The two Maersk Supply Service vessels which sank off the coast of France last year contained a total of 192,000 liters of oil and oil residues, according to an inventory of hazardous substances in the vessel's tanks. The carrier has confirmed the figures, while an environment expert says the ships must be emptied or salvaged.
Monitoring of fuel consumption on Norden's fleet has secured savings of nearly USD 25 million at the carrier, while the oil price decline has contributed to a strong reduction in costs, according to Norden News.
Hapag-Lloyd CEO Rolf Habben Jansen heralds a pause in growth for the German carrier in order to digest the mergers with CSAV and UASC and cater to the owners who have lost vast sums in recent years. He does not share the optimism for the market expressed by other carriers.
In the latest newsletter from Alphabulk, the analyst agency has looked into how different types of dry bulk vessels have changed in size since 1990. Two vessel types in particular stand out from the crowd.
The closure of the service that linked the Mediterranean to the US East Coast and parts of Latin America marks the end of a 60-year presence for the carrier on this trade. According to Alphaliner, the service is shut down due to persistent losses.
Maersk has developed 15 digital prototypes, says Maersk's departing chairman Michael Pram Rasmussen at the Maersk General Assembly in Copenhagen on Tuesday. He also expresses "pride" at the work being done by Maersk at shipbreaking facilities in India.
John Fredriksen and his tanker carrier Frontline are offloading shares in DHT Holdings. The sale comes after Frontline's attempts to buy the competitor failed last week, as DHT made a deal with BW Group instead.
J. Lauritzens' head of dry cargo, Peter Borup, has stepped down from the carrier "following mutual agreement." The carrier is currently struggling to settle a refinancing agreement. The head of Lauritzen's gas vessels will serve as interim head of dry cargo.
It was an aggressive Maersk Line which conquered nine percent of the global container market in 2016, says Hapag-Lloyd CEO Rolf Habben Jansen, who now risks losing longtime cooperation agreements with "neighbor carrier" Hamburg Süd to Maersk Line.
Danish bulk carrier J. Lauritzen has decided to give up an agreement with a group of recalcitrant bondholders ahead of a meeting Tuesday. At the meeting, bondholders will vote for the carrier's suggestion to set aside NOK 500 million of debt. J. Lauritzen is currently working on a new proposal.
Even though some of the Asian and, especially, South Korean shipyards are cutting costs, production capacity available at yards in Asia represents a fundamental challenge for the economy in the shipping sector, with an equilibrium being far off, DVB tells ShippingWatch.
The launch of the new container alliances on April 1 will mark a new era for container shipping, and market observers will keep an eye on whether the new setup helps container majors keep rates high on key trades, notes SeaIntel.
After for years having been buying and selling RoRo and RoPax tonnage, Stena RoRo is now putting its role as merchant on hold due to fiercer competition in the RoRo market in particular. The company's bet on Asia has yet to pay off, CEO Per Westling tells ShippingWatch.
"The bottom line is still that this result is not satisfactory," says Rolf Habben Jansen, CEO of Hapag-Lloyd, which has just published its report for last year. 2017 also saw a tough start for the carrier.
Somali pirates have hijacked a vessel with the intention of using it as a mothership for attacks on larger vessels, say Somali police according to Reuters. This comes shortly after another commercial vessel was hijacked in the region for the first time in five years.
Danish pension funds will invest big-time in shipping, a new COO at French container carrier, and a new deal between Denmark and oil majors for the North Sea are some of this week's top stories on ShippingWatch.
Several critical observers question US Secretary of Commerce Wilbur Ross' continued ownership of product tanker carrier Diamond S Shipping. The carrier's ties to China in particular are being criticized by ethics experts who point to possible conflicts of interest.
Chilean-owned but Denmark-based Ultrabulk can, unlike many of its competitors, present yet another profit in its books for 2016. Speaking to ShippingWatch, CEO Per Lange describes 2017 as a year which showed several positive trends for dry bulk.
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.
Clarksons Platou and Fearnley Securities are both praising tanker carrier DHT Holdings for its purchase of BW Group's VLCC fleet. With the transaction, the company goes from being on the defense to an active player in the consolidation in the tanker market, say the analysts.
Things are moving in the right direction for Norwegian dry bulk carrier Belships. Despite a new deficit, the loss in 2016 was significantly smaller than in 2015, according to the annual report published Thursday.
DHT Holdings is set to buy BW Group's fleet of 11 VLCCs including two newbuildings set for delivery next year, inform the parties Thursday. The transaction will make BW Group a major shareholder in DHT Holdings.
