Monjasa suffered massive deficit, while broker Lightship lost a dramatic court case to a former partner. And Dong found a buyer for the company's oil and gas business. Here are this week's top stories on ShippingWatch.
The Fredriksen-controlled rig unit exits the first quarter with a slide in revenue and an operating result virtually slashed in half compared to the same period last year. A new investor could be about to enter the company.
Danish bunker group Monjasa presented financial figures Tuesday showing a USD 26 million loss. "It's hard to protect yourself from a global shipping crisis," says CEO Anders Østergaard. First quarter 2017 saw a profit, informs the company.
After several rough years for oil production in the North Sea, BP is now ready to extract first oil from a reconstructed field. The investment is the first step in a major venture on the British North Sea Shelf.
The OPEC deal to keep output low will likely be extended, projects Danske Bank ahead of the oil exporters' meeting next week. But there are signs of increasing skepticism toward the organization's initiative, reports Wall Street Journal.
Bunker company Endofa will file a compensation claim against Danish businessman Jesper Øhlenschlæger, who hired the bunker company to take part in a failed oil freight in Ghana. Øhlenschlæger denies any personal liability.
Danish businessman Jesper Øhlenschlæger believes he has been made the scapegoat in a controversial oil trade in West Africa, where he is accused of playing a key role. Everyone shoulders some of the blame, he tells ShippingWatch.
Out of 24 rigs at Maersk Drilling, eight are currently employed and in 2017 the plan is for another three to end contracts. "We are keeping the number we have now," CEO Jørn Madsen confirms to ShippingWatch.
The chief executive of Norwegian offshore carrier Siem Offshore has stepped down from the position for personal reasons. His replacement was recruited internally, the company writes in a brief to the Oslo Stock Exchange.
Revenue tumbles while operations dip into the red for Prosafe. However, there are signs of improvement for accommodation rigs, also called flotels, which could begin as early as next year, projects the company.
ZIM will get a new CEO this summer. He will transform and adapt the company to the new reality of the container market, where the carrier sits outside the three major alliances. According to Wall Street Journal, several shareholders are certain of a sale.
The Norwegian offshore carrier saw its deficit grow and operating income dwindle in the first quarter of the year. Havila Shipping completed a large-scale restructuring earlier this year which is expected to give the carrier leeway in a weak market in 2017 and 2018.
Oil service company Aker Solutions, engulfed in sales rumors, exits this year's first quarter with declining revenue and a setback on the bottom line due to weakened activity. CEO Luis Araujo eyes improvements in the years to come.
The Norwegian offshore carrier booked a somewhat higher revenue in the first quarter, but low rates and overcapacity weighed down operations as well as the bottom line. The company projects a tough North Sea spot market characterized by vessel oversupply in the years to come.
Norden off to a weak start in dry bulk in 2017, a record-large deficit for DSV, strong results from oil majors, and increased political focus on shipping by US and EU authorities were among this week's key stories on ShippingWatch.
The drilling company exits the first quarter with a significantly reduced top line and a bottom line which came to USD 99.8 million. The company projects improved demand in the market already later this year.
A rising oil price and large-scale cost reductions have significantly boosted earnings at oil companies such as Statoil, Shell, and Aker BP in the first quarter. Several of these firms are now gearing up to invest, but the good old days will never return, projects Nordea Markets.
Dong Energy has concluded the conflict over the Hejre field and agreed to a settlement with the French and South Korean supplier consortium which takes full responsibility for the disposal of the platform.
Three US-based oil companies have filed three individual lawsuits against Airbus Helicopters, reports Norwegian TV2. The companies accuse the helicopter manufacturer of production flaws and of withholding information in the wake of the Turøy accident in April 2016.
Several EU member states, including Denmark, are currently having their state subsidies to carriers and maritime businesses scrutinized, while John Fredriksen's efforts to take over DHT continue. And ShippingWatch was present at the major shipping conference in Singapore this week.
US shale oil is now being produced at such a rate that it could threaten the stability currently enjoyed by the sector, projects Rystad Energy. One of the major suppliers of offshore rigs, shipbuilder Keppel, does not see a recovery anytime soon.
Semco Maritime suffered setbacks in 2016 triggered by declining activity in oil and gas. The bottom line went red for the third consecutive year with the biggest deficit in the three-year period, and the company also laid off staff last year.
Oil and gas resources worth upwards of NOK 900 billion (USD 105 billion) could be hiding in the eastern part of the northern Barents Sea, estimates the Norwegian Petroleum Directorate after mapping the area.
