Robert Bugbee, CEO of Maersk Tankers' top competitor Scorpio Tankers, has great expectations for the Maersk family after its acquisition of Maersk Tankers. "I expect to see the Maersk family as a driving and consolidating force," he tells ShippingWatch.
Maersk Tankers has been sold to the Maersk family's holding company at a time when investors are staying far away from product tanker. But the carrier could be sold on when the market recovers, analysts say.
Eight vessels from North Korea, currently subject to sanctions, have this year loaded oil cargoes in Russia, with China and South Korea listed as their destination. But the course was changed at a later point, reports Reuters.
Following the announced merger with Navig8, Scorpio Tankers delayed its interim report, published instead today, Monday, and which shows a deficit for the first six months. The numbers further underline the strain on the product tanker sector.
People have written Jacob Meldgaard off on several occasions but have always been proven wrong. Torm continues to exist and Meldgaard continues to be CEO. ShippingWatch portrays a maritime executive to whom some people owe their careers, while others find him hard to read.
Chemical tanker carrier Team Tankers projects consolidation in the chemical market. After the carrier has cut one fourth of its fleet, it is now prepared to expand through acquisitions, and two markets are especially interesting to CEO Hans Feringa, as he tells ShippingWatch.
The US Chapter 11 bankruptcy protection legislation contains far too many weaknesses, says shipping investor Kristian Siem. The CEO responsible for the bankruptcy often remains in the post, though according to Siem this person should be dismissed, he says to ShippingWatch.
Torm's former CEO, Klaus Kjærulff, has founded Vincent Shipping together with the former top broker in Norwegian firm Fearnley, Jan Lund, and businessman Jan Bech Andersen. The first vessels have just been delivered.
Navig8's shareholders have voted in favor of a merger with Scorpio Tankers which will create a new giant within product tanker. The merger is now expected to be finalized Sept. 1, according to Scorpio Tankers.
Rates for product tanker vessels are up by 35-40 percent since Hurricane Harvey struck Texas and closed 10 refineries. Anders Engholm, CEO of Hafnia Management, sees long-term impacts as a result of the natural disaster.
Investor Jan Bech Andersen, who in his native Denmark is known as the main shareholder of a listed football club, has taken over the post as head of the tanker division in one of the world's leading trade houses within oil products, based in Geneva.
Norwegian Avance Gas suffered a slight setback in the second quarter with a loss of USD 11.1 million. Lower exports of petroleum gas from the US were a major factor and the rough market will continue into 2018, says management.
Several ports across Asia and Europe have made gains from the new container alliances which have entered into force on the Asia-Europe routes, says SeaIntel. Meanwhile,some ports have also experienced a "significant decline" in port callings since 2014.
CEO Herman Billung and Songa Bulk have added another ship to the fleet, an 82,000 dwt Kamsarmax vessel. Thursday, Billung told ShippingWatch that the company had USD 50 million to spend on new vessels.
The market for Very Large Gas Carriers is currently around the OPEX level for carriers and it is doubtful if the vessels will ever return to the record levels of 2014 and 2015, says Martin Ackermann, CEO of BW LPG, to ShippingWatch. "A cautious guess is that we'll see improvement in 2018."
The South Korean container carrier is reaping from its strategic partnership with Maersk Line and MSC in the 2M alliance. HMM has announced a freight record for the Busan port in July, reports South Korean media.
They have seen the highest dry bulk rates in four years but it is still not enough, Norden CEO Jan Rindbo tells ShippingWatch. The carrier's bright spot came in the form of the struggling tanker segment.
Maersk Line grew, benefiting from a strengthened container freight market, while major impairments at Maersk Tankers and APM Terminals dragged the group's overall results down. And the hacker attack came at a high price.
The second quarter in 2017 brought another deficit for Concordia Maritime, which is struggling in a weak market for product tanker, just like its competitors. CEO Kim Ullman believes in a gradual recovery from 2018.
Navig8 Chemical Tankers suffered a deficit of USD 3.6 million, according to the interim report for the second quarter. The market for chemical products has stabilized, albeit at lower levels, says CEO.
One of the world's leading rating agencies, Moody's, once again believes in the shipping sector which no longer has negative prospects. There are positive expectations to the container and dry bulk segments, shows a report from the firm. It is a whole other story for tanker carriers.
Several vessels loaded with LPG cargoes are idle off the coast of Singapore, waiting for better prices on the liquefied petroleum gas. However, the situation is not as severe as last year, writes Reuters.
Norwegian tanker carrier DHT took hits on the top and bottom lines in the second quarter this year due to lower rates during a period in which the carrier's fleet grew significantly following the acquisition of BW Group's fleet of VLCC supertankers.
In the displaced fiscal year, Dorian LPG finished the first quarter with a bigger deficit as a result of weaker freight rates. The carrier is expressing mixed signals about the market, notes JP Morgan.
Gas carrier BW LPG will increase its presence in India with a new joint venture. The partnership provides growth opportunities and a stronger foundation in one of the world's biggest LPG markets, says CEO.
This summer week brought several key stories. ShippingWatch reported on the Danish Attorney General's indictment against Lars Møller of OW Bunker. The first half year results of bulk and container bode well for the two sectors. And the new Dan-Bunkering CEO unveiled his ambitious growth target.
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.
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.
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.
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.
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.
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 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.
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.
Compensation claims filed against collapsed OW Bunker, the publication of names of sulfur violators, and J. Lauritzen's Supreme Court defeat against MAN Diesel & Turbo were among this week's top stories on ShippingWatch.
Collapsed South Korean carrier Hanjin controlled a fleet of 102 container vessels, which have since been absorbed by other carriers. One carrier in particular has taken over a third of Hanjin's former capacity, writes Alphaliner.
The chemical and product tanker market will see improvement this year as well as next, and revenue from vegetable oil will rise again. This is the assessment from the CEO of chemical tanker carrier Team Tankers. He also anticipates growth for 10-mile vessels.