Thornico group's dry bulk carrier Thorco Bulk has built up enough revenue after just six months that it will now expand by hiring more employees. The carrier will gain its own CFO, says Managing Director Marc Slinger to ShippingWatch.
Gas carrier Höegh LNG has ordered a series of large FSRUs from South Korean shipyards Hyundai Heavy and Samsung Heavy. The ships are set for delivery in 2018 and 2019 and will work on contracts in Ghana and Pakistan.
Iceland Seaman's Union believes a new deal with Eimskip now secures employment for members. The crews on board the carrier's vessels will be the focus of attention among Danish navigators when Eimskip and Royal Arctic Line launch their partnership in the North Atlantic.
Maersk Group CEO Søren Skou says in an interview with Bloomberg TV during the Davos summit that he thinks the most likely scenario for the group's energy business is an IPO. Søren Skou also projects increasing global trade.
Hapag-Lloyd has launched the process to streamline UASC and execute its redundancy plan. Rumors are circulating at the soon-to-be former HQ of the Arabic container carrier in Dubai. ShippingWatch can present the new regional manager who will effectively replace UASC CEO Jørn Hinge.
Major investor Wilbur Ross has been granted more time to map out his business investments in industries including shipping ahead of a hearing Wednesday. But he must sell out of a number of investments and give up important posts, writes Wall Street Journal.
The new South Korean container carrier SM Shipping, built on the remains of Hanjin Shipping, will have to gather close to 90,000 containers if it wants to launch operations in March. A spokesperson from SM Shipping explains that the carrier is working at full steam to solve the problem.
The recovery seen late last year was not the beginning of a comeback for the dry bulk market, warns Maritime Strategies International. The analyst firm projects yet another year of low rates, for Capesize and Panamax in particular.
Dismissals at J. Lauritzen, new cases in the wake of OW Bunker, and the crisis in the oil and gas sector leading to fresh firings at Maersk Oil – these were among the top stories on ShippingWatch this week.
Dry bulk carrier T.K.B. is in a sticky situation after battling with OW Bunker's bankruptcy. Just like many others, the carrier has been forced to pay twice for the same fuel. The CEO has unsuccessfully tried to gather colleagues for a joint lawsuit against OW.
The minister of environment in France Ségolène Royal has sent a letter to Denmark's government demanding that the Scandinavian country compiles a report about the shipwreck involving two Maersk vessels which sank off the coast of France.
The debate continues between the EU and the IMO about which organization should regulate the shipping industry's carbon emissions. Spokesperson for the EU Commission criticizes IMO Secretary General Kitack Lim.
Over two days of this week, hundreds of managers from Maersk Transport & Logistics voiced their thoughts on the future of Maersk at a seminar in Copenhagen. It involved talking strategies and growth goals for the new Maersk. Two management teams in particular are critical to the outcome.
Norwegian bulk carrier Golden Ocean expects that the bulk market will perform slightly better than in 2016 which saw a historic downturn back in February. However the carrier does not see signs of a recovery.
It has now been confirmed that South Korea will get a new deep sea container carrier by the name of SM Line. The carrier is owned by SM Group, which purchased Hanjin Shipping's Asia-US service network last year.
Since the turn of the year, the share price in Orient Overseas Container Lines has skyrocketed by 20 percent, and the group's container carrier looks poised to become the container industry's next acquisition, according to Alphaliner.
Eimskip could be hit by a labor strike unless the carrier is able to settle an agreement with its seafarers before Monday. Negotiations are still underway and the Icelandic carriers remains optimistic about resolving the matter.
Investors will be able to bag solid profits on investments in container and dry bulk shipping in the coming years, but they should stay away from tanker carriers, says Drewry in a new forecast for shipping shares in 2017.
Major and wealthy Swedish shipping group Stena AB is, unlike several of its Nordic peers which are currently wrestling with their bondholders, able to repay two large bond loans for a total EUR 600 million, which are set to mature on Feb. 1 this year.
The persistently challenging market conditions have forced J. Lauritzen's newly appointed CEO, Mads Zacho, to implement a significant reduction in the number of employees at the Danish carrier. "Necessary," Zacho tells ShippingWatch.
