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This week's top stories on ShippingWatch

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.


Mads Peter Zacho is CEO of the dry bulk carrier J. Lauritzen. Photo: J. Lauritzen

J. Lauritzen ends dispute with bondholders

J. Lauritzen could not convince bondholders to defer loans of NOK 500 million by four years. The conflict threatened to impede the carrier's deal with banks and for this reason the owner, Lauritzen Fonden, decided to step up with financial support to repay the loan when due in October.

J. Lauritzen is repaying its bondholders

J. Lauritzen owner secures CEO's refinancing plan

 


Hamburg Süd is particularly strong in Latin America. Photo: Bodo Marsk/AP/Polfoto/Arkiv

EU grants conditional approval to Hamburg Süd takeover

This Monday afternoon, the EU Commission approved Maersk Line's acquisition of the German container carrier Hamburg Süd. However, not unconditional approval. Hamburg Süd must withdraw from a number of consortia on the key market in Latin America.

EU approves Maersk Line's purchase of Hamburg Süd

Hamburg Süd to withdraw eight vessels after EU demands

DVB doubts container carriers' optimism

 


Rickmers Maritime Trust is the company which owns and leases container ships. Now it's closing. Photo: Rickmers Maritime Trust.

Rickmers Maritime closes down

After protracted problems, Rickmers Maritime Trust has decided that the company cannot be saved. The Singapore-based shipowner cannot service its debt and has thus opted to close down. Management is negotiating a sale of the fleet boasting 14 container ships.

Rickmers Maritime Trust to be wound up

Rickmers Maritime delivers a USD 180 million loss

New offshore contracts

Two Norwegian-based companies landed deals in oil extraction while speculations about price and production continue.

Fredriksen's rig company lands lucrative contracts

BW Offshore finalizes acquisition of African oil field


News emerged from Danish shipping this week with dry bulk carrier XO Shipping booking its first ever deficit while Nordic Tankers managed to turn a profit.

Nordic Tankers books profit after years in the red

Ultragas has faith in US shale gas

Kuehne + Nagel and Alibaba join forces in seafreight

XO Shipping delivers first deficit ever

 

English Edit: Gretchen Deverell Pedersen

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Lauritzen CEO: On the right track, but it will take time

Dry bulk carrier J. Lauritzen finished the third quarter with an operating deficit of USD 9.8 million. Positive with a better dry bulk market, but the carrier is still some way off from turning a profit, CEO Mads Zacho tells ShippingWatch.

Monjasa's fate in fraud case will be decided Monday

On Monday, Denmark's Western High Court will issue its verdict in the protracted fraud case against Danish bunker company Monjasa and founder Jan Jacobsen. The appeal case brought new witnesses and evidence from the defense which maintains the innocence of its clients.

Hafnia Tankers books another deficit in tough market

Denmark based product tanker carrier Hafnia Tankers booked red figures on the bottom line in the third quarter, much like many of its competitors. The carrier has now lost USD five million in the first nine months of 2017, but believes that better times lie ahead.

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