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Lauritzen's head of dry cargo steps down

PeterBorup.jpg Bulk:

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

johan.jpg Carriers:

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

Hansa Heavy Lift Hamborg Tomas Dyrbye Bulk:

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

hamburgsud4.jpg Carriers:

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.

J. Lauritzen loses bunker deal with Hafnia

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Although both parties were seemingly pleased with the results, J. Lauritzen's arrangement to handle Hafnia Management's bunker acquisitions has been canceled, effective April 1. The deal has secured Lauritzen one dollar per purchased ton of bunker oil.

Last week's top stories on ShippingWatch

maersksearcher.jpg Carriers:

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.

Dry bulk rate hike comes to an end

Splitness losser i Nyhavn tørlast dry bulk Bulk:

The bulk recovery which began in November is now definitively over. The Baltic Dry Index has fallen tremendously since its high point in the middle of November and has now reached the same level as when the recovery began. 2016, however, comes to a close amidst industry optimism.

Last week's top stories on ShippingWatch

POLFOTO_44127043.jpg Carriers:

Maersk finally presented its plan for what the group will look like going forward, and what will be sold off. The group also received some rare criticism from Denmark's conservative government. A new shipping bank saw the light of day, and another wants to be global. Here are this week's top picks on ShippingWatch.

Oldendorff's fleet expanded big-time in 2016

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German carrier Oldendorff and Cargill Ocean Transportation have shared the title of world's by-far largest bulk operator with fleets of approximately 500 vessels. But Oldendorff has expanded heavily in 2016 in terms of fleet size, according to new numbers.

Western Bulk Chartering reduces deficit

Western Texas Westen Bulk Jens Ismar Bulk:

Western Bulk Chartering's business has been drastically reduced compared to previous years, following the parent company's bankruptcy in early 2016. But things are slowly starting to shape up for the bulk company. Investigations into the parent company's bankruptcy are now finished.

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Norway's Belships reduced its deficit

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.

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