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This week's top stories on ShippingWatch

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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.

Diana Shipping lost USD 23.8 million in Q2

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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.

Court rejects injunction case against Dryships

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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.

Dryships is being sued in New York

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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.

Court drops some of the charges against Dryships

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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.

Dry bulk terminals fail test of high-risk cargoes

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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.

This week's top stories on ShippingWatch

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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.

"An industry downturn is exactly what we need"

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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.

Sons have taken over at family-owned dry bulk carrier

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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.

Oldendorff continues aggressive fleet expansion

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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.

This week's top stories on ShippingWatch

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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.

Last week's top stories on ShippingWatch

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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.

Noble Group is fighting hard to survive

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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.

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.

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.

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.

Last week's top stories on ShippingWatch

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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.

This week's top stories on ShippingWatch

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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.

XO Shipping delivers first deficit ever

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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.

This week's top stories on ShippingWatch

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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.

Ultrabulk CEO: Dangerous imbalance in dry bulk

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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.

Lauritzen's head of dry cargo steps down

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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.

Last week's top stories on ShippingWatch

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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.

Norwegian bondholder rejects new Lauritzen offer

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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.

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Scorpio Bulkers cut its deficit in half in Q2

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.

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Last week's top stories on ShippingWatch

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.

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