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Analyst firm calls off dry bulk boom in 2017

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The recovery seen late last year was not the beginning of a comeback for the dry bulk market, warns Maritime Strategies International. The analyst firm projects yet another year of low rates, for Capesize and Panamax in particular.

Danish carrier paid twice for the same fuel in costly OW case

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Dry bulk carrier T.K.B. is in a sticky situation after battling with OW Bunker's bankruptcy. Just like many others, the carrier has been forced to pay twice for the same fuel. The CEO has unsuccessfully tried to gather colleagues for a joint lawsuit against OW.

Last week's top stories on ShippingWatch

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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

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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

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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

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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.

Jinhui stuck in the red in Q3

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Jinhui Shipping, listed on the Oslo Stock Exchange, closed this year's third quarter with a deficit on the bottom line, just as the carrier did one year ago. "The freight rates in the first nine months of 2016 have been extremely volatile," writes senior management.

Star Bulk books a loss in Q3

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Greek bulk carrier Star Bulk, backed by equity fund Oaktree, booked a net deficit of USD 39.1 million in the third quarter. This is attributed to low rates and losses on ship divestments, the company writes in a financial statement.

This week's top stories on ShippingWatch

DFDS CEO Niels Smedegaard 2-version1 Carriers:

DFDS delivered another strong quarterly result during the past week of financial reports from several carriers, Maersk got burned by its own restructuring, and both bulk and tanker saw more setbacks. These were just some of the top stories this week on ShippingWatch.

Rio Tinto fires executives after internal investigation

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The two executives suspended last week have now been fired by mining company Rio Tinto. This occurred after an internal investigation of a case concerning a mining project in Guinea, after a 2011 incident where millions of dollars were paid out to a consultant with ties to the president at the time.

Investors regaining faith in dry bulk

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Hopes that dry bulk will experience a comeback are slowly beginning to emerge throughout the ailing bulk sector. Benchmark bulk shares have increased over the past week, writes Clarksons Platou. Donald Trump's construction plans could also boost US steel imports, observers project.

Major banks sell off multi-purpose vessels

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Banks including ING and ABN Amro are demanding compulsory sales of more than 20 Dutch-controlled multi-purpose vessels after cancelling loans to the vessels. ABN Amro has now cancelled the credit to Abis Shipping's fleet of more than 12 ships.

Drewry: Enormous potential in dry bulk shares

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Analysts project a significant share price upside for listed dry bulk carriers such as Norden, Scorpio Bulkers, and Golden Ocean in the wake of the first indications that the sector is headed for recovery. Some carriers have already seen growth this year between 100 and 200 percent.

New dry bulk investor raises almost USD 75 million

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Norwegian dry bulk duo Songa Bulk, consisting of Herman Billung and Arne Blystad, has raised close to USD 75 million for investments in dry bulk vessels. Billung and Blystad have both injected their own money into the project, which has now purchased its first vessel.

Last week's top stories on ShippingWatch

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The IMO reached agreement on the global sulfur directive, a list of Hanjin's creditors was published, and senior executives from the maritime sphere gathered for the Danish Maritime Forum in Copenhagen. Read about ING's lost OW Bunker case, struggling multipurpose carriers, and Maersk Line.

Last week's top stories on ShippingWatch

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Mads Zacho explained how he plans to get J. Lauritzen back on its feet, Maersk's shipbreaking troubles intensified, and two Norwegian shipping families joined forces in a new bulk partnership between Grieg Star and Gearbulk this week. Read about how shipping talent is developed as well.

Banks have lost faith in multi-purpose

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The decision from major bank ING to stop financing the multi-purpose group Flinter is a premonition of what is yet to come for owners and operators in the suffering specialized bulk sector, predict sources to ShippingWatch.

Bergen families founded new company on common history

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The new dry bulk partnership between Gearbulk and Grieg Star was started by tradition-bound shipping families Jebsen and Grieg, who have known each other for decades. Now, they will form a dominant player in bulk's open hatch segment, says Chairman of Grieg Star, Elisabeth Grieg, to ShippingWatch.

Low-priced bulk assets could reel investors back in

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Prominent bulk shares are currently being traded at such major discounts that, with the prospect of improvement in the dry bulk market in 2017, investors are regaining their appetite for the otherwise hard-pressed dry bulk carriers, project Alphaliner and Pareto Securities.

Growing demand for steel ahead of 2017

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After a minor setback in 2015, global steel demand is expected to grow in 2016 and 2017, according to new numbers from the World Steel Association. This is positive for dry bulk carriers, but the steel market still faces challenges from weak global investing.

BW Dry Cargo buys seventh ship in six months

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Six months after its startup, BW Dry Cargo, headed by CEO Christian Bonfils, has just purchased its seventh vessel and expanded staff at the Danish headquarters. The goal is to buy more vessels built in Japan, but prices have started going up, Bonfils tells ShippingWatch.

Last week's top stories on ShippingWatch

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Maersk's return to the controversial scrapping beaches in Alang, a time-frame for the developments toward unmanned vessels, and Maersk Line''s competitors are now noting surprising developments at the group after the split. Here are this week's top stories on ShippingWatch.

Bimco: Dry bulk sector must adapt to survive

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The crisis in the dry bulk sector is so far-reaching that shipowners will have to make significant changes if they hope to survive on the long-term, writes Bimco in a new report. Consolidation and risk management will be key for the dry bulk owners in the new reality, notes the association.

Bugbee buys stake in Scorpio Bulkers

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President Robert Bugbee has purchased shares for USD 216,000 in his carrier Scorpio Bulkers. The purchase comes a few days after the Scorpio Group management did away with the controversial transaction fees at Scorpio Bulkers and Scorpio Tankers.

Deutsche Bank: The damage is done for Scorpio

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Positive for investor sentiment that that Scorpio Group management does away with a controversial scheme for paying fees to itself, notes Fearnley. But to Deutsche Bank's shipping analyst, the case is a textbook example of how dire these things can develop.

Scorpio Group does away with maligned fees

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Management at the Scorpio group will no longer automatically collect one percent in fees for all vessels purchased or sold through Scorpio Bulkers and Scorpio Tankers. However, management can still collect fees through Bulkers if the share price exceeds USD 5.

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