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.
Maersk Supply Service has presented its report to the French authorities about the two supply vessels which sank off the coast of France on Dec. 22 2016. No oil spills were observed in relation to the wreck, states the report.
Viking Supply Ships booked significantly lower revenue in 2016 and a deficit of SEK 406 million (USD 45 million), according to the carrier's annual report. The rates for anchor handling vessels plunged last year.
Lundin Petroleum is starting the year in a strong financial position, says the CFO after the company released its development and exploration budget for the year and upgraded reserves. Most of the budget's focus will be on offshore Norway.
Several container carriers have received penalties in China for failing to provide correct information about their freight rates to the Chinese ministry of transports. The carriers fined include CMA CGM and Hamburg Süd. But the size of the fine is fairly modest.
The maritime sphere in Europe is far from in agreement when it comes to limiting CO2 emissions from shipping. While the shipowners are highly critical of the European Parliament's plan to include CO2 in a cap trading system, the ports praise the proposal. "Most unfortunate," say the shipowners.
The final months of 2016 brought improvements on the routes from Asia to the east coast of South America. But there is still a long way to go in terms of the activity noted on the routes in the past, writes analyst firm Drewry, warning against excessive optimism.