This summer week brought several key stories. ShippingWatch reported on the Danish Attorney General's indictment against Lars Møller of OW Bunker. The first half year results of bulk and container bode well for the two sectors. And the new Dan-Bunkering CEO unveiled his ambitious growth target.
The Greek dry bulk carrier exits the first half of the year with a net loss of USD 50.3 million, following a new deficit for the second quarter. Despite a low risk profile, JP Morgan voices concerns about growing credits to sister company.
The first six months of 2017 saw a rise in orders for new tanker and dry bulk vessels compared to the first half of 2016. For one segment, no newbuild orders have been placed so far this year, show new numbers from VesselsValue.
Yet another round in the dispute between the Greek dry bulk carrier and a shareholder is decided in favor of the carrier and its founder, George Economou. A court in the Marshall Islands has rejected the plaintiff's injunction against the carrier's sale of stock, informs Dryships.
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 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.
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.
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 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.
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.
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.
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.
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.
Another consolidation in the tanker industry. US President Donald Trump will pull the US out of the Paris Climate Accord. 180 years of shipping may come to a end at Rickmers Group. News from Nor Shipping. Read this week's top picks on ShippingWatch.
Carrier Thorco, owned by Denmark's Stadil family, booked a deficit of DKK 632 million in 2016, reports business daily Berlingske Business. The loss is attributed to impairments and the sale of non-profitable vessels.
Major Asian commodity company Noble Group, which counts firms including bulk carrier Noble Chartering, is in the midst of a battle for survival. Recent weeks of bad news feed into fears for the future of the group which is listed in Singapore.
Police in South Korea have raided Polaris Shipping's offices in Seoul and Busan. Investigators are hoping to find new information concerning the cause of the tragic accident in April in which the carrier's vessel, Stellar Daisy, sank in the South Atlantic.
Monjasa suffered massive deficit, while broker Lightship lost a dramatic court case to a former partner. And Dong found a buyer for the company's oil and gas business. Here are this week's top stories on ShippingWatch.
A 38-year-old crew member from the Philippines has been killed in an accident on board Norden vessel Nord Quebec when the ship berthed at Troi-Riviéres in Canada. The Canadian authorities are investigating the accident.
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.
There will be no need to inject more money from Lauritzen Fonden into J. Lauritzen, agree the managing director of owner Lauritzen Fonden and the carrier's CEO in comments to ShippingWatch. J. Lauritzen has received a little over USD 194 million from the owner in 2016 and 2017.
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 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.
Norden off to a weak start in dry bulk in 2017, a record-large deficit for DSV, strong results from oil majors, and increased political focus on shipping by US and EU authorities were among this week's key stories on ShippingWatch.
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.
Although Norden's dry bulk business has been doing fairly well, the product tanker market still looks gloomy, according to analyst assessments ahead of the carrier's first quarter report presentation this Wednesday.
Michael Fiorini is stepping down from his position as deputy chairman of the board at Lauritzen Fonden. Fiorini was the head of Denmark's East Asiatic Company from 1992 to 1996. He will now be replaced by another prominent shipping figure.
Several EU member states, including Denmark, are currently having their state subsidies to carriers and maritime businesses scrutinized, while John Fredriksen's efforts to take over DHT continue. And ShippingWatch was present at the major shipping conference in Singapore this week.
Pacific Basin has hired a new CFO who is joining the company from tanker carrier BW Pacific. He has a background in the finance sector and will start in his new position in August when the current CFO steps down.
Shipping banks have impaired loans for USD 3.4 billion and DHT stopped an attempt by Fredriksen's Frontline to block the transaction with BW Group. These stories and more were featured this week on ShippingWatch.
Bulk carrier Scorpio Bulkers' earnings more than tripled in the first quarter, but the carrier is still sailing with losses on the bottom line. The carrier has made a USD 17 million impairment on ship values.
China is building its infrastructure and this constitutes the dominant factor in the development of the dry bulk market this year, Bimco writes in a new analysis. Brazil is playing an increasingly larger role in the transportation of iron ore.
J. Lauritzen's bondholder dispute was resolved, the carrier relying on money from its owner. More details emerged about the EU approval of Maersk's takeover of Hamburg Süd. And Rickmers Maritime had to throw in the towel. Keep up with this week's top stories on ShippingWatch.
Contract breaches have contributed to XO Shipping's plunge into the red for the first time in the bulk carrier's history. Meanwhile, a case concerning double-payment in the wake of OW Bunker's collapse is still causing pain, says CEO Ejner Bonderup to ShippingWatch.
Norden will spend between USD 19 and USD 38 million to equip 38 vessels with ballast water management systems over the next five years starting next year, says head of project management, Jeppe Mulvad Larsen, to ShippingWatch.
Dry bulk carriers should not pin their hopes on the current boom in China's economy. Stimuli from fiscal policy were the drivers of increased demand and now it seems the country's government will try and slow down the housing market, two analysts tell ShippingWatch.
London P&I Club and two partners have issued new guidelines for sailings with dangerous cargo which can become liquefied if humidity levels are too high. Last Friday, Stellar Daisy was shipwrecked after sailing with category A cargo.
Following the recent acquisition of 16 dry bulk vessels, Golden Ocean and CEO Birgitte Vartdal are still examining new opportunities to grow the fleet. "It has to be something that makes sense for us," she tells ShippingWatch.
The dry bulk market got off to a rough start in 2017 but in mid-February things began to turn around. The quarter was better than expected, says Golden Ocean CEO, Birgitte Vartdal. A Danish dry bulk carrier is also cautiously optimistic.
Significant resignations at J. Lauritzen, large deficits from Hapag-Lloyd and the rest of the container sector, the Maersk Group General Assembly, and massive volumes of oil left on two sunken Maersk vessels featured among this week's top stories.
Vice president of Lauritzen Bulkers, Martin Sato, has resigned from the dry bulk carrier. The news comes just a few days after the carrier's head of dry cargo stepped down. Sato will instead join dry bulk carrier Baltnav.
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.
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.
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.
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.
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 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.
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 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.
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.
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.
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.
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.
The New York-listed dry bulk carrier booked a net deficit of USD 13.4 million in the second quarter, almost a 50 percent reduction compared to last year. Rates stabilized in the quarter due to increased Chinese iron ore and coal output, notes the carrier.
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.
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.