Michel Temer is facing mounting pressure shortly after secret recordings officially drag the president into the Petrobras scandal. He could remain in office despite minimal support from the population,
Maersk is looking for a Nordic bank and an international bank to handle the oil division's IPO, reports Danish media Berlingske. The conglomerate has allegedly issued invitations to a series of banks, including Danske Bank.
The ten most valuable oil and oil service companies listed in Oslo have had a negative return of NOK 67 billion since the beginning of the year. Statoil accounts for the by far biggest share of the price fall, which is attributed to the unexpected low oil price, writes E24.
Bunker company Endofa has positive figures on its bottom line for the first time since the company was founded by three Monjasa breakaways and Kenn Søndergaard in late 2012. Revenue grew by more than DKK 100 million.
The Norwegian tax authority has definitively lost a protracted case against Transocean for alleged tax evasion in a case involving the transfer of billions of Norwegian kroner to tax havens via Denmark, reports Dagens Næringsliv.
A bomb threat on a Maersk vessel in the US, a shortage of containers in Latin America's largest economy, and several member states urging the EU not to change national subsidy rules were among this week's top stories on ShippingWatch.
Maersk Oil could be listed on the stock exchange in less than six months, reports Danish media Berlingske, based on information from unnamed sources. Meanwhile, the group is shelving IPO plans for Maersk Supply Service and Maersk Drilling, and the future is unclear for Maersk Tankers.
Global oil production grew 1.25 million barrels per day in May 2017 compared to the same period last year. US shale oil producers in particular contributed to the increase, notes IEA in its latest monthly report.
Norway has produced oil and gas for 50 years, but the reserves are not even halfway depleted, notes the company's petroleum directorate in its latest resource report. Discoveries have been made for volumes totaling more than 4.4 billion barrels, according to the report.
A few years ago, Norway's Noreco faced potential bankruptcy. Today, things have turned around after the company emerged victorious in a Danish insurance claims case. Noreco will now invests large sums on the British and Danish North Sea shelves, reports Dagens Næringsliv.
Employment among those with advanced training in the Norwegian offshore sector is higher today than a year ago, according to new numbers published by a union – though the union warns that the crisis is not yet over.
Arab boycott of Qatar with the potential to create difficulties for Hapag-Lloyd, the collapse of Germany's Rickmers Group, and tanker carriers such as Torm and Hafnia in play in an expected consolidation wave, were among this week's top stories on ShippingWatch.
Statoil has become too powerful a company and is pressuring subcontractors into continuously lowering prices on contracts, says a Norwegian supplier, according to Sysla.no, stressing the need to scrutinize the power of the oil major.
Another consolidation in the tanker industry. US President Donald Trump will pull the US out of the Paris Climate Accord. 180 years of shipping may come to a end at Rickmers Group. News from Nor Shipping. Read this week's top picks on ShippingWatch.
Oil companies are sending positive signals as they seem poised to spend more money, says Prosafe's CEO. He believes in brighter days ahead for the leasing of accommodation rigs – but it will be a long journey, says the Dane with a professional past at J. Lauritzen.
Transocean makes a USD 1.6 billion impairment after selling its jack-up fleet to Borr Drilling, which was established in March by former executives from John Fredriksen's empire. The deal for the 15 rigs is worth a total USD 1.35 billion.
The market for offshore service vessels has bottomed out, concludes analyst firm Pareto Securities in a new, extensive report. Oil companies' growing willingness to invest drives the development, but oversupply and record-high debts weigh down.
BW Group's offshore carrier booked a significantly lower operating profit in the first quarter this year than in the preceding quarter. Following this quarter, the company feels equipped for new projects, citing factors such as a new partnership with ICBC.
After stepping down from his CEO post yesterday after a nine-year run, the 60-year old geophysicist Jon Erik Reinhardsen has now been nominated to the post as chairman of Norway's largest energy company.
Weak markets and idled vessels hurt the offshore carrier in the first quarter, which ended with red numbers on the bottom line. The plan to land a deal with the company's lenders is taking longer than initially expected.
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.
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.
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.
APM Terminals lays off 160 in Gothenburg in a move to end the protracted port labor conflift. Shipowners look to postpone the ballast water convention by two years. Shippers worry about a shortage of reefer containers. Oil is headed for USD 40. Here are this weeks top picks.
The EU list of yards which are allowed to dismantle European vessels has led to greater interest in Spanish shipbreaker DDR Vessels, says CEO. However, there are still many carriers trying to circumvent the rules.
What was supposed to be OPEC's manifestation of agreement and strength to push the oil price back up, has now crumpled with a whimper and a price that, after sliding for almost 30 consecutive days, is now headed for USD 40 again. Banks are lowering their estimates considerably.
Two of Norway's biggest figures in shipping, Kjell Inge Røkke and John Fredriksen, are behind Norway's new offshore carrier Solstad Farstad which will become the country's largest carrier. "It's a tough market out there," CEO Lars Peder Solstad tells ShippingWatch.