Nordic bank Nordea is currently reviewing guidelines for shipping customers regarding hazardous vessel scrapping. Danske Bank is also evaluating the issue of carriers' scrapping in Asia, the banks tell ShippingWatch.
The International Union of Marine Insurance (IUMI) calls for stronger fire safety measures on container vessels. The call comes in the wake of more fires being reported and as ships grow bigger and bigger.
Compensation claims filed against collapsed OW Bunker, the publication of names of sulfur violators, and J. Lauritzen's Supreme Court defeat against MAN Diesel & Turbo were among this week's top stories on ShippingWatch.
Following the large-scale merger two years ago, which created the world's second-largest ship management company, growth at Anglo-Eastern Univan Group has been modest. "2-5 percent annually is a solid growth target for us, CEO Bjørn Højgaard tells ShippingWatch.
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.
OW Bunker's risky oil speculation was not mentioned in the prospectus, say 30 OW investors. They are demanding DKK 500 million from investment banks that handled the listing of OW Bunker, reports Danish media Børsen.
Trustees in the OW Bunker estate are preparing to raise the claims in the trial over the bunker company's collapse. A new deal with a New York-based investment firm means that there is now funding to file the recommended claims.
While German banks are battling to get rid of their bad shipping loans, Danske Bank is holding on to its portfolio, which is currently worth DKK 40 million. "We are not intending to reduce it," says Øivind Haraldsen, who is global head of shipping, to ShippingWatch.
Maersk Line grew, benefiting from a strengthened container freight market, while major impairments at Maersk Tankers and APM Terminals dragged the group's overall results down. And the hacker attack came at a high price.
A random encounter at a copper anniversary party many years ago marked a turning point in Keld R. Demant's career. He currently serves as CEO of Bunker Holding. It is crucial to find a good boss in order to make a career for yourself, he says.
The British shipbroker and service group booked growth in earnings and revenue for the first half of the year, but considerable uncertainty remains about when the shipping and offshore markets will recover for real, says CEO.
A rising number of carriers are now turning to Japanese leasing companies to finance new vessels, writes Lloyd's List. The leasing companies can offer 100-percent financing with lower interest rates than banks.
Oliver Faak is no longer with bank NordLB, the communication department confirms to ShippingWatch. The bank has reshuffled staff after the merger with Bremer Landesbank and Faak's department, ship and aircraft financing, was shut down in the new organization.
DSV delivered the group's best results ever for the first half of the year, says CEO Jens Bjørn Andersen in the company's interim report. The logistics group upgrades its full-year guidance and initiates share buyback program for DKK 1 billion.
This summer week brought several key stories. ShippingWatch reported on the Danish Attorney General's indictment against Lars Møller of OW Bunker. The first half year results of bulk and container bode well for the two sectors. And the new Dan-Bunkering CEO unveiled his ambitious growth target.
Dan-Bunkering has in the past year streamlined its organization and laid off people. Not there is room to strengthen the core business, and also consider new areas, the company's CEO since May this year, Christoffer Berg Lassen, tells ShippingWatch.
The former CEO of OW Bunker's Singapore subsidiary, Lars Møller, had no interest in manipulating the numbers, said his defense team recently. Wrong, says the Danish financial police. The chief exec could bag himself a better bonus, according to the indictment.
Among this week's highlights were interim reports from suppliers Alfa Laval and Wärtsilä as well as an interview with Dan-Bunkering's new CEO, while DSV and the Port of Gothenburg talked about communication in relation to unique situations.
Nordea and Danske Bank once more had to impair their loans to shipping and oil. Problems in the oil sector, which seems to be recovering, were a major factor weighing the banks down in the second quarter 2017.
The Swiss freight forwarder slightly outgrew the market in sea freight in the first half of the year, though the company's profit per teu decreased. The CEO is confident that Panalpina can improve its sea freight profitability in the second half.
Startup firm Explicit will be catching sulfur sinners in Danish waters over the next six months. This marks a launch toward a much bigger market with the global sulfur requirements, CEO Jon Knudsen tells ShippingWatch.
The entire deal was kept under wraps to the extent that Senior Manager of Corporate Communication at DSV, Tina Hindsbo, only started preparing the announcement of the major transaction one week prior, she explains in the latest article in ShippingWatch's series about communication.
The sentence in the case against the former CEO of OW Bunker's subsidiary DOT, Lars Møller, could last as long as eight years. "We wouldn't have charged him if we weren't completely convinced that we could prove it," says Deputy District Attorney, Niels Vejlby Hansen, to ShippingWatch.
Total loans from the major shipping banks declined by USD 42.5 billion in 2016 and the banks' shipping loans are now at their lowest level since 2007, shows a report from Greek analyst firm Petrofin Research.
Major internal battles in the UN IMO regarding shipping's role in terms of the climate and environment, accounts from the world's second-largest bunker group, and the Maersk Group's problems after a hacker attack and chemical discharge in the North Sea made headlines this past week.
The past fiscal year dealt a blow to Bunker Holding's bottom line but did not damage CEO Keld R. Demant's expansion ambitions. "It's an industry that is ready to be changed and consolidated," he tells ShippingWatch.
Danish bunker company Endofa has become better at saying no and focusing on the bottom line instead of growing revenue. This change in culture is part of the explanation behind the group's profit in 2016, CFO tells ShippingWatch.
Maersk Broker announced its second acquisition in one week. The company is taking over British Kennedy Marr and thus boosting its offshore staff to around 20 people. "We believe the offshore market will recover," Global Head of Maersk Broker Offshore, Finn Essendrop tells ShippingWatch.
The large-scale cyber attack on Maersk crippled significant parts of the group and characterized a week in which future capital and ownership conditions also took center stage among the week's top picks on ShippingWatch.
Maersk Broker is taking over the Danish ship broker Lanic, in which the company already owns a stake. From July 1, Lanic will be incorporated into Maersk Broker Bulk Chartering, which is Maersk Broker's dry bulk business.
The Maersk family's brokerage firm maintains its forecast for an improved result compared to a weak 2016, CEO Anders Hald tells ShippingWatch. Though there is solid activity in buying and selling, it is still happening at very low prices, he says.
Chinese leasing companies have stormed into shipping and offshore accounting for 15 percent of new loans in 2016, according to new figures. ShippingWatch has met two of the new bankers which the maritime industry should start getting used to. "It's strictly commercial," they say.
A new study by law firm Norton Rose Fulbright indicates an increasing shortage of capital in shipping in the years to come, while lenders are becoming more aggressive in their efforts to recover funds.
A hacker attack has triggered a large-scale crash of Maersk Group's IT systems, the company tells ShippingWatch. It remains unknown how the group's customers will be impacted. APM Terminals has also been struck in ports in the US and Netherlands.
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 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.
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.
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.
Bank ING, one of the three biggest creditors in the OW Bunker case, and two US-based OW subsidiaries have declined to raise the claim in the compensation case to DKK 2.2 billion. "I'm very puzzled," liquidator Pernille Bigaard tells ShippingWatch.
24 Danish institutional investors have also decided to file a lawsuit against IPO banks Morgan Stanley and Carnegie in the case of prospectus liability relating to the collapse of OW Bunker. One prospectus element in particular has convinced the plaintiffs to take action.
Associate Professor Roberto Galeazzi of DTU envisions that one day autonomous robots will monitor and repair offshore constructions such as wind turbines and oil and gas platforms, he tells ShippingWatch.