Ocean Rig, owned by Greece's George Economou, has filed for bankruptcy protection in the US under Chapter 15 in an effort to prevent creditors from disrupting the efforts to restructure the company's debt.
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.
Norwegian Aker Solutions buys family-owned oil service company for a little over NOK 200 million. The acquisition of the company, Norway's third-largest offshore supplier, is expected completed in the second quarter.
Siem Offshore will extend the repayment period on two Norwegian bond loans. The offshore carrier, controlled by Kristian Siem, will also issue shares for a total NOK 190 million. The issue is fully secured by majority shareholder Siem Europe.
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.
Korea Development Bank and Export-Import Bank of Korea will provide USD 2.6 billion in additional loans to Daewoo Shipbuilding and Marine Engineering, and swap about KRW 1.6 trillion of debt to equity.
Hapag-Lloyd CEO Rolf Habben Jansen heralds a pause in growth for the German carrier in order to digest the mergers with CSAV and UASC and cater to the owners who have lost vast sums in recent years. He does not share the optimism for the market expressed by other carriers.
The two Maersk Supply Service vessels which sank off the coast of France last year contained a total of 192,000 liters of oil and oil residues, according to an inventory of hazardous substances in the vessel's tanks. The carrier has confirmed the figures, while an environment expert says the ships must be emptied or salvaged.
The closure of the service that linked the Mediterranean to the US East Coast and parts of Latin America marks the end of a 60-year presence for the carrier on this trade. According to Alphaliner, the service is shut down due to persistent losses.
Monitoring of fuel consumption on Norden's fleet has secured savings of nearly USD 25 million at the carrier, while the oil price decline has contributed to a strong reduction in costs, according to Norden News.