Dry bulk and tanker carrier Norden – despite a "surprisingly strong" dry bulk market in the first months of 2017 – got off to a weak start in 2017 in this segment as the carrier's tonnage was utilized. CEO Jan Rindbo now expects an adjusted dry bulk result at the lower end of the announced guidance.
DSV starts off strong
On the other hand, Danish transport and logistics group DSV kicked off 2017 with a soaring profit.
The net profit in the first three quarters of the year came to DKK 669 million (USD 98.6 million) against DKK 233 in the same quarter 2016, which was impacted by the acquisition of US-based UTi Worldwide.
US lawmakers to scrutinize container carrier practices
The US Shipping Act of 1984 – which exempts international container carriers from regular competition regulations – is becoming outdated, note several US legislators who are ready to present a new bill in less than one month. ShippingWatch in New York followed a hearing in the Congress' sub-committee for the coastguard and maritime transport, at which several key individuals were questioned about the current legislation.
EU scrutinizing state subsidy schemes
The EU has spent months scrutinizing the tax rebates introduced by EU member states to help their carriers. The Commission is particularly looking into tonnage tax schemes which were implemented prior to 2004 when the current guidelines for state subsidies to the maritime sector were adopted.
Strong results from oil companies, but...
A rising oil price and large-scale cost reductions have boosted earnings at oil majors such as Statoil, Aker BP, and Shell in the first quarter. Now several of these are gearing up for new investments, but the good old days are not likely to return, projects Nordea Markets.
Maersk executives to enter Hamburg Süd senior management
Two prominent senior executives from Maersk Line will join the management team at German container carrier Hamburg Süd, and the carrier has found a new CEO to replace Ottmar Gast when he steps down.
English Edit: Daniel Logan Berg-Munch