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Default fears resurface over Singapore's looming debt wall

Offshore:

Massive debts trigger renewed fear of defaults among Singapore's oil service companies. Most recently, Ezra Holdings has filed for Chapter 11 in the US, and the company's shareholders could face significant losses.


BY DENISE WEE, BLOOMBERG
Published 20.03.17 at 11:41

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Most read Offshore

Schlumberger buys stake in Norway's Borr Drilling

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Norwegian Borr Drilling, which recently announced the purchase of 15 drilling rigs from Transocean, will see the world's largest oil service company join its ownership.

John Fredriksen is racing against time to save his empire

Offshore:

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.

Topaz hit by vessel impairments in 2016

Offshore:

Offshore carrier Topaz Energy and Marine's result for 2016 was significantly marred by impairments on vessels. 2016 was tough, and 2017 will also be challenging, writes management in the annual report.

Media: Dong and Siemens close to sale of A2Sea

Offshore:

Dong Energy and Siemens Windpower are close to finding a buyer for offshore carrier a2Sea, which specializes in offshore wind turbine installations, according to Berlingske Business. The buyer will likely be another shipping company, sources tell the newspaper.

Court names Monjasa in protracted bunker fraud case

Offshore:

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.

Report: Norway should sell its oil shares

Offshore:

Norway should sell the oil shares the country owns through Oljefondet, its state-owned oil fund, as the state is already sufficiently exposed to the oil sector through its stake in Statoil and in several fields on the Norwegian shelf, says a professor of economy in a new report.

Current front page

Chairman: Maersk has developed 15 digital prototypes

michaelpram.jpg Container:

Maersk has developed 15 digital prototypes, says Maersk's departing chairman Michael Pram Rasmussen at the Maersk General Assembly in Copenhagen on Tuesday. He also expresses "pride" at the work being done by Maersk at shipbreaking facilities in India.

Hapag-Lloyd: Aggressive Maersk Line conquered market shares

Container:

It was an aggressive Maersk Line which conquered nine percent of the global container market in 2016, says Hapag-Lloyd CEO Rolf Habben Jansen, who now risks losing longtime cooperation agreements with "neighbor carrier" Hamburg Süd to Maersk Line.

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Bulk:

J. Lauritzens' head of dry cargo, Peter Borup, has stepped down from the carrier "following mutual agreement." The carrier is currently struggling to settle a refinancing agreement. The head of Lauritzen's gas vessels will serve as interim head of dry cargo.

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Tanker:

John Fredriksen and his tanker carrier Frontline are offloading shares in DHT Holdings. The sale comes after Frontline's attempts to buy the competitor failed last week, as DHT made a deal with BW Group instead.

OW Bunker's former CEO has passed away

Carriers:

Jim Pedersen has passed away after a long period of illness, confirms his lawyer.

HMM: Not difficult to become world's 5th-largest container carrier

Container:

Hyundai Merchant Marine, currently ranked 13th among the world's largest container carriers, says that it would not be difficult to reach 5th place in the foreseeable future, reports Korea Times.

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