It came as very good news at a tough time for the offshore sector when Statoil this Wednesday awarded long-term vessel contracts to four carriers for a total value of NOK 3.1 billion. "It's important to secure long-term contracts in today's market," DOF's Chief Exec tells E24.
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.
Companies can once again book Maersk's vessels to transport their cargo, informs the Danish shipping giant. And APM Terminals' container terminals are operational again although there could be delays, says Maersk Group in its latest update about the massive cyber attack Tuesday.
The Maersk Group is on Wednesday morning CET still hit hard by the cyber attack which struck the group, and numerous other major international companies, Tuesday. 75 of APM Terminals' port facilities are hit. Maersk says on Wednesday that the issue has been contained.
DHT Holding has completed its acquisition of BW Group's fleet of nine VLCCs together with contracts on two VLCCs. "Our fleet has been expanded by 50 percent at what we think is an opportune time in the cycle," says management.
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.
Just as a wave of mergers and acquisitions has consolidated container carriers in recent years, the many German tonnage owners need to join forces. One of the premier personalities in German shipping, Claus-Peter Offen, tells ShippingWatch that he is ready to spearhead the process.
John Fredriksen's crude oil tanker carrier Frontline has given up its efforts to buy its way to a position as the world's biggest player in its segment. For now at least. The carrier bets on the benefits from its own fleet renewal, CEO Robert Hvide Macleod tells ShippingWatch.
Starting next month, Maersk Line's customers will be able to monitor where the carrier's reefer containers are located as well as the internal temperatures. This comes in response to requests from customers, says CCO.
The container carriers' higher freight rates do not constitute an actual problem for Danish freight forwarder Scan Global Logistics. But the CEO tells ShippingWatch that he hopes prices will soon stabilize.
The current methods for testing whether a dangerous cargo is at risk of liquefaction during sailing are inadequate and should be changed, says the Association of Bulk Terminal Operators, citing various samples of cargoes which have become liquefied despite passing tests.
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 International Chamber of Shipping and three other interest groups have presented their proposal for two concrete climate requirements for shipping. The news comes ahead of a meeting of IMO's Marine Environment Protection Committee. NGOs point to a lack of ambition.
Newly-established container carrier MPC Container Ships plans to have 35 to 50 feeder vessels within a year. "This would be a good starting point for us," the CEO of the Oslo-based company tells ShippingWatch.
Shippers in the Global Shippers' Forum were already sounding the alarm this March about the consequences for importers and exporters of goods such as food. Their concerns surfaced in relation to the merger of Maersk Line and Hamburg Süd and have only grown in the months since.
Chinese Cosco Shipping has ordered 14 new container vessels for USD 1.8 billion in order to boost its fleet between Asia and Europe, where carriers such as Maersk Line, MSC and CMA CGM currently dominate.
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.
Evergreen Line has entered a partnership with Alibaba for online booking of container transport. The Taiwanese carriers thus follows suit behind competitors such as Maersk Line, CMA CGM, and Cosco, all of which have formed similar arrangements with the Chinese IT behemoth.
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 dry bulk carriers, sore after several tough years, are becoming increasingly optimistic about the future. But Herman Billung, who recently established dry bulk investor Songa Bulk, praises the slowdown in the sector. "Another six months and we'll be home free," he says.
Tim Wickmann steps down as CEO of Maersk Line's Asian subsidiary MCC and leaves the Maersk Group after 27 years. He will be replaced by an experienced Maersk exec who takes over as CEO of the Singapore office in August. Also, a new head of Southeast Asia has been appointed.
Spot rates from China to South America rose to their highest level since 2009 after a doubling over the last three months. North-to-South rates weighed down Maersk Line in particular in the first three months of the year.
Even though China's Cosco and Orient Overseas in Hong Kong reject whispers of an imminent merger worth around USD 4 billion, it is likely only a matter of time before a deal is settled, reports Drewry and others.
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.
Svitzer and Rolls-Royce have formed a new partnership aimed at developing remotely operated vessels. The first test sailings have already been performed in Copenhagen. "Sooner than anticipated," says Rolls-Royce.
The International Chamber of Shipping has announced its support for the move to postpone the deadline for installation of ballast water management systems. ShippingWatch has asked carriers such as Gaslog, Höegh LNG, Scorpio, Hafnia Tankers, and American Shipping Company about whether they agree.
MSC is taking over full ownership of one of Brazil's most important export ports in Portonave for almost USD 400 million. The container carrier thus solidifies the concentration of carriers in Latin America's largest economy.
The International Chamber of Shipping fully supports a postponement of the installation requirements for ballast water systems, which several of the major developing nations have requested. "Extremely disappointing," says Norwegian supplier Optimarin.
A few weeks from now the IMO will decide when carriers must install ballast water management systems. Ahead of the key MEPC meeting, uncertainty among suppliers has only grown, and Norway's Optimarin has already had to lower its full-year guidance.
Not long ago, observers had little interest in Robert Bugbee as the Scorpio project looked set to fail. Now he is the man who has done what everyone is talking about in product tanker, and in an interview with ShippingWatch he calls on competitors to follow his lead.
