Norwegian offshore carrier Island Offshore saw its bottom line plunge to a loss of almost NOK 1 billion in 2016. The company is in the midst of a restructuring process which meant that, among other things, the carrier sold three vessels in the first months of the year.
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.
Seadrill CEO is eyeing a new plan for the struggling company, which still targets raising about $1 billion in new capital. "We don't just kick the can down the road," said Per Wullf in an interview Friday.
Oil and gas resources worth upwards of NOK 900 billion (USD 105 billion) could be hiding in the eastern part of the northern Barents Sea, estimates the Norwegian Petroleum Directorate after mapping the area.
2017 has already been hailed by Maersk Line and several of its biggest competitors as the year in which the miserable results from last year will be replaced by a de-facto turnaround. Things have developed positively so far, Maersk Line's head of Asia and the Pacific tells ShippingWatch.
New York-listed Scorpio Tankers booked a first quarter result this year, which shrank since last year, while revenue landed in line with expectations. Second quarter looks much better, says one analyst.
Several EU nations are currently subject to comprehensive reviews of their subsidies to carriers and maritime businesses. The EU Commission is preparing a more restrictive practice, ShippingWatch is told.
That was one of the arguments cited when Hafnia Tankers CEO Mikael Skov and CEO of Teekay Corporation, Kenneth Hvid, participated in a debate in which they had to convince representatives from family-owned carriers that they belong to the past.