Seago Line, which is owned by Maersk Line, is changing the composition of its executive board, which will go from seven members to four. For the carrier, it will be "business as usual" going forward, says Maersk Line to ShippingWatch.
Remarkably few changes to the timetables announced by the two new and major container alliances set to launch in April 2017 come as good news for the major North European ports, of which several were hit by fewer calls last year, writes Drewry.
The extreme pressure in recent years on dry bulk carriers seems to be letting up, and 2018 in particular looks poised to be a turning point in all crucial aspects, concludes Fearnley Securities in a comprehensive analysis of the dry bulk market.
Investment bank Jefferies believes that Maersk Group's new strategy will create more value for shareholders. There are good opportunities for synergies in the transport division, while future divestments of the energy companies could free up billions of dollars, according to the bank.
Senior Vice President Helge Olsen is stepping down as Odfjell's head of ship management after serving 17 years at the Norwegian carrier. He will be replaced internally until a permanent solution is found, the carrier writes in a statement.
Interview with Maersk Tankers' new CEO, Christian Michael Ingerslev, a new Asian container alliance, a surge in dry bulk shares, and rigs ready to be scrapped in the North Sea were some of this week's top stories on ShippingWatch.
The Commission has approved 18 European yards which, going forward, can scrap EU-flagged vessels. Applications from non-European yards, including facilities in Alang in India, will be processed during the 2017.
Spot rates on the 11 major East-West routes between Asia and Europe climbed to a 20-month high this week, according to Drewry's World Container Index. Further rate increases are expected in the week to come.
SM Group, which is in the process of acquiring Hanjin's route network between Asia and the US, is considering establishing a new container carrier under the name SM Shipping. It has until now been thought that SM Group would place the network under its carrier Korea Line.
Iron ore prices could face a setback in the year to come after registering a surprise recovery in 2016, projects RBC Capital Markets. Growing iron ore stockpiles in Chinese ports and record-high Brazilian export are contributing factors.
Offshore carrier Farstad Shipping, fraught with problems, had partnered with investor Kristian Siem to come up with a financial rescue plan for the carrier. However, these efforts have now proven unsuccessful and the partnership between the two companies has been discontinued.
Maersk Line has entered into a new partnership with Chinese logistics giant Alibaba, which will allow customers to bypass freight forwarders and directly book a spot on Maersk Line's vessels, writes Reuters.
At least 10 of the 12 tankers that left Cheniere Energy Inc.'s Sabine Pass terminal in Louisiana last month, carrying LNG, are headed for Asian countries, and the region is now the biggest buyer of US-made LNG.
The prospects for struggling owners and operators of multipurpose vessels are intertwined with especially dry bulk vessels which have poor hopes of higher rates anytime before the end of 2017, according to Drewry.
2016 was a tough year for Japanese carrier NYK Line which had to cancel dividends to its shareholders for the first time in 52 years. President Tadaaki Naito is, however, optimistic about the future after the merger with K Line and MOL.
In December, the two major Dutch banks ING and ABN Amro forced the first large-scale consolidation through in the ailing multipurpose sector. Now the market is waiting on what the banks will do next in the German hub for specialized vessels. Drewry eyes slight improvement in late 2017.
Two container vessels from APL and Wan Hai have collided off the port Pasir Guadang in Malaysia late Tuesday, report several media. Upwards of 300 tons of bunker oil were spilled from one of the vessels.
With the prospects of a prolonged trade slowdown and continued low freight rates, Asia's container lines look set for further consolidation in 2017, projects Hyundai Merchant CEO. Analysts point to possible Taiwanese container merger.
With the container alliance HMM + K2 Consortium, Hyundai Merchant Marine is signaling that the company eyes opportunities for growth in intra-Asia rather than on the large trade routes, says Lars Jensen from Seaintelligence consulting.
The dry bulk market hit the bottom in 2016 and can only get better, while the market for crude oil transport can look forward to increasing optimism in the second half of 2017, says Deutsche Bank's shipping analyst. Scorpio Bulkers and Euronav are the favorites in the two segments.
