As one of only a few carriers, XO Shipping is still making money in the challenging dry bulk market. Last year's bottom line came to USD 4.1 million, while 2016 also got off to a strong start. However, the company would prefer the market to be doing better, Director tells ShippingWatch.
The first quarter 2016 finished as the worst in 30 years, says the Star Bulk Carriers CEO after the Greek-based dry bulk player suffered a new bottom line deficit. The carrier is negotiating with its banks and have secured deferral until the end of August.
Scandlines, which is owned by equity fund 3i, hits back at the Danish Ministry of Transport in a case concerning a leaked report. The carrier has ordered its own analysis which casts doubts on the conclusions in the original report, adding another chapter to the protracted conflict between Scandlines and the state.
Maersk Oil would be able to fetch about USD 6-13 billion if the Maersk Group decides to sell the company, projects Sydbank's senior analyst in the wake of the announcement on Monday that the oil company was rejected as future partner on a vital oil field in Qatar.
These are the words of Evergas CEO Steffen Jacobsen, just one year after taking over as head of the carrier. In an interview with ShippingWatch, he talks about the plans for stabilizing the carrier's finances after a disappointing deficit in 2015.
Norwegian businessman, offshore entrepreneur and former CEO of Odfjell Drilling, Idar A. Iversen, has been sentenced to two years in prison after hiding income amounting to about USD 3.5 million as well as assets worth almost USD 24 million in tax shelters.
The European Maritime Pilots Association (EMPA) is pleased and excited about the fact that the European Council has now approved the EU port directive, which has previously been subject to harsh criticism from shipowners.
The merger between Hapag-Lloyd and United Arab Shipping Company is on track for completion. On Wednesday, the Board of Directors at UASC, which is owned by six Middle East states headed by Qatar, cleared the transaction. Now only Hapag-Lloyd's shareholders need to approve the deal.
Improved relations between the US and Cuba after decades with an icy relationship between the two countries provide opportunities for container carriers. Import to the country will grow when the embargo is lifted, and Maersk Like will position itself to reap the benefits.
While now-departing Group CEO Nils Smedegaard Andersen has maintained support for the group's conglomerate structure, there are several current examples of this structure having a negative impact on Maersk. For instance, the structure allegedly derailed the acquisition of APL, ShippingWatch has learned. Our series "The new Maersk" begins here.
Analysts Alphaliner reports that Israeli container carrier Zim is allegedly in talks with 2M for a possible expansion of the major container alliance. Maersk Line declines to comment when approached by ShippingWatch.
The defense team in the fraud case against a Danish bunker company does not think that there is anything peculiar about a supposed subcontractor in the bunker industry being virtually non-existent among the world's largest providers of credit information from the sector.
With a share issue totaling total USD 1.3 billion, oil company Det norske will take over BP's Norwegian activities as part of a merger to create new Norwegian oil and gas company Aker BP. Get an overview of the new oil player here.
EU's competition authority will likely accept an offer from Maersk Line and 14 other carriers, put forward in February as a means to close the antitrust case against them, several sources tell Reuters.