According to Clarksons Platou, Hapag-Lloyd looks set to become one of the winners in a container market which the shipbroker projects will experience significant improvements in 2017 – especially due to a record-low fleet growth.
The EU Commission postpones its final decision concerning Maersk Line's acquisition of Hamburg Süd after the two carriers have made concessions. Maersk Line describes the move as standard procedure and expects EU approval by April 10.
The Journal of Commerce reports that the CEOs of Maersk Line and other container carriers were recently handed subpoenas from US antitrust regulators during a meeting of the industry's closed forum the Box Club.
The Marshall Islands have now overtaken Liberia as the world's second-largest ship register behind Panama as number one. Among several factors, a new wave of Chinese owners have boosted the Marshall Islands' position.
Clarksons Platou expects more stable rates and gradually growing confidence in the dry bulk market. The firm thus says 'buy' to dry bulk shares rather than viewing the shares as candidates for selling.
The world's third-largest container carrier has hired a former Maersk man as one of Rodolphe Saadé's closest employees and new COO of the French company, according to ShippingWatch's sources. Read on to learn who.
The new maritime investment fund, boasting more than USD 300 million in capital, will most likely be followed by more similar funds, CEO of pension fund PensionDanmark, Torben Möger Pedersen, tells ShippingWatch in a talk about the fund's interest in shipping right now.
The Norwegian carriers saw their revenue decline significantly more than expected last year, according to new numbers from the Norwegian Shipowners' Association. The shipowners expect a continued crisis in offshore in 2017 and a new major dip in revenues.
Last year's fluctuations in the tanker market were severely testing for the sector, says state-owned Russian tanker carrier Sovcomflot after publishing an annual report showing a setback in profits compared to 2015.
Politicians in Greenland will this week assess whether the entire maritime political area can be brought back to Greenland instead of falling under the Danish Maritime Authority. The idea falls in line with Royal Arctic Line's plans to flag more of the carrier's vessels locally.
Pension funds PensionDanmark and Danica and investment firm Navigare Capital Partners will place USD 300 million in a new fund that will invest in ships. The fund will be headed by Henrik Ramskov, formerly of Maersk Broker. Additional maritime funds are in store.
A new report outlines the main challenges related to introducing unmanned vessels in the years to come. Legal responsibilities and the vessels' co-existence alongside regular manned vessels are among the top priorities that need to be dealt with, according to the report.
The German multipurpose carrier has experienced a decline in cargo volumes in Asia by almost one third in the first months of the year. "We are preparing for a tough year," COO Henrik Pedersen tells ShippingWatch.
The container carriers are working to reduce the number of direct links between several ports on the major tradelanes which will be serviced by the three alliances starting April 1. A new analysis concludes that this could be good for the carriers' business, though it could also hurt the ports.
A higher bunker price would make ships sail slower. This could help reduce overcapacity in the dry bulk market, Pacific Basin CEO Mats Berglund tells ShippingWatch. He therefore hopes for a higher oil price in 2017.
The container carrier has from 2015 to 2016 virtually eliminated the use of so-called facilitation payments, namely the mild form of bribes as payment in the form of, for instance, cigarettes for pilots, customs officials, and port authorities, reports Danish media dr.dk.
Shipowner Johan Wedell-Wedellsborg opened up about the sale of Stena Weco to Stena Bulk, Maersk Group CEO Søren Skou is building a new CEO Office, and the dry bulk shares have skyrocketed in 2017 so far. Here are this week's top picks on ShippingWatch.
Container carriers Hapag-Lloyd and UASC postpone the deadline for the merger to late May 2017. Dynamar reports that the delay is caused by complex bank negotiations. The launch of The Alliance will not be affected, inform the carriers.
Shippers which routinely send containers to Asia are noting "heavily damaging situations" due to a major decline in capacity on the vessels, says the European Shippers' Council, voicing harsh criticism against the three major alliances.
The controversial restructuring, including the separation of Western Bulk Chartering, in 2016 was "very painful and unfortunate," Jens Ismar, CEO of the Norwegian dry bulk carrier, tells ShippingWatch. He does not rule out new downturns in the market.
A hijacking of a tanker vessel in the waters off the coast of Somalia on Monday shows that there is still a high risk in the region. "This is absolutely a return of piracy," says the head of the UN’s Global Maritime Crime Programme.
A study shows that companies in the transport sector, such as Maersk, Hapag-Lloyd, Kuehne+Nagel, and Wrist, are increasingly hiring executives already working in the sector. The study is performed by consultants Russell Reynolds.
