Login

Wilbur Ross' ownership of Diamond S under scrutiny

wilburross3.jpg Tanker:

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.

Tanker rates need to improve before Torm launches IPO

Jacob Meldgaard CEO Torm Tanker:

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.

Gas carrier Solvang could get new owners

Clipper Victory.jpg Tanker:

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.

Team Tankers hit by lower rates in 2016

Team - Siteam Leader.jpg Tanker:

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.

Frontline puzzled by rejection from DHT

robert hvide.jpg Tanker:

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.

Bondholders could knock down J. Lauritzen's bank deal

Mads Zacho 4.jpg Bulk:

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.

J. Lauritzen suffers new full-year deficit in 2016

lauritzen1.jpg Bulk:

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.

Deutsche Bank sees increasing MR-rates

Torm1.jpg Tanker:

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.

Maersk Tankers expects tough market in 2017

Christian%20M.%20Ingerslev%20-%20Chief%20Executive%20Officer.jpg Tanker:

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.

Ardmore Shipping takes big hit in 2016

Ardmore Seaventure1.jpg Tanker:

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.

This week's top stories on ShippingWatch

hamburgsud4.jpg Carriers:

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.

John Fredriksen to create new Norwegian tanker behemoth

Fredriksen.jpg Tanker:

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.

Tanker CEOs look with pessimism at 2017

jacob meldgaard torm.jpg Tanker:

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.

J. Lauritzen loses bunker deal with Hafnia

lauritzen.jpg Tanker:

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.

OSG and former CFO charged in tax case

osg.jpg Tanker:

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.

Fearnley steps up the dry bulk recovery

Roy Hill tørlast Port Hedland Anangel Explorer-version2.jpg Tanker:

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 VP leaves Odfjell after 17 years

Bow%20Star%20in%20Indian%20Ocean.jpg Tanker:

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.

Last week's top stories on ShippingWatch

maersksearcher.jpg Carriers:

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.

Last week's top stories on ShippingWatch

POLFOTO_44127043.jpg Carriers:

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.

Tanker
Last week's top stories on ShippingWatch

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.

ADVERTISEMENT

Vacancies

ADVERTISEMENT