The risk of a negative outcome in the ongoing compensation case following the collapse of OW Bunker is very low, writes Altor Equity Partners in its 2016 annual report. The equity fund handled the IPO of the collapsed bunker company.
Despite protracted and crushing pressure on the shipping sector, several companies may not have reached the bottom yet. Ten analysts list their pick for the shares they believe will lose additional market value. One company stands out in particular.
The old business model for how a carrier should be run could be dead and gone in the not too distant future, according to bank Danish Ship Finance. Chief Analyst Christopher Rex points to a need for breaking the habit.
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.
The two Japanese shipbuilders Mitsubishi and Oshima have formed a new partnership aimed at utilizing synergies and ensuring sustainable growth in the struggling shipbuilding sector. Mitsubishi has already entered similar alliances with two other yards earlier this year.
New company Elbe Financial Solutions will help banks sell their shipping loans to interested investors. The company is a joint venture between asset manager Ernst Russ and investment group Ecofin Financial Solutions.
Bunker group Monjasa has halted its ambitions in shipping larger oil cargoes, a venture which was launched two years ago. An office in London dedicated this venture has been shut down. We want to focus on our core business, the group's COO tells ShippingWatch.
Six months after the launch of Maritime & Merchant, the Norwegian shipping bank is now in talks with carriers and investors beyond its home market, CEO Halvor Sveen tells ShippingWatch. Small and medium-sized carriers in particular are showing interest.
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.
Maersk Line and IBM are completing their so-called blockchain solution aimed at reducing the shipping sector's reliance on documents. The industry as a whole can save billions of euros, says IBM's head of global trade digitalization, Norbert Kouwenhoven, in an interview with ShippingWatch. Read on to learn how the many billions of euros will be saved.
German software firm Hanseaticsoft, a specialist in digital solutions for the shipping sector with customers including UASC, will move in with partner Lloyd's Register at the latter's offices in Copenhagen. Read on to learn why.
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.
Alongside firms such as DNV GL and the Kongsberg Group, Norway's Wilhelmsen will now launch a new maritime innovation center for the development of future solutions in shipping, CDO Inge André Sandvik tells ShippingWatch. He himself is new to the shipping industry.
Greece is looking to attract UK-based shipbrokers, shipowners, and ship-insurance companies to Athens as the UK gears up to leave the EU bloc. The government wants Piraeus to become "one of the world's largest shipping centers and a modern maritime cluster," says Greece's Shipping Minister.
Norddeutsche Landesbank has improved its bottom line by more than EUR 300 million, but problems in the German shipping industry are still dragging down the bank. Altogether, the bank's exposure against shipping stands at EUR 15.9 million.
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.
Shipbroker Lightship Chartering has been sentenced to pay a little over DKK 500,000 to a former partner who now works at Maersk Broker. Lightship has also been sentenced for an email sent by owner Morten Have to the management of Maersk Broker.
German asset manager MPC Capital has now tapped into USD 100 million the company raised back in April. MPC has purchased seven container ships, while another six are headed for delivery. Hamburg Süd's CEO will join the board of directors at MPC Container Ship.
According to credit agency Infospectrum, Monjasa faces a huge deficit in 2016, which was also the year that the company was convicted of serious fraud. However, business seems to be back on track. Monjasa confirms the result to ShippingWatch.
There are no real values of note in the German shipping sector right now, according to Lloyd Fonds. The company is scaling down its investments in the segment and would prefer to be on the sideline of what CEO Torsten Teichert describes as the endgame in Hamburg.
A new buyer has entered the field as potential buyer of HSH Nordbank, according to the German business media Handelsblatt. The bank has been put up for sale after years of poor results, in particular due to its shipping investments.
What at first looked like an ordinary oil trade in West Africa has developed into a court dispute in London, Dubai, and Lagos. ShippingWatch has reconstructed the events which involve Danish businessman Jesper Øhlenschlæger, tax shelter company Nordic Oil & Gas, bunker company Endofa, and tanker carrier d'Amico International Shipping.
