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Höegh LNG beat expectations in first quarter

Höegh LNG.JPG Tanker:

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.

Scorpio Tankers merges with Navig8

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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.

Drewry: Scrapping could kick-start tanker recovery

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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.

DHT Holdings books first quarter profit

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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.

Frontline to DHT: Let the shareholders decide

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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.

Cost of fighting piracy rises again

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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.

VLCC fleet growth in 2017 cause for concern

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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.

Frontline's new charge on DHT averted

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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.

Last week's top stories on ShippingWatch

Carriers:

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.

Fredriksen makes new attempt to buy DHT

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John Fredriksen's Frontline has sent a new offer to DHT in which the company proposes a merger of Frontline and DHT. "We are convinced that the proposed new combination of Frontline and DHT will maximize value for both sets of shareholders," writes Frontline. DHT Holdings describes the new bid as "unimproved."

The 2015 shipwreck of Thorco Cloud remains unclear

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Since Thorco Cloud's dramatic shipwreck over one year ago, the accident report has still not been completed, meaning that the question of liability and compensation cannot be addressed. The Danish carrier has criticized delays in the process, which falls under the responsibility of the flag states and the Indonesian authorities.

This week's top stories on ShippingWatch

lauritzen1.jpg Carriers:

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.

J. Lauritzen owner secures CEO's refinancing plan

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After resistance from J. Lauritzen's bondholders, sole owner Lauritzen Fonden must inject the carrier with extra capital. "This is a very important agreement for the carrier," says CEO Mads Peter Zacho to ShippingWatch. Repayment of bank loans will now be halved for four years.

This week's top stories on ShippingWatch

maersksearcher.jpg Carriers:

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.

Last week's top stories on ShippingWatch

johan.jpg Carriers:

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.

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

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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

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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.

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