Despite protests, Statoil is once again drilling in the Arctic in the Barents Sea,, report several media. "Now we will test what could end up creating the next chapter in Norway's oil narrative," says Jez Averty, Head of Statoil's activities on the Norwegian and UK shelves.
Shipping banks have impaired loans for USD 3.4 billion and DHT stopped an attempt by Fredriksen's Frontline to block the transaction with BW Group. These stories and more were featured this week on ShippingWatch.
Aker Chair Kjell Inge Røkke thinks that Norwegian offshore families spent too much money on vessels at the wrong time. He writes this in a letter to shareholders in Aker Group, in which he praises John Fredriksen and airs the idea of selling off subsidiaries.
Singapore based Ezra Holdings, with its extensive network of subsidiaries, held its first meeting with some of its lenders. The company, which is under US bankruptcy protection, is battling for survival.
Bourbon Offshore has signed a deal with Chinese financing and leasing company ICBC Financial Leasing which will save the offshore carrier millions. The deal arrives just a little over a month after Bourbon landed an agreement with creditors.
J. Lauritzen's bondholder dispute was resolved, the carrier relying on money from its owner. More details emerged about the EU approval of Maersk's takeover of Hamburg Süd. And Rickmers Maritime had to throw in the towel. Keep up with this week's top stories on ShippingWatch.
Svitzer's former Managing Director for the Americas, Martin Helweg, will move to offshore carrier Topaz Energy and Marine, where he will take on the COO post. He will be reunited with his former colleague Rene Kofod-Olsen.
North Atlantic Drilling, which is a subsidiary of ailing Seadrill, has won two lucrative contracts. The contracts are worth USD 1.4 billion and concern two rigs which have secured work in the Norwegian part of the North Sea for 10 years.
BW Offshore, which operates a fleet of FPSO vessels, has now closed the deal to purchase 66.66 percent of an oil field in Gabon. The company is already negotiating to increase this stake with another 25 percent.
Seadrill CEO is eyeing a new plan for the struggling company, which still targets raising about $1 billion in new capital. "We don't just kick the can down the road," said Per Wullf in an interview Friday.
Singapore's shipping industry is struggling and this is especially true of offshore. Many foreign employees of big companies have left the country, all while the government is open to the corporate demands and trying to keep the shipping industry afloat, several companies tell ShippingWatch.
Accommodation rig company Prosafe experienced low utilization rates in 2016 and only realized a profit due to a restructuring of the company. The bottom of the rough market will be reached next year, according to the company.
Oligarch Mikhail Fridman, who has previously been denied ownership of British oil, has now placed a bid on Dong Energy's oil and gas business according to Danish daily Børsen. This could put pressure on other potential buyers such as Maersk.
Norwegian shipping magnate John Fredriksen is spending every waking hour trying to settle a rescue plan for his ailing company Seadrill, he tells Norwegian daily Dagens Næringsliv. This Wednesday morning, the share price took a new steep dive of almost 30 percent.
John Fredriksen's struggling rig company Seadrill has obtained permission from its banks to postpone debt worth a total USD 2.4 billion by three months. This buys the company time to land a restructuring deal.
Kristian Siem's company Siem Industries, which owns the offshore carrier Siem Offshore, is offering bondholders in the company to buy bonds worth upwards of NOK 200 million in exchange for approval of the plans presented last week.
Significant resignations at J. Lauritzen, large deficits from Hapag-Lloyd and the rest of the container sector, the Maersk Group General Assembly, and massive volumes of oil left on two sunken Maersk vessels featured among this week's top stories.
Aker plans to remain a dominant player in the current consolidation of the oil industry. Group CEO Øyvind Eriksen tells Dagens Næringsliv that the group is focusing on both small and large acquisitions.
Norwegian Aker Solutions buys family-owned oil service company for a little over NOK 200 million. The acquisition of the company, Norway's third-largest offshore supplier, is expected completed in the second quarter.
Siem Offshore will extend the repayment period on two Norwegian bond loans. The offshore carrier, controlled by Kristian Siem, will also issue shares for a total NOK 190 million. The issue is fully secured by majority shareholder Siem Europe.
Ocean Rig, owned by Greece's George Economou, has filed for bankruptcy protection in the US under Chapter 15 in an effort to prevent creditors from disrupting the efforts to restructure the company's debt.
The share price of John Fredriksen's drilling company Seadrill has declined drastically since the turn of the year. Ahead of the interim report set for release Wednesday morning, analysts note that the company has been unable to settle its announced restructuring.
One of the last remaining obstacles to forming a deal at the OPEC meeting in Vienna this week has been removed. Now Iraq will back a Russian and Saudi Arabian proposal to extend oil output cuts for 9 months.