Two vessels from Maersk Supply Service sank late Wednesday night. The ships were being towed by another vessel and were headed to scrapping at a facility in Turkey. No one was hurt in the event, Maersk tells Danish daily Ekstra Bladet.
The market for OSV vessels has been hard hit by overcapacity and this will continue in coming years, assesses Siem Offshore, which is about to embark on crucial negotiations with bondholders in order to land a financing plan.
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.
The Norwegian oil and gas sector has become somewhat more optimistic about the future, and it now expects to make more investments in 2017 compared to just a few months ago, according to new numbers from the companies.
While the competition cuts into Topaz' existing markets, the offshore carrier is on the way with a strategic partnership in Mexico and is about to a completely new business area, CEO Rene Kofod-Olsen tells ShippingWatch.
Norwegian shipping magnates John Fredriksen and Kjell Inge Røkke seem to be the main architects behind a plan to create a consolidated supply shipping company by joining the fleets of Farstad Shipping, Deep Sea Supply, and Solstad.
Two thirds of the bondholders need to vote in favor of repayment of their loans being postponed, otherwise J. Lauritzen's entire, new refinancing package, including backing from the banks and owner Lauritzen Fonden, will collapse. ShippingWatch has interviewed CEO Mads Zacho about the prospects.
While new niche banks are emerging in the maritime sector, several of the traditional banks active in shipping and offshore are reducing their exposure to the sector. DNB is one of them. The bank believes that bigger companies and lower costs represent the way out of the offshore crisis.
Hard-pressed dry bulk carrier J. Lauritzen was hit with yet another deficit in 2016, a result management deems unsatisfactory. However, the carrier's CEO Mads Zacho has been able to settle the main terms of the refinancing deal with banks that was crucial for the company's future.
Transocean received a large one-off income in October when an Indian offshore company canceled a long-term contract for a drilling vessel. The figure offsets a decline in revenue from the drilling activities in the fourth quarter.
Gridlocked negotiations between APM Terminals and dockworkers in Gothenburg, a new full-year deficit for J. Lauritzen, and a change in strategy at Damco are among this week's top stories on ShippingWatch.