Aker Chair Kjell Inge Røkke thinks that Norwegian offshore families spent too much money on vessels at the wrong time. He writes this in a letter to shareholders in Aker Group, in which he praises John Fredriksen and airs the idea of selling off subsidiaries.
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 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.
One of Europe's biggest logistics and forwarding companies, Kuehne+Nagel, will take the container carriers' abilities to go digital into account when signing orders in the future, CEO Detlef Trefzger tells ShippingWatch.
Since the turn of the year alone, numerous new financing opportunities have emerged for the shipping companies as alternatives to the traditional shipping banks. ShippingWatch provides an overview below.
Despite its indisputable role as the world's shipping center, financing for maritime companies has been lagging behind in Singapore, and the country will now work to bring carriers and investors closer together. The understanding of shipping as an investment represents one of the challenges.
Pacific Basin has hired a new CFO who is joining the company from tanker carrier BW Pacific. He has a background in the finance sector and will start in his new position in August when the current CFO steps down.