpio group will no longer automatically collect one percent in fees for all vessels purchased or sold through Scorpio Bulkers and Scorpio Tankers. However, management can still collect fees through Bulkers if the share price exceeds USD 5.
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.
Maersk Oil's Chief Growth Officer will step down following plans to review the company's scope as well as continued efforts to adjust the business to the low oil price. The move comes a week after the Maersk Group's announced split and structural overhaul.
The last standard-sized Capesize vessel, more than 23 years old, has now been sold as scrap. But a young fleet and minor rate improvements mean that carriers' scrapping has reached a virtual standstill in the third quarter, reports Alphabulk.
Asia's largest container carrier, China Cosco Shipping Corporation, could be interested in buying up Hanjin's terminals, and the company has just recently signed a deal for a large-scale in investment in Abu Dhabi, report several media.