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.
Rates have generally been higher in 2017, a year projected by many to be a year of beginning recovery – but a decline since the boom in the spring has curbed the budding optimism. And this could be a good thing, says J.P. Morgan.
32-year-old Christoffer Berg Lassen grew up in the small Danish city Middelfart where Dan-Bunkering is also located. In 2004, he started a traineeship at the company, and 13 years later he has taken over the reins as CEO.
Analyst firm Alphaliner points to Singapore-based Pacific International Lines (PIL) as the most obvious acquisition candidate among the four carriers currently not part of the major alliances in the container market. However, the owning family told ShippingWatch in May that a sale was not in the cards.
The charges against Greek bulk carrier Dryships and its management are unfounded, stresses Dryships in a statement. The carrier is preparing for a showdown while at the same time announcing a new reverse stock split.
US Republican Senator John McCain is ready to take on the shipping legislation in the Jones Act once again. The law forces US-flagged carriers to use local vessels and local crews when sailing within US territorial waters.
The two gas carriers Höegh LNG and Nakilat will look into forming a joint business in Floating Storage and Regasification Units for LNG. The companies have signed a Memorandum of Understanding to explore the possibilities.
The medium-sized niche carriers have grown their fleets 12.8 percent since the turn of the year. This is significantly more than the global carriers for instance, and could lead to fierce competition among all niche carriers, notes SeaIntel.
When the delays were at their worst, Maersk vessels arrived a little over 24 hours late on average. But the delays were short-lived, according to a new analysis by SeaIntel. The IT problems are almost over, says Maersk Group.
A group of investors is suing Greek dry bulk carrier Dryships at a court in New York. Investors feel cheated in relation to a transaction last year. Two weeks ago, a similar lawsuit was filed in the Marshall Islands.
A container vessel from Maersk Line lost propulsion after an engine fire on Saturday off the coast of Alaska and had to be towed to port. No one was injured in the incident, the US Coast Guard tells local media.
Summer has arrived but the shipping industry is not on vacation. The legal aftermath of the OW Bunker collapse intensified, Cosco bought OOCL, and shipping's pollution was the subject of debate after last week's IMO meeting. Stories also came out about Dan-Bunkering and Arne Blystad.
German shipowner and ship management company E.R. Schiffahrt will gain another three vessels from Maersk Line under management. As such, Maersk Line will have nine vessels under management with the German company.
Arne Blystad seems to have expanded his business to the container market. According to several public registers, Blystad has established the company Songa Container along with a Norwegian partner. So far, the fleet counts three vessels, according to data from Vesselsvalue.com.
100 companies are responsible for more than 70 percent of industrial emissions of greenhouse gases since 1998, reveals a new investigation. Maersk Group is included on the list of the biggest polluters which is particularly dominated by oil companies.
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.
Workers pay the price when liquidators scrap vessels from bankrupt carriers on the beaches of South Asia, says NGO Shipbreaking Platform. One worker died during the scrapping of a Hanjin ship follow the carrier's bankruptcy.
Cosco Shipping stands to become the dominating player on the routes between the Far East and North America when the acquisition of OOCL is finalized. On the Asia-Europe routes, however, there is still a long way to reach MSC and Maersk Line, writes Alphaliner.
A court in the Marshall Islands has decided to lift a temporary suspension on the issuing of new shares in Dryships. The ban was part of a lawsuit against the dry bulk carrier, which has been accused by investors of inflicting huge losses on them in an unusual share tactic.
Although the overall takeaway from last week's climate meeting at the IMO was positive, the pace is still too slow, say two members of the European Parliament's delegation. "We cannot keep on waiting," said MEP José Inácio Faria at a committee meeting Tuesday.
Cosco Shipping's acquisition of OOCL this Sunday was the latest in a long line of mergers that have significantly altered the container industry over the past five years. See which mergers have taken place here.
Bourbon's takeover of Evergas has been completely shelved, but the failed shift in ownership has not impeded growth ambitions at Evergas, emphasizes CEO Steffen Jacobsen in an interview with ShippingWatch after the release of the 2016 annual report.