The board of directors at Korea Lines' owner, SM Group, has voted no to the acquisition of Hanjin Shipping's Asia-US network. But the transaction could still be cleared as it is not contingent on shareholders' approval, informs a spokesperson.
Hyundai Merchant Marine (HMM) is entering a new alliance with the two South Korean carriers Heung-A Shipping and Sinokor on intra-Asian services after recently failing in attempts to be included in the 2M alliance between Maersk Line and MSC.
Iranian shipping group IRISL is making its foray into the region surrounding the Caspian Sea in a joint venture with a Kazakhstani company, while another new partnership has been established for yard work in Iran.
Jan Mechlenburg, who until recently served as Executive Vice President of Hafnia Tankers, left the tanker carrier at the turn of the year. He is one of the carrier's founders along with several other former Torm executives.
A large number of new vessels are headed into the dry bulk market in 2017 and 2018, which creates a major need for scrapping if the sector is to stand any chance of being profitable in 2019, warns Bimco.
Increasing pressure on all business segments meant that big decisions had to be made at Maersk Group's headquarters in Copenhagen, but stock market developments suggest that the outcome has been positive.
A RoRo vessel from Hyundai is listing off the coast of Bremerhaven after a cargo of cars was displaced on the night between Monday and Tuesday. Attempts to get the ship on an even keel by ballasting have not yet succeeded.
Asset manager Ernst Russ AG is now stepping forward as a major shareholder in struggling German Marenave. Ernst Russ owns a little over one fifth of the shares in the Hamburg-based company, which is currently trying to ward off bankruptcy.
The forecasts are all positive when it comes to global economic development but the risk factors have not diminished. Finans can guide you through the bright spots and the pitfalls of the global economy in 2017.
The world's two largest container carriers have expanded their Pacific network, most recently on Dec. 26, causing problems for ailing South Korean partner Hyundai Merchant Marine, which according to Alphaliner is now left with an unrealistic growth plan.
Offshore carrier Farstad Shipping has secured formal agreement from affected lenders for its announced decision to stop payments on debt throughout January 2017, while the carrier is working to settle a long-term agreement with the banks.
Everything has improved for shipping and logistics group DFDS in recent years, but the company has yet to deliver in terms of acquisitions. 2017 will change this fact, says DFDS Chief Exec Niels Smedegaard: "We have billions of kroner in our war chest."
Mitsui OSK Lines was blamed for a dramatic 2013 wreck, Hyundai Merchant Marine lashed out at Maersk Line, while Kristian Mørch talked about his turnaround of Odfjell this week on ShippingWatch, which also brought news about Thorco, Rickmers Maritime, and the oil sector.
Executive colleagues say that he has a keen intuition. But the former military man describes himself as somewhat of a control freak. ShippingWatch portrays the second of two highly successful chief executives in the transport sector in 2016: DFDS CEO Niels Smedegaard.
Japan's K Line has filed a lawsuit against APL Logistics, claiming that employees at the Singapore-based logistics company spread false rumors a few weeks after the collapse of Hanjin Shipping that K Line was similarly on the verge of collapse.
The two dry bulk carriers Gearbulk and Grieg Star's new joint venture, announced back in October, now has a name: G2 Ocean. The company is expected to launch operations in the first half of 2017 and will operate a fleet of more than 130 vessels.
A Thorco-managed Dutch company combines 61 multipurpose vessels in a new joint venture with ships from, among others, bankrupt Flinter Group and Abis Shipping, Otto Torenbosch, head of Thorco Shipping in the Netherlands, tells ShippingWatch.
Two generations in the Maersk family hold central positions in the investment company A.P. Møller Holding, which has now recruited two experienced Maersk execs. With CEO Robert Uggla's own information officer, the company will take on a more outgoing profile. ShippingWatch outlines the new firm here.
Norwegian offshore carrier DOF has just taken over a contract with Petrobas in Brazil, which until yesterday belonged to Subsea 7. The contract termination will generate a USD 106 million loss for Subsea 7.
The two former colleagues and senior executives Jens Grønning and Søren Andersen have acquired former broker and carrier Otto Danielsen A/S, which will become a consulting firm. "A particularly nice partnership," Jens Grønning tells ShippingWatch.