ShippingWatch

Last week's top stories on ShippingWatch

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.

PR photo: Dynamic Oil Trading/PR

Indictment against Lars Møller was made public

Lars Møller, the former and now indicted CEO of OW Bunker's Singapore subsidiary, stood to benefit from inflating trade in Dynamic Oil Trading (DOT), claims the Danish Attorney General's office in the indictment, which mas was public after Møller two weeks ago was charged in the collapse of OW Bunker in November 2014.

PR photo: Pacific Basin

Several interim reports indicate improving markets

The week also saw the publication of several interim reports, and the results from dry bulk carriers in particular seem to indicate a better market, which was otherwise hovering at record-lows last year. Oil companies also delivered major improvements.

Pacific Basin: Worst of dry bulk slump is over

Navios Maritime had profitable Q2

Diana Shipping lost USD 23.8 million in Q2

Statoil exceeds expectations and triples operating result

Strengthened Total says it is ready for acquisitions

Shell's profit skyrockets in Q2

Samsung Heavy returns to profits in Q2

Daewoo leaves deficits behind in first half of 2017

Finnlines beats its own record in first half of 2017

PR photo: Seadrill

... but there is still a long way to in some sectors

Despite stronger demand, Norwegian analyst firm Rystad Energy projects a need for a significant reduction i the number of jack-up rigs before the market can recover from a multiple-year slump.

Rystad Energy: At least 110 rigs must go to curb downturn

Seadrill prepares investors for considerable losses

Rolls-Royce's Bergen Engines in huge deficit

Christoffer Berg Lassen, CEO, Dan-Bunkering. PR photo: Dan-Bunkering

And Dan-Bunkering has welcomed an ambitious new CEO

New Dan-Bunkering CEO: We need to grow at least 10 pct

 

PR photo: SAL Heavy Lift

More of this week's top stories:

German family acquires SAL from Japan's K-Line

Torm buys four MR vessels from Chinese yard

Equity fund Brookfield takes control of Teekay Offshore

Songa Offshore wins round one in dispute with DSME

Maersk Drilling gets warning after Norwegian inspection

Number of mega-vessels on Asia-Europe set to explode

EU Commission cancels tax discount for French and Belgian ports

Frontpage right now

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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