Tung Chee-hwa will see his personal net worth increase by around USD 400 million according to the Bloomberg Billionaires Index, based on the USD 6.3 billion Cosco offered for his family's Orient Overseas International Ltd.
Danish Shipping and the International Chamber of Shipping are optimistic after last week's meeting in the IMO where countries agreed on the framework for a climate strategy for shipping. Next year's deadline seems realistic, states Danish Shipping.
The huge consolidation wave sweeping the container industry is about to wind down with Cosco Shipping's billion-dollar acquisition of OOCL, say several analysts to ShippingWatch. Two players look set to become losers in the wake of the trend.
IMO member nations have agreed on framework conditions for a highly anticipated climate strategy which is set to be ready in 2018. Vision, climate targets, and the journey to reach these targets will now be up for discussion.
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.
Cosco is expecting a profit in the first half of the year from Cosco Shipping Holdings, which covers the Chinese container carrier's business. Improved freight rates will provide a boost, anticipates the company.
Maersk is discussing compensation liability with individual customers, but the top priority is to bring the IT systems in order, says Robbert van Trooijen, Managing Director for Asia and the Pacific Region at Maersk Line.
The IMO should, as a minimum, reach internal agreement that the coming climate strategy must contain clear-cut targets for by how much shipping must reduce its emissions. And there is also a need for immediate action, say NGOs.
The top level of the IMO ought to send a clear signal to its members that action is needed right now when it comes to the climate. This issue is about more than technical discussions, one EU member of parliament tells ShippingWatch.
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.
Developments Stena Group's drilling company Stella Drilling has prompted ratings buyreau Moody's to downgrade its rating of the entire Stena group. "We expect that market conditions will face significant pressure throughout 2017 and at least the first part of 2018," writes Moody's.
All signs seem to indicate that the implementation of the IMO's ballast water rules will be postponed. A large majority in the IMO supported a proposal to postpone the implementation Monday, however a final decision will not be made until Friday.
There were fewer pirate attacks against commercial vessels in the second quarter 2017, but Somali pirates still represent a significant threat against shipping, warns the International Maritime Bureau.
Almost half of the world's top 50 container carriers are unprepared for potential hacker attacks, determines an analysis from SeaIntel. The industry has a disturbingly low level of cyber security, SeaIntel writes, after Maersk Group was victim of a major cyber attack last week.
The results of company Selfinvest, which consists of the USTC group's businesses, dropped 50 percent to DKK 201 million after taxes. "The industry is experiencing rough seas like never before," says Torben Østergaard-Nielsen about the result.
The tanker carrier's two CEOs each earn more respectively than the top chief execs from Norway's three largest companies combined, reports Dagens Næringsliv. Competitor Frontline, which has made repeated attempts to buy DHT, has previously criticized the carrier's salary costs.
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.
Carrier Norden has been very active in terms of expanding its tanker fleet in 2017 through acquisitions and charters. The carrier is focusing especially on MR vessels, while also adding Handysizes to the fleet.
A series of private equity companies are approaching the perfect timing for selling their stakes in product tanker carriers, and this could be the beginning of an upheaval in the industry. Torm's CEO is ready to explore merger opportunities.
According to media Tradewinds, negotiations are taking place between Hafnia Tankers, headquartered north of Copenhagen, and US Diamond S Shipping, which is controlled by equity fund investor and current US Secretary of Commerce Wilbur Ross (pictured). Hafnia Tankers CEO declines to comment to ShippingWatch.
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.
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.
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.
Shipments of crude oil from Saudi Arabia to the US dropped to a seven-year low last week, and the trend looks set to continue amid OPEC's output cap deal and the country's seasonal increase in domestic oil consumption.
Hyundai Merchant Marine has reduced its capacity by 28 percent in the period from April to June, according to Alphaliner. HMM has chartered nine vessels to the 2M alliance members Maersk Line and MSC, with whom the South Korean carrier has formed a vessel sharing agreement.
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.