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Scorpio Tankers merges with Navig8

IMG_3322.JPG Tanker:

The consolidation wave in product tanker is now reality. Robert Bugbee's Scorpio Tankers will merge with Navig8 and issue new shares for USD 200 million. The new behemoth will have a fleet of 105 vessels and will compete directly with carriers such as Torm, Ardmore, and Hafnia Tankers.

Weco A/S projects worse 2017

johan.jpg Carriers:

Shipping group Weco A/S saw revenue and earnings decrease from 2015 to 2016, and 2017 will also be a tough year. Shipowner Johan Wedell-Wedellsborg has scaled down several of his shipping activities during the same period.

Competitors overtake Maersk Line in 2017

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2017 showed the first signs of improvement in the struggling container market, according to a comparison of first quarter results from the major carriers carried out by SeaIntel. It also shows that Maersk Line has fallen behind several of its competitors on the earnings front.

Ultrabulk vessel detained in Panama

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A vessel from carrier Ultrabulk loaded with phosphate has been detained in Panama. Ultrabulk is breaching international laws, says NGO. The cargo is legal, says Ultrabulk CEO Per Lange, who is backed by association Danish Shipping. The vessel has been released Monday.

MAN pays back USD 8 million in engine fraud case

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MAN Diesel & Turbo will pay back USD 8 million to Norwegian carrier Skaugen in the protracted fraud case related to diesel engines which used more fuel than stated in contracys. "MAN Diesel & Turbo SE has substantial outstanding claims against Skaugen," says MAN in a comment to ShippingWatch.

Lauritzen CEO is hunting for new dry cargo execs

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The carrier is hunting for a replacement for the two dry cargo executives who recently left Lauritzen Bulkers. "The process is important, so whether it takes one or three months to find the right person is a secondary factor," says CEO Mads P. Zacho to ShippingWatch.

J. Lauritzen: Dry bulk challenging despite improvements

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J. Lauritzen delivered an improved operating result in the first quarter, though the carrier still suffered a deficit. "Despite market improvements in Q1, dry cargo markets continue to be challenging," says CEO Mads P. Zacho. The carrier maintains its expectations for the full year 2017.

Hapag-Lloyd's deficit grew in Q1 2017

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Like its major competitor Maersk Line, German container carrier Hapag-Lloyd was slammed by higher bunker prices in the first quarter, where the carrier booked a loss of EUR 62.1 million. Expenses for ports and terminals towered up for the company, writes Clarksons Platou.

Drewry: Scrapping could kick-start tanker recovery

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A massive orderbook packed with new crude oil tankers set for delivery in 2017 means that overcapacity will continue to strain the sector. The large vessel influx will be replaced next year by weak demand, and the scrapping of vessels is thus crucial to the prospects of a tanker market recovery, writes Drewry.

Havila Shipping sees weak market until 2019

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The Norwegian offshore carrier saw its deficit grow and operating income dwindle in the first quarter of the year. Havila Shipping completed a large-scale restructuring earlier this year which is expected to give the carrier leeway in a weak market in 2017 and 2018.

DHT Holdings books first quarter profit

DHT Holdings.jpg Tanker:

DHT Holdings performed above analyst expectations with the operating result in the first quarter this year. The carrier, which is subject to continuous acquisition offers from competitor Frontline, has also settled a new bank agreement.

Owner family defends PIL's autonomy

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In the wake of massive consolidation, pressure is mounting on medium-sized container carriers such as Singapore-based PIL. "But we are not for sale," the carrier's Executive Director Lisa Teo tells ShippingWatch, although she does acknowledge the challenges ahead.

Maersk Line: We have a service problem

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Customers have been saying it for a long time, and new figures document that the container carriers are far from able to comply with their service schedules. Maersk Line acknowledges to ShippingWatch that the industry including the carrier itself is not performing satisfactorily. "We have a service problem that needs to be solved."

Frontline to DHT: Let the shareholders decide

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DHT Holdings' board of directors rejects the Frontline bid announced on April 25. The board adds that it is about time that the parties move on. Instead, Frontline replies that the bid should be presented to the shareholders, according to a comment to ShippingWatch.

Denmark sends out aircraft in anti-piracy effort

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The Danish government will issue Challenger aircraft to monitor the Indian Ocean and provide security for vessel traffic in the region, where piracy has sparked up again over the past few months. The aircraft will help to "hinder terror financing and organized crime," says Danish foreign affairs minister Anders Samuelsen.

Maersk executives enter Hamburg Süd management

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Two prominent senior executives from Maersk Line will join the management team of German container carrier Hamburg Süd. The carrier has also tapped a new CEO from its own ranks for when Ottmar Gast steps down. The changes are contingent on the finalization of the acquisiton.

Cost of fighting piracy rises again

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After several years of lower expenses in the fight against piracy, costs have once again increased according to the latest report from Oceans Beyond Piracy. "Piracy still poses a significant threat to shipping," says the Danish Shipowners' Association. Read the entire report here.

Strong bulk market surprised Norden CEO Jan Rindbo

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Despite a "surprisingly strong" dry bulk market, Norden's bulk business showed weak performance in this year's first quarter because the carrier's tonnage was fully utilized. CEO Jan Rindbo expects an adjusted bulk result in the low end of the forecast, he tells ShippingWatch.

Carriers
Höegh LNG beat expectations in first quarter

The gas carrier finished the first three months of the year with improvements across the board, a development attributed in particular to a new project in Colombia. The carrier also beat market expectations. "Balance sheet remains rock solid," notes Fearnleys.

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