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 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.
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.
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.
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.
Norden will spend between USD 19 and USD 38 million to equip 38 vessels with ballast water management systems over the next five years starting next year, says head of project management, Jeppe Mulvad Larsen, to ShippingWatch.
Dry bulk carriers should not pin their hopes on the current boom in China's economy. Stimuli from fiscal policy were the drivers of increased demand and now it seems the country's government will try and slow down the housing market, two analysts tell ShippingWatch.
London P&I Club and two partners have issued new guidelines for sailings with dangerous cargo which can become liquefied if humidity levels are too high. Last Friday, Stellar Daisy was shipwrecked after sailing with category A cargo.
Following the recent acquisition of 16 dry bulk vessels, Golden Ocean and CEO Birgitte Vartdal are still examining new opportunities to grow the fleet. "It has to be something that makes sense for us," she tells ShippingWatch.
The dry bulk market got off to a rough start in 2017 but in mid-February things began to turn around. The quarter was better than expected, says Golden Ocean CEO, Birgitte Vartdal. A Danish dry bulk carrier is also cautiously optimistic.
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.
Vice president of Lauritzen Bulkers, Martin Sato, has resigned from the dry bulk carrier. The news comes just a few days after the carrier's head of dry cargo stepped down. Sato will instead join dry bulk carrier Baltnav.
In the latest newsletter from Alphabulk, the analyst agency has looked into how different types of dry bulk vessels have changed in size since 1990. Two vessel types in particular stand out from the crowd.
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.
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.
Danish pension funds will invest big-time in shipping, a new COO at French container carrier, and a new deal between Denmark and oil majors for the North Sea are some of this week's top stories on ShippingWatch.
Chilean-owned but Denmark-based Ultrabulk can, unlike many of its competitors, present yet another profit in its books for 2016. Speaking to ShippingWatch, CEO Per Lange describes 2017 as a year which showed several positive trends for dry bulk.
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.
Clarksons Platou expects more stable rates and gradually growing confidence in the dry bulk market. The firm thus says 'buy' to dry bulk shares rather than viewing the shares as candidates for selling.
The German multipurpose carrier has experienced a decline in cargo volumes in Asia by almost one third in the first months of the year. "We are preparing for a tough year," COO Henrik Pedersen tells ShippingWatch.
A higher bunker price would make ships sail slower. This could help reduce overcapacity in the dry bulk market, Pacific Basin CEO Mats Berglund tells ShippingWatch. He therefore hopes for a higher oil price in 2017.
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.
The controversial restructuring, including the separation of Western Bulk Chartering, in 2016 was "very painful and unfortunate," Jens Ismar, CEO of the Norwegian dry bulk carrier, tells ShippingWatch. He does not rule out new downturns in the market.
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.
In the midst of one of the worst crises ever for the specialized carriers in the MPP sector, one of the major players in the field, Dutch Spliethoff, has contracted six large newbuildings from a Chinese shipbuilder.
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.
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.
Maersk plans to sue a Spanish billionaire, Torm CEO Jacob Meldgaard talks to ShippingWatch after the release of the carrier's annual report for 2016, and dry bulk may be closer to recovery. All this and more on ShippingWatch this past week.
An review of losses across several leading bulk carriers, carried out by Alphabulk, shows that the bulk crisis struck the industry hard again last year. The research firm has also put a figure on total accumulated losses since 2010 – and it is big.
Consolidation continues among German shipowners with Hamburg-based Claus-Peter Offen and Offen Group's takeover of Munich's Conto Group. Following the transaction, Offen Group owns a fleet of 169 vessels.
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.
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.
Germany's BBC Chartering expanded its fleet significantly over the last six months of 2016, during a time in which the multipurpose market has been historically weak. The Stadil family's Thorco ranks at third-largest in the world, according to calculations form Dynamar.
China's political leadership is guiding the country's economy onto a new, slower track. The goal is for domestic consumption to play a bigger part in the economy, whereas growth was previously based on export and investment.
New Dutch multipurpose joint venture Shipping Company Groningen, which includes Thorco Project, has growth ambitions in spite of the challenges currently plaguing the segment. ShippingWatch has interviewed one of the architects behind the venture, CEO Jan van der Laan.
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.
A large group of displeased bondholders plan to vote no to the proposal to postpone debt for NOK 500 million as requested by J. Lauritzen on Friday last week, capital manager Alfred Berg tells ShippingWatch. The carrier's new bank package hinges on the bondholders' acceptance.
While Norden anticipates that a "gradual improvement" of the dry bulk market will continue in 2017, the average rate level in tanker will be lower than in 2016. Yet various initiatives create a basis for profit, CEO Jan Rindbo tells ShippingWatch.
Listed carrier Eagle Bulk has made a deal with a Norwegian carrier to acquire as many as nine Ultramax vessels for a combined price of USD 153 million. The money comes from the capital expansion Eagle Bulk completed last year.
The deficit grew in 2016 for Hong Kong-based dry bulk carrier Pacific Basin, which took a hit from all-time low rates. The carrier has raised fresh capital to pad itself for a 2017 which also looks set to be difficult.
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.
Western Bulk Chartering launched a share issue Monday intended to raise capital for the company which is built on the remains of collapsed Western Bulk. The dry bulk company expects improved rates this year compared to 2016, management writes in a comment.
Gridlocked negotiations between APM Terminals and dockworkers in Gothenburg, a new full-year deficit for J. Lauritzen, and a change in strategy at Damco are among this week's top stories on ShippingWatch.
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.
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.
After a somewhat solid beginning of the year, dry bulk carriers now face a more uncertain period in the short term, says Maritime Strategies International. Earnings will largely depend on factors beyond the carriers' control.
Diana Shipping saw its losses grow in 2016 as the carrier ventured an investment in a sister company in the container segment. The carrier's need to raise fresh equity is less acute than previously, notes JP Morgan.
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.
There are still red figures on the bottom line at Dryships, which booked a deficit of USD 200 million in 2016. However fresh capital from owner George Economou means that the carrier is now preparing to expand the fleet.
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.
How valuable are the analyses from the major credit rating bureaus which the maritime sector uses for risk management and for evaluating third-party risks? Alphabulk has delved into a concrete example and presents an answer to the question.
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.