John Fredriksen tops list of Norway's wealthiest people

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John Fredriksen, who actually holds a Cypriot passport, has been listed as Norway's richest person by business magazine Kapital for the 15th consecutive year. Another shipping profile is ranked a bit further down the list.

Last week's top stories on ShippingWatch

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The Danish Maritime Accident Investigation Board's report on the shipwreck of two Maersk vessels made headlines this week, and the spotlight also fell on Klaus Kjærulff's bulk venture, Denmark's plans to expand DIS, and the significantly lower investment level among oil companies.

Hurricane hits the US oil industry

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Monday morning, the oil price reached its highest level in two years, after Hurricane Harvey caused refineries in the US to shut down production. According to the weather forecast, there is no improvement in store for coming days.

Seadrill expects major setback in third quarter

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In the second quarter, John Fredriksen's drilling company Seadrill lost USD 158 million. CFO Mark Morris explained in an investor call Thursday that management expects a profit in the next quarter, albeit much reduced from the year before. He also revealed some details of the major rescue plan.

Offshore crisis hits Singapore companies yet again

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Ezion, another one of Singapore's offshore companies, has filed for insolvency, and trading of the company's shares has been suspended. Shipping service company Marco Polo's shares have been suspended since May, and the company's latest interim report does not bode well for the future.

Maersk Drilling seen as next acquisition target

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Transocean's acquisition of Songa Offshore is symptomatic of the acquisition wave in the sector, where many analysts view Maersk Drilling as the next major target. Transocean was allegedly also looking into Maersk Drilling, a company which even major players describe as a big mouthful.

Last week's top stories on ShippingWatch

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Equity funds make their foray into the North Sea, Maersk's lobbyists are at work in the US, several dry bulk carriers make gains, and a new investment fund from Maersk and a series of pension funds were among this week's top stories on ShippingWatch.

China's behemoths boost the country's maritime vision

China's escalating acquisition of ports and carriers is a sign of its commitment to its political vision of becoming a maritime superpower, prompting concern among European carriers, which have allegedly called for political attention to the matter – both nationally and within the EU. Next week's meeting of the Box Club will no doubt also revolve around the issue.