German-owned transport bank DVB Bank Group (DVB) has increased its credit allowances for losses on shipping and offshore significantly in the first three months of the year due to the continuing challenges in the two markets.
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.
DSV faces opposition in France where there are problems settling a collective agreement with the country's labor unions. "The unions are dragging out these cases," CFO Jens Lund tells Danish daily Børsen.
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.
Equity fund Altor blurred the cash trail when it via Deloitte took DKK 1.2 billion out of Denmark. Now the Danish Customs and Tax Administration wants repayment of DKK 140 million, reports Danish media DR.
It will become extremely difficult for carriers to get financing from banks going forward, and even if they manage to do so, the price will be towering, Eddy Van de Voorde, professor of maritime economy, tells ShippingWatch ahead of a proposal for new bank regulations.
Despite its indisputable role as the world's shipping center, financing for maritime companies has been lagging behind in Singapore, and the country will now work to bring carriers and investors closer together. The understanding of shipping as an investment represents one of the challenges.
Since the turn of the year alone, numerous new financing opportunities have emerged for the shipping companies as alternatives to the traditional shipping banks. ShippingWatch provides an overview below.
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.
After yet another year of huge losses in shipping for German banks, two former bank executives tell ShippingWatch that they believe the previously dominant German sector in the shipping industry will play a marginal role going forward.
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.
The competition to supply fuel from of Denmark's Port of Skagen is growing more intense. Monjasa no longer has a permanent bunkering vessel affiliated with the company's oil terminal at the port. However, Monjasa's COO and the port CEO both expect that the vessel will return.
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.
The Maersk family and its four partners in the investment company Navigare Capital Partners, which will manage pension funds worth over USD 300 million, have injected upwards of DKK 100 million (USD 14 million) in a new fund, which will likely be the first of several funds aimed at investing in shipping.
Shipowner Johan Wedell-Wedellsborg opened up about the sale of Stena Weco to Stena Bulk, Maersk Group CEO Søren Skou is building a new CEO Office, and the dry bulk shares have skyrocketed in 2017 so far. Here are this week's top picks on ShippingWatch.
Maersk plans to sue a Spanish billionaire, Torm CEO Jacob Meldgaard talks to ShippingWatch after the release of the carrier's annual report for 2016, and dry bulk may be closer to recovery. All this and more on ShippingWatch this past week.
Gridlocked negotiations between APM Terminals and dockworkers in Gothenburg, a new full-year deficit for J. Lauritzen, and a change in strategy at Damco are among this week's top stories on ShippingWatch.
Trendsetting companies in sectors such as tanker presented financial reports, APM Terminals opened up about the future partnership with Maersk Line, and we got to know a shipping company which usually subscribes to a great degree of discretion. This week's top picks on ShippingWatch.
Maritime companies face plenty of risks when they enter into a deal with a counterparty with whom they are not familiar, or whom they thought they could trust. Although a highly discreet company, InfoSpectrum Ltd grants ShippingWatch a glimpse of the most severe pitfalls.
Perhaps Maersk Line can expect a positive result in its interim report, set for release next Wednesday. The battle for the ballast water market has begun. John Fredriksen struggles with two separate issues. And Shipping and offshore are hurting banks. Read this week's top picks on ShippingWatch.
Japanese financial services company Orix bought shipping loans for USD 298 million from the Royal Bank of Scotland on Monday. The purchase will serve as a springboard to increase activities within European shipping.
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.
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.
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.
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.
Classification bureau DNV GL projects a "modest recovery" of the newbuild market up until 2019 – perhaps even 2020, says the CEO of the company's maritime business, Knut Ørbeck-Nilssen, to ShippingWatch.
Monjasa founder and co-owner Jan Jacobsen received a two-year salary in severance pay when he stepped down from the bunker group after he was convicted of fraud last year. This is a regular termination period, Monjasa tells ShippingWatch, noting that the sentence has been appealed.
Major German bank HSH Nordbank rejected a rescue attempt for Rickmers Group and thus extinguished all hopes for the company's survival. But this is not the beginning of a new trend in the treatment of carriers, HSH Chief Exec Stefan Ermisch tells German newspaper Handelsblatt.