The former CEO of OW Bunker's Singapore subsidiary, Lars Møller, had no interest in manipulating the numbers, said his defense team recently. Wrong, says the Danish financial police. The chief exec could bag himself a better bonus, according to the indictment.
Product tanker carrier Torm has purchased four MR vessels from Guangzhou Shipyard International. The order comes with options for up to four additional vessels, CFO Christian Søgaard tells ShippingWatch.
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.
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.
An imminent improvement for the crude oil segment will be short-lived, projects JP Morgan. A large number of orders weighs down and will send the market toward the bottom by 2020 at the latest, notes the bank.
Shipments of crude oil from Saudi Arabia to the US dropped to a seven-year low last week, and the trend looks set to continue amid OPEC's output cap deal and the country's seasonal increase in domestic oil consumption.
The tanker carrier's two CEOs each earn more respectively than the top chief execs from Norway's three largest companies combined, reports Dagens Næringsliv. Competitor Frontline, which has made repeated attempts to buy DHT, has previously criticized the carrier's salary costs.
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.
Carrier Norden has been very active in terms of expanding its tanker fleet in 2017 through acquisitions and charters. The carrier is focusing especially on MR vessels, while also adding Handysizes to the fleet.
A series of private equity companies are approaching the perfect timing for selling their stakes in product tanker carriers, and this could be the beginning of an upheaval in the industry. Torm's CEO is ready to explore merger opportunities.
According to media Tradewinds, negotiations are taking place between Hafnia Tankers, headquartered north of Copenhagen, and US Diamond S Shipping, which is controlled by equity fund investor and current US Secretary of Commerce Wilbur Ross (pictured). Hafnia Tankers CEO declines to comment to ShippingWatch.
DHT Holding has completed its acquisition of BW Group's fleet of nine VLCCs together with contracts on two VLCCs. "Our fleet has been expanded by 50 percent at what we think is an opportune time in the cycle," says management.
John Fredriksen's crude oil tanker carrier Frontline has given up its efforts to buy its way to a position as the world's biggest player in its segment. For now at least. The carrier bets on the benefits from its own fleet renewal, CEO Robert Hvide Macleod tells ShippingWatch.
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.
Not long ago, observers had little interest in Robert Bugbee as the Scorpio project looked set to fail. Now he is the man who has done what everyone is talking about in product tanker, and in an interview with ShippingWatch he calls on competitors to follow his lead.
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.
Norwegian carrier Odfjell has signed a declaration of intent to order as many as five chemical tanker vessels together with a US-based partner. The ships will be delivered within the next year and will be placed in a new pool.
Global oil production grew 1.25 million barrels per day in May 2017 compared to the same period last year. US shale oil producers in particular contributed to the increase, notes IEA in its latest monthly report.
Dorian LPG hit the red in the fiscal year 2016/2017, where weak rates nearly halved revenue. The CEO, however, notes record-high LPG volumes from the US in 2017 and onwards and is optimistic concerning long-term market prospects.
In just one year, Hafnia Management has increased its fleet in the company's three tank pools by 41 percent to 106 vessels, making it the world's third largest pool operator. The ambition is to operate more Handysize and MR vessels, says CEO Anders Engholm to ShippingWatch.
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.
Canadian tanker and oil conglomerate Teekay's liquidity is under pressure as problems in the group's offshore company could impact the group overall, notes Morgan Stanley in a harsh review of Teekay's finances.
Gas carrier I.M. Skaugen has been granted en extension on the repayment of its debt until April 2018. As such, the company has bought time to land new financing which will enable the carrier to pay back existing loans with money from operations.
A financial restructuring of Rickmers Group could mean that Bertram Rickmers loses his entire stake in the storied German shipping group. One of the biggest symbols of German shipping's power is about to fall.
Six neighboring countries have cut their diplomatic ties with Qatar amid claims the Gulf state supports terrorism. The blockade thus far has triggered logistical headaches across the entire shipping industry. Here is how the crisis has affected the maritime sphere.
The Australian mining giant anticipates that within ten years, bulk will be transported to an increasing extent on the company's own unmanned vessels. Meanwhile, the company is also innovating digital solutions in another area of the business.
On Wednesday, an important meeting will begin at the IMO's security committee, where the committee is under pressure from the industry to deliver regulations to help get autonomous ships on the water as soon as possible. Denmark, Norway and Finland have a significant interest in the matter and hope to make their mark as front-runners in the area.
If the conflict between Qatar and its neighboring states escalates further, the development could impact the supply of LNG. Six LNG vessels have so far been denied access to the United Arab Emirates, reports Reuters. But a consultant remains optmistic.
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.
John Fredriksen is, according to the Wall Street Journal, in talks related to an acquisition of US-based tanker carrier Gener8 Maritime in a deal which would create the world's biggest VLCC fleet. As such, Frontline looks to have quit its pursuit of DHT.
Crude carrier Frontline saw its profit slide in the first quarter 2017 due to weak rates in the tanker market. But the CEO is optimistic and maintains the strategy to grow despite the failed attempts to take over competitor DHT.
Rates for supertankers in the Middle East have plunged to the lowest level since 2014 for this time of year, reports Morgan Stanley. The investment bank expects strained rates for some time going forward.
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.
The gas carrier finished the first three months of the year with improvements across the board, a development attributed in particular to a new project in Colombia. The carrier also beat market expectations. "Balance sheet remains rock solid," notes Fearnleys.
The idea that bigger companies enjoy increased interest from major investors will now be put to the test in the wake of the merger between Navig8 and Scorpio Tankers, says Mikael Skov, CEO of Hafnia Tankers, who has IPO plans of his own.
