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.
The International Bunker Industry Association praises the Maritime and Port Authority of Singapore for suspending violators from the major bunkering port, and the association is working with Singaporean players to close loopholes associated with bunker fraud.
Several vessels loaded with LPG cargoes are idle off the coast of Singapore, waiting for better prices on the liquefied petroleum gas. However, the situation is not as severe as last year, writes Reuters.
Two managers from J. Lauritzen's office in Singapore have switched to competitor Baltnav, which is set to open an office there in early September this year. This marks the latest in a series of changes in J. Lauritzen's organisation.
Yet another company under Singapore's once-booming offshore company Ezra has collapsed. Subsidiary Lewek Champion, with the offshore vessel of the same name, has been declared bankrupt by Singapore's high court.
Wrist Ship Supply has parted ways with the managing director of its business in Asia, as Martin Gaard Christensen has left the position. An internal replacement will take over until a permanent solution has been found, the company confirms to ShippingWatch.
Singapore and three other nations have this week ratified the IMO's ballast water convention, which is set to come into force later this year. Altogether, close to two thirds of the global fleet have now ratified the convention.
Major Asian commodity company Noble Group, which counts firms including bulk carrier Noble Chartering, is in the midst of a battle for survival. Recent weeks of bad news feed into fears for the future of the group which is listed in Singapore.
That was one of the arguments cited when Hafnia Tankers CEO Mikael Skov and CEO of Teekay Corporation, Kenneth Hvid, participated in a debate in which they had to convince representatives from family-owned carriers that they belong to the past.
A new report from Norway's Menon Economics, published Wednesday in Singapore, cements Singapore's status as the world's number one maritime hub. The analysis names Hamburg, Oslo, Rotterdam, London, and Copenhagen as the five key European maritime capitals.
Alphaliner's chief analyst, Tan Hua Joo, is one of only a few external experts who has been asked by the container sector's secretive Box Club about his view of the future. He now warns the carriers of a worrisome development.
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.
Singapore based Ezra Holdings, with its extensive network of subsidiaries, held its first meeting with some of its lenders. The company, which is under US bankruptcy protection, is battling for survival.
Singapore's shipping industry is struggling and this is especially true of offshore. Many foreign employees of big companies have left the country, all while the government is open to the corporate demands and trying to keep the shipping industry afloat, several companies tell ShippingWatch.
Things have not moved quite as fast in Asia as expected since Svitzer opened office in Singapore in early 2016. The strategy in the region will change when the new overall strategy for Svitzer is settled in the second quarter this year, Managing Director Alan Bradley tells ShippingWatch.
Massive debts trigger renewed fear of defaults among Singapore's oil service companies. Most recently, Ezra Holdings has filed for Chapter 11 in the US, and the company's shareholders could face significant losses.
Dry bulk carrier Klaveness has experienced a significant rise in interest from customers over the past year compared to the previous years in which the carrier has been present in Singapore. The bulk division at Norden in Singapore also notes a surge in activity, the carriers tell ShippingWatch.
Yet another oil service company has succumbed to the crisis in the energy sector. Norway's Emas-AMC, which has ownership ties to crisis-stricken Singaporean offshore firm Ezra, has agreed to a voluntary liquidation. According to Norwegian media, the company has debt of USD 298 million.
The downturn for yet another of the prominent offshore companies in Singapore, Ezra Holdings, could drag down more victims in the series of oil and gas related companies which have at this point succumbed to the crisis. The banks are just one of the sectors being hit.