The International Maritime Organization is now urging dry bulk carriers to exhibit extreme caution when transporting bauxite, which can liquefy during voyages. However, the official rules will not be updated until 2019.
Compensation claims filed against collapsed OW Bunker, the publication of names of sulfur violators, and J. Lauritzen's Supreme Court defeat against MAN Diesel & Turbo were among this week's top stories on ShippingWatch.
Former J. Lauritzen CEO Torben Janholt did not expect to once again serve as chief executive of a dry bulk carrier. But an obvious lack of management and insistence from the primary shareholder convinced the now 70-year-old shipping man to return.
After some relatively positive months at the beginning of the year, the dry bulk market is now headed in the wrong direction, in terms of showing restraint on new orders and scrapping the aging fleet. The boom for large Capesize ships will not rub off on other segments.
Mining company Vale has been a major owner of the huge Valemax vessels for the transport of iron ore. The Brazilian company now owns just one ship, but is currently expanding the operated fleet significantly, Vale tells ShippingWatch.
In just three weeks, rates have more than tripled on the spot market for the large Capesize vessels, Golden Ocean CEO Birgitte Vartdal tells ShippingWatch. A Norwegian analyst firm estimates that rates for major bulk vessels could rise to over USD 40,000 in the second half of the year.
CEO Mads P. Zacho has reduced expenses at J. Lauritzen in order to prepare the carrier for a protracted downturn on the dry bulk market. There is no need for more major cost cutting, he tells ShippingWatch.
Among the dry bulk carriers, Pacific Basin is one of the few players so confident in the market that it has performed a significant fleet expansion. And more could be underway. ShippingWatch has interviewed CEO Mats Berglund about where the optimism comes from.
They have seen the highest dry bulk rates in four years but it is still not enough, Norden CEO Jan Rindbo tells ShippingWatch. The carrier's bright spot came in the form of the struggling tanker segment.
John Fredriksen's dry bulk carrier follows in the footsteps of its peers and reports improvements across the board. With a bigger fleet, the carrier is well situated to benefit from a stronger dry bulk market, says CEO.
Dry bulk carrier Western Bulk booked a stronger result in the first half of the year and has an overall more positive outlook on the bulk market going forward, as the Norwegian carrier sees the market recovering.
One of the world's leading rating agencies, Moody's, once again believes in the shipping sector which no longer has negative prospects. There are positive expectations to the container and dry bulk segments, shows a report from the firm. It is a whole other story for tanker carriers.
Key players in the large market for export of frozen fish from northern Norway disrupted Icelandic Eimskip's acquisition of Nor Lines. It would have weakened competition significantly, according to Samskip and other players in the market.
Two managers from J. Lauritzen's office in Singapore have switched to competitor Baltnav, which is set to open an office there in early September this year. This marks the latest in a series of changes in J. Lauritzen's organisation.
Noble Chartering, Noble Group's dry bulk carrier currently scrambling to survive, will be part of continuing operations, says the carrier's CEO to ShippingWatch at a time when the Singapore-based commodity trader finds itself amidst a large-scale divestment process.
Dry bulk rates were stronger in the most recent quarter, as evident from the first interim reports, but the level is far from enough to ensure positive bottom lines at the carriers, Fearnley Securities tells ShippingWatch. The sector must thus keep looking for a stable recovery.
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.
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.
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.
"I've been optimistic for 12 years, but I don't dare be an optimist anymore," Thor Stadil tells ShippingWatch. The Thornico group will support and develop the carrier Thorco Projects, while Thor and Christian Stadil take responsibility for costly acquired vessels that no longer burden the firm.