The consolidation wave in product tanker is now reality. Robert Bugbee's Scorpio Tankers will merge with Navig8 and issue new shares for USD 200 million. The new behemoth will have a fleet of 105 vessels and will compete directly with carriers such as Torm, Ardmore, and Hafnia Tankers.
Navigare Capital Partners, a new investment company targeting the shipping industry, has made its first investment in two product tankers. "We will invest in different segments," CEO Henrik Ramskov tells ShippingWatch.
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 downturn in the offshore market means that Maersk Supply Service is attempting to delay the delivery of the nine vessels ordered by the carrier. But several ships will hit the water this year, says CEO Steen S. Karstensen to ShippingWatch.
The market for the transport of LPG will be held down by overcapacity across the majority of segments over the next two years, writes Drewry. The analyst firm only sees opportunities for better rates for the small gas vessels, where fleet growth will be minimal.
There will be more mergers, acquisitions, and general consolidation in the product tanker market within the next 12-24 months, Hafnia Tankers and Jyske Bank tell ShippingWatch. Torm Executive Director Jacob Meldgaard is also open to the idea.
The tanker carrier anticipated higher earnings in the first quarter of the year. But a large number of newbuildings and a lack of fluctuations in the oil price resulted in a lower profit for Hafnia Tankers.
Tanker carrier Torm is positive when it comes to a consolidation of the product tanker market. Bigger carriers will be more interesting to banks and investors, Executive Director Jacob Meldgaard tells ShippingWatch.
What at first looked like an ordinary oil trade in West Africa has developed into a court dispute in London, Dubai, and Lagos. ShippingWatch has reconstructed the events which involve Danish businessman Jesper Øhlenschlæger, tax shelter company Nordic Oil & Gas, bunker company Endofa, and tanker carrier d'Amico International Shipping.
The tone between the two tanker carriers with Norwegian roots, Frontline and DHT Holdings, has become increasingly irreconcilable and hostile – not least from Frontline's CEO, who now describes DHT's double CEO capacity as a waste of shareholder money.
A massive orderbook packed with new crude oil tankers set for delivery in 2017 means that overcapacity will continue to strain the sector. The large vessel influx will be replaced next year by weak demand, and the scrapping of vessels is thus crucial to the prospects of a tanker market recovery, writes Drewry.
Lower volumes in chemical tanker pulled Team Tankers into the red in the first quarter. But the operating profit was a positive surprise, notes Fearnley in an update. The firm cites high coverage in the second quarter and reiterates 'buy' for the share.
Teekay CEO Kenneth Hvid has a plan for Teekay Corporation which entails taking the major Canadian group back to the spirit of its founder Torben Karlshøj. Hvid lays out his plan to ShippingWatch during his first interview as CEO.
DHT Holdings performed above analyst expectations with the operating result in the first quarter this year. The carrier, which is subject to continuous acquisition offers from competitor Frontline, has also settled a new bank agreement.
DHT Holdings' board of directors rejects the Frontline bid announced on April 25. The board adds that it is about time that the parties move on. Instead, Frontline replies that the bid should be presented to the shareholders, according to a comment to ShippingWatch.
Analyst firm Clarksons believes that "unabated optimism" in the dry bulk market earlier in 2017 has been replaced by more uncertainty and falling dry cargo values. Nevertheless, the analyst firm does not see cause for concern.
Things are now headed in the right direction in the product tanker market after a rough end to 2016. CEO of Italian tanker carrier d'Amico International Shipping has a positive outlook for the future in the wake of a first quarter profit, he tells ShippingWatch.
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.
After several years of lower expenses in the fight against piracy, costs have once again increased according to the latest report from Oceans Beyond Piracy. "Piracy still poses a significant threat to shipping," says the Danish Shipowners' Association. Read the entire report here.
US legislators are reviewing regulation which allows container carriers to enter into confidential partnerships and fix price guidelines. Critics believe that the law disadvantages players such as towage companies.
Significantly more supertankers will join the fleet this year – and likely, in the years to come – than there are vessels leaving the fleet, shows a survey by McQuilling. As many as 30 new VLCCs are expected delivered this year while ten will leave the fleet, and that is cause for concern, notes the firm.
The LPG market is facing a period of slower growth ahead of 2019, a period in which China will replace Japan and South Korea as the main driving force in the market, notes DVB Research in a new analysis.
The Marshall Islands court has, like the court in New York, determined that the deal between BW Group and DHT Holdings does not pose a problem. Frontline has at both courts attempted to have the transaction voided in an attempt to get a bigger share in DHT Holdings' VLCC fleet.
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.
US shale oil is now being produced at such a rate that it could threaten the stability currently enjoyed by the sector, projects Rystad Energy. One of the major suppliers of offshore rigs, shipbuilder Keppel, does not see a recovery anytime soon.
Gas carrier Exmar went red in the first quarter in the weak LPG market where too many vessels are undermining an otherwise historically strong US gas export. The carrier has also called off negotiations to acquire a Dutch FSRU fleet.
Shipping magnate John Fredriksen continues the battle to take over DHT as the move could give his tanker carrier Frontline a superior position in the VLCC market. "Size does matter," one analyst tells ShippingWatch. "Very insufficient offer," says DHT.
The two gas carriers Höegh LNG and Nakilat will look into forming a joint business in Floating Storage and Regasification Units for LNG. The companies have signed a Memorandum of Understanding to explore the possibilities.
Bourbon's takeover of Evergas has been completely shelved, but the failed shift in ownership has not impeded growth ambitions at Evergas, emphasizes CEO Steffen Jacobsen in an interview with ShippingWatch after the release of the 2016 annual report.