Last week's top stories on ShippingWatch

Shipping banks have impaired loans for USD 3.4 billion and DHT stopped an attempt by Fredriksen's Frontline to block the transaction with BW Group. These stories and more were featured this week on ShippingWatch.

NordLB is one of the banks which have been hard hit by the downturn in shipping. Photo: PR/NordLB.

Shipping still hurting banks

German banks, which used to be dominant in shipping, have lost vast amounts on their loans to the struggling sector. According to several observers, the German financial institutions have lost their global lead in shipping.

Shipping banks have impaired loans for USD 3.4 billion

German shipping banks have outplayed their global lead

Bertram Rickmers is ready to give up control to banks


John Fredriksen's Frontline lost the battle to acquire DHT.

DHT rejects Frontline once and for all

Tanker carrier DHT Holdings finally warded off Frontline's attempt to take over its competitor. A New York court ruled Thursday that DHT has not broken any rules in the transaction with BW Group. As such, Frontline has lost its last chance to acquire DHT.

Frontline unsuccessfully courted DHT for more than a year

DHT and BW Group defy Fredriksen's block attempt

Fredriksen to block DHT deal with 11 tanker vessels


Jesper Lok heads the Danish government's appointed maritime growth team. Photo: Carsten Andreasen/Polfoto/Arkiv.

Maritime growth team in Denmark

A maritime growth team in Denmark has made its recommendations for the sector including an expansion of the DIS tax scheme. This means that carriers in the oil and wind industry in the North Sea can pay out net wages to crews on board the ships.

Denmark launches strategy for maritime growth


Make sure also to read about Singapore's rescue package for shipping, an interview with Nordic Tankers, and Rickmers Maritime Trust, which is now selling its entire fleet of 14 container vessels to Greek carrier Navios.

Nordic Tankers CEO: Increased consolidation is the obvious solution

Rickmers Maritime Trust sells entire fleet to Navios

Singapore ready with rescue package for shipping

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Diamond S pulls 18 vessels out of Norden's tanker pool

Diamond S Shipping, controlled by current US Secretary of Commerce Wilbur Ross, is pulling its vessels out of Norden's tanker pool and Scorpio for strategic reasons. "Not a problem for us," says Søren Huscher, CEO of Norient Product Pool.

The extensive Monjasa fraud case to begin Monday

It cost Monjasa founder Jan Jacobsen a prison sentence of 3.5 years and a DKK 10 million fine for the firm when they were convicted of extensive fraud last year in a municipal court in Denmark. Now the appeal case will begin at the Danish national court Vestre Landsret.

Bulk shares have surged in 2017

Investors are now also thought to believe in a stable recovery in bulk, where the largest shares have been through significant price increases throughout 2017. One carrier in particular has experienced a huge price increase.

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