John Fredriksen and his tanker carrier Frontline are offloading shares in DHT Holdings. The sale comes after Frontline's attempts to buy the competitor failed last week, as DHT made a deal with BW Group instead.
Several critical observers question US Secretary of Commerce Wilbur Ross' continued ownership of product tanker carrier Diamond S Shipping. The carrier's ties to China in particular are being criticized by ethics experts who point to possible conflicts of interest.
DHT Holdings is set to buy BW Group's fleet of 11 VLCCs including two newbuildings set for delivery next year, inform the parties Thursday. The transaction will make BW Group a major shareholder in DHT Holdings.
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.
Clarksons Platou and Fearnley Securities are both praising tanker carrier DHT Holdings for its purchase of BW Group's VLCC fleet. With the transaction, the company goes from being on the defense to an active player in the consolidation in the tanker market, say the analysts.
2017 could be a challenge to the tanker vessels transporting crude oil. But on the short and medium term, Euronav's CEO projects that a steadily increasing oil consumption across the globe combined with the new environmental requirements will make supertankers a sound business.
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.
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.
Torm CEO Jacob Meldgaard has not shelved the IPO plans even though the carrier suffered a big deficit of USD 142 million for the year after a fleet impairment of USD 185 million. But the tanker rates will need to improve and oil stockpiles go down before a listing becomes relevant, he tells ShippingWatch.
A large impairment of USD 185 million dragged Torm into a USD 142 million deficit in 2016. Like the rest of the tanker market, the carrier came under pressure from the sliding demand for tanker vessels in the second half of the year. The carrier will no longer publish its expectations.
A group of investors has bought up shares in Norwegian gas carrier Solvang, which owns a fleet of very large gas carriers, VLGCs. The latest share purchase means that the investors are now required to make an offer on the remaining shares.
The new CEO of US oil company ExxonMobil, who took over the position from the current US Secretary of State, Rex Tillerson, will continue to invest billions in the Gulf of Mexico in both new and existing refineries.
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.
The low product tanker rates in late 2016 pulled down d'Amico International Shipping. The Italian tanker carrier suffered a deficit of USD 12.8 million last year, and the fourth quarter was especially challenging.
The tanker carriers strained, but unlike previous times, the fluctuations between ups and downs will happen faster, Concordia Maritime CEO Kim Ullman tells ShippingWatch. He expects an improved market already a year from now.
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.
Chemical tanker carrier Team Tankers went from a profit of close to half a billion dollars in 2015 to a deficit in 2016, and the carrier thus tumbled along with the generally deteriorated tanker market. "We are not pleased with the results," says CEO Hans Feringa.
Crude oil carrier Frontline, part of John Fredriksen's shipping and oil business, has a hard time understanding that the carrier's attempts to take over competitor DHT were rejected. The carrier expects strained tanker rates in 2017.
Tanker carrier Odfjell has signed charter contracts for two new chemical tanker vessels as part of its planned fleet renewal. The ships will be built in Japan and are set for delivery in 2018 and 2019.
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.
It will soon not be worth it to store oil on tanker vessels while waiting for higher oil prices. The ships, which have previously been used as floating storages, could now reenter the market and worsen the oversupply in 2017.
There will be significant challenges in the tanker market up until 2019, and it will be a matter of survival, says Stena Bulk CEO Erik Hånell in an interview with ShippingWatch. Digitalization is one of the carrier's means to handle the downturn.
Earnings at the Arabian LNG carrier decreased by a little under QAR 30 million in 2016. Despite the downturn in the oil and gas market and overcapacity in the shipping markets, the carrier is pleased with the result.
Odfjell achieved a significantly better net result in 2016, due to factors such as group efficiencies, according to the carrier's annual report. Part of the development is attributed to the sale of the Oman terminal. CEO Kristian Mørch launches a new strategy.
The first full-year results of the product tanker segment spell good news for the industry going forward, Deutsche Bank shipping analyst Amit Mehrotra tells ShippingWatch. He sees daily MR-rates improving over the next two years.
CEO Christian M. Ingerslev of Maersk Tankers does not eye improvements in the product tanker market until the second half of 2018. The timing will coincide, however, with settling a solution for the carrier's independent future outside of Maersk. One option is going public.
Maersk Line is delaying the delivery of nine container vessels, all of which are 14,000 teu. The vessels should have been delivered during this year, but they will now be delivered from the second quarter of 2017 and up through 2018.
Digitalization emerges as the theme when outlining the reasons behind the nomination of Jim Hagemann Snabe to chair Maersk Group and replace Michael Pram Rasmussen who is stepping down. Here is a portrait of Snabe and a focus on some of the digital challenges.
Norwegian gas carrier Höegh LNG has now become a partner in a huge gas project in Pakistan, where the company will also deliver and operate one of the FRSU plants. The consortium also includes energy companies such as ExxonMobil and Total.
Ardmore Shipping saw its full-year result plunge, and the product tanker carrier suffered a deficit in the final quarter of 2016. The carrier's CEO attributes the decline to high inventory levels and a large influx of vessels, though he is optimistic about developments going forward.
2016 saw both lower revenue and a lower result at Norwegian tanker carrier Nordic American Tankers, which recently criticized Frontline's takeover attempt of competitor DHT. However the trend is positive right now, says the carrier.
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.
Following the acquisition of Jo Tankers, Stolt-Nielsen is now thinking about separating Stolt Tankers as an independent company in a move that could pave the way for more acquisitions, CEO Niels G. Stolt-Nielsen tells newspaper Finansavisen.