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.
Norwegian carrier Odfjell has signed a declaration of intent to order as many as five chemical tanker vessels together with a US-based partner. The ships will be delivered within the next year and will be placed in a new pool.
Is Maersk Line now also a bank? The carrier has, at any rate, doubled its lending business to customers in just one year, project manager Vipul Sardana tells ShippingWatch. The Trade Finance project is now launched in the US. After the US comes UAE.
The sons have taken over the reins at dry bulk shipowner Alpina Shipping, which is operated in close cooperation with family-owned Dubai-based company Tomini Shipping. "We can see that decision-making processes are much quicker than if a company is run by a bank or a fund," says CEO.
The global container carrier and major customer of APM Terminals in Port of Gothenburg now says that it is considering rebooking close to 50 percent of its port calls. The announcement follows the gridlocked conflict between dockworkers in the port and APM Terminals.
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.
Fear that a dirty bomb had been placed on board the Maersk Memphis turned out to be unfounded, and the evacuation of Port of Charleston was called off. In general, the threat against the shipping industry is very low. Rick Intelligence CEO Hans Tino Hansen explains why.
Global oil production grew 1.25 million barrels per day in May 2017 compared to the same period last year. US shale oil producers in particular contributed to the increase, notes IEA in its latest monthly report.
Food goods are towering up on Brazil's east coast and every part of the supply chain from exporters, to port terminals, and warehouses are struggling with a lack of refrigerated containers. Carriers such as Maersk Line, MSC, and Hamburg Süd have moved containers to other locations in Latin America where rates are higher, critics tell ShippingWatch.
Dorian LPG hit the red in the fiscal year 2016/2017, where weak rates nearly halved revenue. The CEO, however, notes record-high LPG volumes from the US in 2017 and onwards and is optimistic concerning long-term market prospects.
Maersk Group's offshore carrier has agreed with two yards for the postponement of the delivery of nine vessels total. Several will now be delivered next year and one ship will not be delivered to the carrier until early 2019.
A 48-hour strike has completely stalled one of Europe's most important container ports, Algeciras in Spain, until Friday morning. According to Spanish media, Maersk Line plans to permanently withdraw some of its volumes from the key port. MSC vessels have been rerouted.
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.
MSC battled fierce competition for its North European business, as evident from the annual report 2016, in which the bottom line suffered a significant setback. The carrier expects to maintain a positive result for 2017.
Investment bank Jefferies expects that Maersk Line will improve its result for 2017 by USD 2 billion. This is 32 percent above consensus among analysts and twice as much as Maersk Line CEO Søren Skou has previously projected.
The former Maersk vessel North Sea Producer, which was sold as scrap in Bangladesh in the fall of 2016, contains radioactive material. The Supreme Court of Bangladesh is now demanding the presentation of an inspection report, reports media Danwatch.
While many dry bulk carriers are struggling severely with their finances, the Lübeck-based family-owned carrier Oldendorff continues its massive fleet expansion. Market observers are puzzled by the development. Read on to learn how many ships the fleet now covers.
In just one year, Hafnia Management has increased its fleet in the company's three tank pools by 41 percent to 106 vessels, making it the world's third largest pool operator. The ambition is to operate more Handysize and MR vessels, says CEO Anders Engholm to 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.
The EU Commission's review and efforts to tighten the state subsidy rules for the maritime sector are harmful to shipowners, who could opt to change flags, say ministers of transport and infrastructure from Holland, Denmark, and Sweden.
Despite growth in revenue and the operating profit, the bottom line landed in the red for Clipper's Danish company Clipper Group in 2016. The result was negatively impacted by exchange rate losses and the sale of two ferries.
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.
Canadian tanker and oil conglomerate Teekay's liquidity is under pressure as problems in the group's offshore company could impact the group overall, notes Morgan Stanley in a harsh review of Teekay's finances.
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.
The culture at Hamburg Süd is born at the intersection of independence and an anchorage in the habits of a German industrial dynasty, among these not to open the doors to the public. With Maersk Line's acquisition, one question in particular becomes pertinent.
Dubai has opted to bar virtually all vessels headed to Qatar regardless of flags. This is evident from a notice issued by authorities in Dubai which ShippingWatch is in possession of. But there is still widespread confusion about how the gulf states will handle the boycott of Qatar.
According to Alphaliner, there does not seem to be much factual evidence to support the claims that the container merger between Japan's three biggest carriers will disrupt competition in South Africa.
Maersk customers such as Jysk and DSV are currently trying to get clarification concerning the situation following Tuesday's cyber attack. If worst comes to worse, they could look toward other carriers, they tell ShippingWatch.
The Norwegian oil major has taken on a series of offshore vessels on contracts totaling USD hundreds of billions, including ships from Norway's new, large-scale offshore carrier Solstad Farstad and from Havila.
The hacker attack on Tuesday against the Maersk Group constitutes a massive test of the group's security procedures, analyst Lars Jensen of Seaintelligence Consulting tells ShippingWatch. The problems are now accumulating.