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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

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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.

Fewer floating oil storages could strain tanker market

tank.jpg Tanker:

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.

Deutsche Bank sees increasing MR-rates

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.

Höegh LNG orders four vessels from Samsung

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Norwegian gas carrier Höegh LNG has ordered four new vessels from struggling South Korean shipbuilder Samsung Heavy Industries. As per the deal, the first two ships will be delivered in 2019, while the remaining two will be delivered the following year.

BW LPG now owns 92.7 percent of Aurora

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Gas carrier BW LPG has secured a stake of 92.71 percent in Aurora LPG following an offer period. "We remain confident that the combination of BW LPG and Aurora LPG will create a stronger player in the challenging environment in the LPG shipping industry," says CEO Martin Ackermann.

Italian carrier files claim against Endofa in Dubai

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The dispute concerning a failed oil transport from West Africa to Europe is now continuing in Dubai where carrier d'Amico Shipping has filed a claim for close to one million dollars against bunker company Endofa. The case has previously been decided in London, but the carrier is pursuing a court ruling in the desert state.

OPEC deal could boost tanker carriers

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An agreement at next week's OPEC meeting would likely increase speculative oil trading. In the short term this could boost the product tanker market which is otherwise crippled by overcapacity and filled stockpiles, Hafnia Tankers CEO Mikael Skov tells ShippingWatch.

This week's top stories on ShippingWatch

DFDS CEO Niels Smedegaard 2-version1 Carriers:

DFDS delivered another strong quarterly result during the past week of financial reports from several carriers, Maersk got burned by its own restructuring, and both bulk and tanker saw more setbacks. These were just some of the top stories this week on ShippingWatch.

Nordic American Tankers booked Q3 loss

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Tanker carrier Nordic American Tankers booked a deficit on the bottom line in the third quarter. The Bermuda based company is however, still in the black for the full year and is satisfied that ship costs are lower than current rates.

Odfjell delivers USD 60 million operating profit

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The chemical tanker market "continues to be challenging, but we continue to see improvements in our competitiveness, which softens the impact on the Odfjell results," says Odfjell CEO Kristian Mørch in the interim report Thursday. The carrier cancels orders for gas vessels.

Navig8 Chemical takes dive in Q3

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Less cargo and growing competition dragged down the bottom line for Navig8 Chemical Tankers in the third quarter of the year, while new vessels boosted revenue. The carrier is optimistic about market prospects beyond 2016.

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