There are too many ships on all the major trade routes and, as such, the chemical tanker carriers look set to face two years marred by weak rates. The bigger vessels will be hit particularly hard, projects Drewry in a new analysis.
The operating profit took a dive at Stolt-Nielsen's tanker division in the fourth quarter 2016, and prospects for the chemical tanker market in 2017 are less than positive, as the global fleet looks set to grow significantly, according to the carrier's annual report.
Tanker carrier Dorian LPG continued with a red bottom line in the third quarter of the company's displaced fiscal year. CEO John Hadjipateras is cautious about the prospects for the carrier, where revenue also took a big dip.
A higher offer will likely be necessary in order for the board of directors at DHT to recommend a sale of all the shares in the carrier to John Fredriksen's Frontline, according to analysts from Fearnley Securities and Clarksons Platou.
The interest on J. Lauritzen's Norwegian bond loan has almost doubled since it was issued in 2012. This could make it quite expensive to refinance unless this is paid with money from the owner or a new bank deal.
Tanker carrier Frontline, controlled by John Fredriksen, has submitted a proposal for the acquisition of all shares in competitor DHT Holdings. The board of DHT Holdings is now deliberating the offer. If they accept, a new Norwegian crude tanker giant will be born covering 10 percent of the global fleet.
Too many vessels are eating into the recovery enjoyed by crude oil and product tanker carriers one year ago. Two new analyses outline the challenges, the greatest being the 265 new vessels delivered in 2016, and these problems could hit the industry in 2017 and 2018.
Tanker carrier Evergas has formed a new pool collaboration with Greek-based Eletson under the name E3 Pool. "Broader supply, a uniform product, and good for the environment," Evergas CEO Steffen Jacobsen tells ShippingWatch about the new venture.
The fourth quarter 2016 did not end well. This is the concurrent assessment from the head honchos of tanker; CEO of Euronav, Paddy Rodgers, and CEO of Torm, Jacob Meldgaard. And 2017 looks set to be weighed down by the many new vessels entering the fleet.
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.
Tanker carrier OSG and its former CFO have been charged in the tax case which almost bankrupted the company back in 2012. The carrier and the executive have also agreed to pay a fine, though without pleading guilty or not guilty, informs the SEC.
Was 2016 a final turning point for the otherwise successful tanker segment? Now the answers are revealed as to how both crude oil and product tanker carriers performed during a year which had such a promising beginning.
Gas carrier Höegh LNG has ordered a series of large FSRUs from South Korean shipyards Hyundai Heavy and Samsung Heavy. The ships are set for delivery in 2018 and 2019 and will work on contracts in Ghana and Pakistan.
Dismissals at J. Lauritzen, new cases in the wake of OW Bunker, and the crisis in the oil and gas sector leading to fresh firings at Maersk Oil – these were among the top stories on ShippingWatch this week.
Investors will be able to bag solid profits on investments in container and dry bulk shipping in the coming years, but they should stay away from tanker carriers, says Drewry in a new forecast for shipping shares in 2017.
The extreme pressure in recent years on dry bulk carriers seems to be letting up, and 2018 in particular looks poised to be a turning point in all crucial aspects, concludes Fearnley Securities in a comprehensive analysis of the dry bulk market.
Senior Vice President Helge Olsen is stepping down as Odfjell's head of ship management after serving 17 years at the Norwegian carrier. He will be replaced internally until a permanent solution is found, the carrier writes in a statement.
Interview with Maersk Tankers' new CEO, Christian Michael Ingerslev, a new Asian container alliance, a surge in dry bulk shares, and rigs ready to be scrapped in the North Sea were some of this week's top stories on ShippingWatch.
At least 10 of the 12 tankers that left Cheniere Energy Inc.'s Sabine Pass terminal in Louisiana last month, carrying LNG, are headed for Asian countries, and the region is now the biggest buyer of US-made LNG.
With the container alliance HMM + K2 Consortium, Hyundai Merchant Marine is signaling that the company eyes opportunities for growth in intra-Asia rather than on the large trade routes, says Lars Jensen from Seaintelligence consulting.
Jan Mechlenburg, who until recently served as Executive Vice President of Hafnia Tankers, left the tanker carrier at the turn of the year. He is one of the carrier's founders along with several other former Torm executives.
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.
So why did nothing happen until Kristian Mørch took over as CEO of Odfjell? A carrier with strong roots in Bergen and a close relationship with the family behind the more than 100-year-old carrier. ShippingWatch interviews the former Clipper CEO about his first 500 days and his future plans.
The fourth quarter is traditionally a good season for tanker carriers, but a surge in demand is currently keeping the vessels extra busy. A strong finish to the year for a segment which could face sliding rates following OPEC's announced cap deal.
After CEO Kristian Mørch has completed his first large-scale cost reduction initiative at Odfjell, he sets the stage for growth and a new fleet expansion – as well as a broader consolidation in which the carrier will play a proactive part, he tells ShippingWatch.
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.
Gas carrier Höegh LNG will supply and operate an FSRU in Pakistan for a 20-year period. This marks the second major contract for the company in December alone, and Fearnleys raises its expectations for the carrier significantly.
Frontline's raising of USD 100 million last week means the tanker carrier is ready for large-scale acquisitions. And by buying a major competitor, Frontline could become the world's second-largest tanker carrier, says DNB markets in an analysis.
OPEC's decision to slash crude output by 1.2 million barrels per day will hit VLCC earnings next year, project several analysts. As such, the supertankers could face the worst earnings year since 2013.
Last year's fluctuations in the tanker market were severely testing for the sector, says state-owned Russian tanker carrier Sovcomflot after publishing an annual report showing a setback in profits compared to 2015.
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.