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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.

Owner and CEO agree: J. Lauritzen will not need more capital injections

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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.

Last week's top stories on ShippingWatch

Carriers:

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.

J. Lauritzen improves offer to bondholders

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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.

Klaveness: Three challenges in dry bulk growth

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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.

Dry bulk carriers detect increasing interest in Asia

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Dry bulk carrier Klaveness has experienced a significant rise in interest from customers over the past year compared to the previous years in which the carrier has been present in Singapore. The bulk division at Norden in Singapore also notes a surge in activity, the carriers tell ShippingWatch.

Noble Chartering secures new revenue from Europe

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Singapore-based operator Noble Chartering has found additional employment in Europe for its fleet of close to 120 vessels, and the new geography is part of the current development in a generally more positive dry bulk market, CEO Michael Nagler tells ShippingWatch.

This is why bondholders are angry with J. Lauritzen

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Yet another owner of bonds in J. Lauritzen is highly critical of the carrier's proposal to push back repayment of the loan. The investors have now hired a special consultant to handle dialog with the carrier. ShippingWatch outlines why the bondholders are prepared to vote no.

Golden Ocean in strong finish to 2016

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Norwegian dry bulk carrier Golden Ocean benefited from the rate hike in late 2016, and the company also managed to reduce its full-year deficit compared to 2015. CEO Birgitte Vartdal eyes signs of improvement in the strained dry bulk market.

Bondholders could knock down J. Lauritzen's bank deal

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Two thirds of the bondholders need to vote in favor of repayment of their loans being postponed, otherwise J. Lauritzen's entire, new refinancing package, including backing from the banks and owner Lauritzen Fonden, will collapse. ShippingWatch has interviewed CEO Mads Zacho about the prospects.

J. Lauritzen suffers new full-year deficit in 2016

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Hard-pressed dry bulk carrier J. Lauritzen was hit with yet another deficit in 2016, a result management deems unsatisfactory. However, the carrier's CEO Mads Zacho has been able to settle the main terms of the refinancing deal with banks that was crucial for the company's future.

Analysts eye two bright spots for heavy lift vessels

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The market for heavy lift transport and multipurpose has been ailing for several years now, and 2017 looks set to be another difficult year for the industry, which will have to look to new areas in order to fill its vessels. Douglas-Westwood points to two segments with potential in a new analysis.

This week's top stories on ShippingWatch

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Perhaps Maersk Line can expect a positive result in its interim report, set for release next Wednesday. The battle for the ballast water market has begun. John Fredriksen struggles with two separate issues. And Shipping and offshore are hurting banks. Read this week's top picks on ShippingWatch.

Bulk
Lauritzen CEO is hunting for new dry cargo execs

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.

Bulk
J. Lauritzen: Dry bulk challenging despite improvements

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.

Bulk
Last week's top stories on ShippingWatch

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.

Bulk
Strong bulk market surprised Norden CEO Jan Rindbo

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.

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