In a revised forecast, the International Monetary Fund expects that global growth in 2017 will increase to 3.4 percent and 3.8 percent the year after. President Trump is a wild card in terms of the growth estimate.
Interview with Maersk Tankers' new CEO, Christian Michael Ingerslev, a new Asian container alliance, a surge in dry bulk shares, and rigs ready to be scrapped in the North Sea were some of this week's top stories on ShippingWatch.
Increasing pressure on all business segments meant that big decisions had to be made at Maersk Group's headquarters in Copenhagen, but stock market developments suggest that the outcome has been positive.
Semco Maritime has received a capital injection of DKK 150 million from owner C.W. Obel. The company has been hard hit by low oil prices in recent years, and the capital increase is happening, according to Semco CFO Jørgen D. Gade, in order for new strategy to be realized.
Maersk finally presented its plan for what the group will look like going forward, and what will be sold off. The group also received some rare criticism from Denmark's conservative government. A new shipping bank saw the light of day, and another wants to be global. Here are this week's top picks on ShippingWatch.
The architecture of the global economy is changing and this is why Danish Ship Finance projects low annual growth of just one percent in seaborne transport over the next 15 years. Shipping is slowly transitioning, says Chief Analyst Christopher Rex to ShippingWatch.
The ad-hoc trustee of OW Bunker, Søren Halling-Overgaard, recommends filing two compensation claims for a total USD 310 million against equity fund Altor, former accountant firm Deloitte, and the group's former senior management.
Two former Seven Seas executives have collaborated on a new investment company which will invest in small and medium-sized shipping companies with competences within supply and agency. Partner Lars Rosenkrands talks growth plans with ShippingWatch.
Maersk Line is one potential buyer in huge transaction rumored to be imminent in the container market. OPEC may be inching closer to a deal that would benefit tanker carriers. And the crisis deepens among supply carriers. Here are some of this week's top stories on ShippingWatch.
Shipping bank NordLB closed the first nine months of the year with a significant deficit, largely due to loans to the shipping sector. The bank projects a total loss for 2016 of more than EUR 1 billion.
DFDS delivered another strong quarterly result during the past week of financial reports from several carriers, Maersk got burned by its own restructuring, and both bulk and tanker saw more setbacks. These were just some of the top stories this week on ShippingWatch.
Polish-born Magda Kopczynska has taken the reins of the EU's maritime directorate. ShippingWatch has interviewed an unconventional director, who enjoys extreme ocean sailing, about spearheading maritime politics at a crucial stage.
The biggest news this week was without doubt Donald Trump's victory in the US presidential election against Hillary Clinton, which came during a week also characterized by interim reports from tanker carriers and offshore players.
Container carriers are at risk of taking a big blow if Donald Trump makes good on his threats to close the US further off from the rest of the world. Forwarders will likewise be hit, while oil companies stand to benefit, according to several analysts after the dramatic election results came in.
Although many equity funds suffered big losses in shipping, these funds now seem to be increasingly involved in solving the struggles for German banks in 2017. One of the largest equity funds is gearing up with the recruitment of former Frontline CEO Jens Martin Jensen.
The IMO reached agreement on the global sulfur directive, a list of Hanjin's creditors was published, and senior executives from the maritime sphere gathered for the Danish Maritime Forum in Copenhagen. Read about ING's lost OW Bunker case, struggling multipurpose carriers, and Maersk Line.
Major Scandinavian bank Nordea has downgraded its shipping and oil loans by EUR 200 million in the third quarter. According to a press release following the third quarter results, the offshore market in particular is weighing the industry down.
One single country holds the power this week at the IMO meeting to decide whether sulfur requirements should be implemented in 2020 or 2025, several sources tell ShippingWatch. Time will tell whether or not the country chooses to exert this power.
Mads Zacho explained how he plans to get J. Lauritzen back on its feet, Maersk's shipbreaking troubles intensified, and two Norwegian shipping families joined forces in a new bulk partnership between Grieg Star and Gearbulk this week. Read about how shipping talent is developed as well.
If the IMO should decide next week to lower the limit for sulfur content in marine fuel to 0.5 percent as early as 2020, the demand for more environmentally friendly fuel will explode, writes Alphabulk.
