Activity and rates in the North Sea for struggling service carriers within the oil and gas industries have been pushed to the bottom before the low season has even started, show new numbers from Clarksons Platou.
Transocean's acquisition of Songa Offshore is symptomatic of the acquisition wave in the sector, where many analysts view Maersk Drilling as the next major target. Transocean was allegedly also looking into Maersk Drilling, a company which even major players describe as a big mouthful.
Rieber Shipping has trimmed a big chunk off its half-year deficit compared to last year, shows the interim report. But the offshore carrier, where a new CEO is taking over today, does not think that rates are cause for optimism.
Norwegian shipping magnate John Fredriksen is spending every waking hour trying to settle a rescue plan for his ailing company Seadrill, he tells Norwegian daily Dagens Næringsliv. This Wednesday morning, the share price took a new steep dive of almost 30 percent.
A multiple year boom could be coming to an end for the colorful Norwegian shipping magnate John Fredriksen's crown jewel, Seadrill, as the company has turned out to be USD 14 billion in debt and at which a race against time and unsatisfied bond holders has begun.
A Danish court has lifted its court-ordered anonymity in a protracted fraud case against Danish bunker company Monjasa, which was found guilty of perpetrating gross fraud against a Malaysian customer. Partner Jan Jacobsen was also found guilty and given a prison sentence of 3.5 years.
CEO Mads P. Zacho has reduced expenses at J. Lauritzen in order to prepare the carrier for a protracted downturn on the dry bulk market. There is no need for more major cost cutting, he tells ShippingWatch.
Is it possible to listen too much when collaborating? Yes, at times, says Executive VP Peder Gellert Pedersen of DFDS. For instance in the executive group. "I've been too attentive rather than forcing decisions through," he says in ShippingWatch's series on leadership.
Among the dry bulk carriers, Pacific Basin is one of the few players so confident in the market that it has performed a significant fleet expansion. And more could be underway. ShippingWatch has interviewed CEO Mats Berglund about where the optimism comes from.
The year-long conflict in the port of Gothenburg involving APM Terminals has proved expensive for Swedish industry. Swedish chamber of commerce projects that the conflict could trigger bankruptcies, according to newspaper Dagens Nyheter.
Shipyards in South Korea have surpassed China again in terms of receiving the most orders for new ships and platforms. The major South Korean yards have been in the doldrums in recent years, but 2017 has been positive so far.