Things are looking better than it has in a long time for the medium-size container vessels as the charter rates are headed for a more sustainable level. There is an "extraordinary level of activity" right now, writes Alphaliner in the firm's latest analysis.
2017 could be a challenge to the tanker vessels transporting crude oil. But on the short and medium term, Euronav's CEO projects that a steadily increasing oil consumption across the globe combined with the new environmental requirements will make supertankers a sound business.
The downturn in German shipping means that a smaller number of banks have now taken over a large number of feeder vessels from ailing shipowners. This development was noted at Unifeeder in the first half of 2016, as charter prices increased. Yet this trend has turned around, says CEO Jesper Kristensen.
Maersk's CEO, Søren Skou, who also serves as CEO for the group's by-far biggest business area, Maersk Line, is establishing his own staff unit in a so-called CEO Office. The office will be headed by a former McKinsey exec.
The naval forces disappeared and ships have started to sail closer to the coast of Somalia, so it is no surprise that a pirate attack has occurred off Somalia, says CEO of Risk Intelligence, Hans Tino Hansen. The outcome of the new attack will be decisive in terms of whether piracy in the region escalates once again.
The 2M alliance between MSC and Maersk Line will, starting April, increase its capacity on Asia-Europe by 25 percent, and the significant volume expansion could trigger rate disruptions, writes analyst firm Alphaliner in its latest newsletter.
One of the world's largest shipping banks, struggling HSH Nordbank, projects that several German carriers, and thus the bank's customers, could be hit by Maersk Line's acquisition of Hamburg Süd, the bank's Head of Global Shipping, Christian Nieswandt, tells ShippingWatch.
Capital manager Alfred Berg Kapitalforvaltning does not seem to have softened its stance following an improved offer from J. Lauritzen to its bondholders. The response at this point is another no, as the carrier has still not been in touch with the company, Alfred Berg tells ShippingWatch.
In the midst of one of the worst crises ever for the specialized carriers in the MPP sector, one of the major players in the field, Dutch Spliethoff, has contracted six large newbuildings from a Chinese shipbuilder.
Along with owner Nordic Capital, Unifeeder has designated three areas in which the carrier intends to grow in the coming years before changing ownership again. CEO Jesper Kristensen and Lars Terney, partner of the fund, are both ready for acquisitions, they tell ShippingWatch.
After criticism from several bondholders, J. Lauritzen has decided to change the conditions of the offer which was made to them. Without an acceptance, the refinancing package cannot be approved. The meeting with bondholders in Oslo has been postponed to March 28.
The threat from cyber crime and cyber espionage is "very high" in the maritime sector, according to a threat assessment from the Danish Defence Intelligence Service's Centre for Cyber Security (CFCS). Read the report's main conclusions here.
Although Klaveness in Singapore is currently experiencing growth in the business along with high revenue when it comes to dry bulk, there are still three challenges luring on the horizon, explain two Klaveness executives in an interview with ShippingWatch.
Rickmers Maritime has received word from HSH Nordbank that the bank may be willing to forgive debt if noteholders agree to a similar move. This development means that Rickmers Maritime is now putting together a new restructuring proposal.
In line with other global container carriers, the world's third largest container carrier, France's CMA CGM, booked a deficit for the entire 2016, according to the carrier's report. The fourth quarter, however, showed positive signs.
Maersk plans to sue a Spanish billionaire, Torm CEO Jacob Meldgaard talks to ShippingWatch after the release of the carrier's annual report for 2016, and dry bulk may be closer to recovery. All this and more on ShippingWatch this past week.
An review of losses across several leading bulk carriers, carried out by Alphabulk, shows that the bulk crisis struck the industry hard again last year. The research firm has also put a figure on total accumulated losses since 2010 – and it is big.
Consolidation continues among German shipowners with Hamburg-based Claus-Peter Offen and Offen Group's takeover of Munich's Conto Group. Following the transaction, Offen Group owns a fleet of 169 vessels.
"If the container carriers see themselves as key players in the supply chain, they have failed," European shippers tell ShippingWatch following a members’ meeting Tuesday. The European Shippers' Council is ready to involve the EU to weigh the dominance of the three alliances.
There are the optimists in dry bulk, who believe that a recovery is in progress. And then there are the ones who believe that it will likely be 2018 before the market is healthy again. And then there is Ultrabulk CEO Per Lange, who simply points to an imbalance that is hard to ignore.