A dispute over unpaid bunker bills worth USD 5.6 million is blocking the divestment of an OW Bunker vessel in Uruguay. The tanker is collateral for a loan to OW companies from bank Spar Nord, which cannot retrieve its money until the vessel has been sold.
Maersk's return to the controversial scrapping beaches in Alang, a time-frame for the developments toward unmanned vessels, and Maersk Line''s competitors are now noting surprising developments at the group after the split. Here are this week's top stories on ShippingWatch.
According to Director of the EU Commission, Henrik Mørch, many EU nations are on the periphery of state aid regulations, because tonnage tax regimes have been expanded to include more than was originally intended, such as offshore, writes Lloyd's List.
The recovering oil price, the sale of Danish Ship Finance, the aftermath in Maersk's executive circles, and calls for a new CO2 roadmap from the IMO were among this week's top stories on ShippingWatch.
The increasingly chaotic fallout from the collapse of Hanjin Shipping, efforts to ensure responsible shipbreaking and the state of the Norwegian offshore crisis were among this week's top stories on ShippingWatch.
In a written statement, equity fund Altor rejects that a misleading IPO prospectus had anything to do with the collapse of OW Bunker, and in the same statement the fund voices a harsh criticism of executives from the bankrupt bunker company, reports Inside Business on Friday.
After taking huge impairments on its most important market, Svitzer's new CEO in Australia, Steffen Risager, has taken on the task of creating growth. Three contracts in particular will decide where the development goes. ShippingWatch has met Steffen Risager.
The collapse of South Korea's Hanjin Shipping and the severe problems caused by the receivership for the container carriers' customers in particular, alongside the final ratification of the IMO's ballast water convention, took center stage this week on ShippingWatch.
Germany's second-largest shipping bank NordLB does not expect improved shipping markets anytime soon, Global Head of Ship and Aircraft, Oliver Faak, tells ShippingWatch in an interview about the bank's expectations for container, dry bulk and tanker.
NordLB's new deal with equity fund KKR regarding a platform for non-performing shipping loans is a new way to get rid of the bad loans weighing down the industry. In an interview with ShippingWatch, Global Head of Ship and Aircraft, Oliver Faak, explains why NordLB is using this model.
A ban on ratings of corporate bonds at major banks could make DFDS opt out of the bond market. "It would certainly become more difficult and entail higher interests," says Torben Carlsen, CFO at DFDS, which has two bond loans.
Royal Arctic Line revealed that the carrier is prepared to give up its monopoly on seafreight to and from Greenland, the LPG players published results weighed down by the low rates, and financial figures show UASC holding a massive deficit ahead of merger with Hapag-Lloyd. Here are some of the key stories this week on ShippingWatch.
Maersk Supply Service acted on the deep crisis among offshore carriers in a week otherwise characterized by half-year results from shipping majors including DFDS. Here are some of this week's key stories on ShippingWatch.
Revenue and earnings are sliding downhill at Royal Boskalis Westminster, which counts companies including the tugboat activities in Smit. "We are experiencing stormy conditions," says Peter Berdowski, CEO of Boskalis.
UK-based broker and shipping service company Clarksons delivered a slight improvement in revenue and earnings in the first half of the year. The poor condition of shipping markets is dragging things down, notes the management.
The crisis in the shipping and energy sector is impacting every core business at the Maersk Group, and the company has now calculated how many jobs are disappearing. Read on to learn how many employees have departed from the Danish conglomerate.
APM Terminals' problems in Guatemala, a half-year report from DSV and a clear-cut statement from shipper Electrolux concerning the container carriers' alliances featured among this week's key stories on ShippingWatch.
The forecasts are all positive when it comes to global economic development but the risk factors have not diminished. Finans can guide you through the bright spots and the pitfalls of the global economy in 2017.
Mitsui OSK Lines was blamed for a dramatic 2013 wreck, Hyundai Merchant Marine lashed out at Maersk Line, while Kristian Mørch talked about his turnaround of Odfjell this week on ShippingWatch, which also brought news about Thorco, Rickmers Maritime, and the oil sector.
A court has ruled that Japan's largest carrier, Mitsui OSK Lines, and not shipbuilder Mitsubishi, is responsible for the wreck of container ship MOL Comfort, in which the ship broke in two. A milestone in the case, says lawyer Jesper Windahl, Windahl Sandroos & Co., who anticipates several new claims.