30 out of 56 oil companies analysed by Wood Mackenzie will produce less oil within five years. But Swedish producer Lundin Petroleum emerges the victor, with a large, two-digit growth rate towards and including 2020. The secret to its success lies in Norway.
The EU is now officially leaving it up to the IMO to land an international agreement on how shipping can reduce CO2 emissions and contribute to the global climate deal, from which carriers were excluded. The demand for action at the IMO meeting in October is crystal clear.
With UASC on board, the next step although likely not the last, has been taken towards consolidation of the industry, says CEO of Hapag-Lloyd, Rolf Habben Jansen, to ShippingWatch. The industry has finally begun the necessary work, states the Chief Exec of the German container carrier.
The net profit at listed company Seaspan, which boasts 89 container vessels in its growing fleet, has declined significantly throughout 2016, according to the recently published interim report for the first half of 2016.
Next year, several rig companies will be forced to restructure in order to survive, says Nordea markets. Many rigs will be scrapped, particularly amongst US players, explains senior analyst Janne Kvemland to ShippingWatch.
The transport giant, DSV, will soon start looking for new candidates to acquire, says CEO Jens Bjørn Andersen. Thus far, the company has been most successful with large-scale transactions but is still digesting the purchase of UTI Worldwide.
After presenting a solid profit in the most recent annual report, Maersk Group's European feeder and short sea carrier Seago Line can no longer withstand the downturn in the container industry, says CEO Søren Castbak to ShippingWatch after six months as head of the carrier.
More than 10 carriers, including the heavy weights of the tanker industry, will present second quarter interim reports this week. According to Deutsche Bank's shipping analyst, this will be one the most interesting financial periods to date.
Shipyards in South Korea face another gloomy result season, according to The Korea Herald, with profits set to decline at the country's three largest yards following the major restructuring in the industry.
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.
Sea piracy has dropped to its lowest levels since the mid 1990s, according to the latest report from the International Maritime Bureau. However, in one spot things are rapidly moving in the wrong direction.
The major German container carrier Hapag-Lloyd's takeover of the Arab carrier UASC means a severe increase in debt, according to the assessment from rating agency Moody's, which thus trims the top off of Hapag-Lloyd's credit rating.