Rising energy prices and intense focus on trimming costs boosted many oil companies above analyst expectations in their Q2 interim reports released last Thursday and Friday. However, even oil execs are starting to turn away from fossil fuels and drive electric cars.
BY JONAS RIMER HANSEN, ENERGYWATCH Published 31.07.17 at 13:08
Log in to read articles
Some of our content is exclusively for subscribers.
Transocean's acquisition of Songa Offshore is symptomatic of the acquisition wave in the sector, where many analysts view Maersk Drilling as the next major target. Transocean was allegedly also looking into Maersk Drilling, a company which even major players describe as a big mouthful.
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.
Although oil companies have cut down costs and it has become cheaper to produce oil from several fields, the industry continues to hesitate on investing, says offshore supplier SBM Offshore in its second quarter report.
CEO Mads P. Zacho has reduced expenses at J. Lauritzen in order to prepare the carrier for a protracted downturn on the dry bulk market. There is no need for more major cost cutting, he tells ShippingWatch.
Is it possible to listen too much when collaborating? Yes, at times, says Executive VP Peder Gellert Pedersen of DFDS. For instance in the executive group. "I've been too attentive rather than forcing decisions through," he says in ShippingWatch's series on leadership.
Among the dry bulk carriers, Pacific Basin is one of the few players so confident in the market that it has performed a significant fleet expansion. And more could be underway. ShippingWatch has interviewed CEO Mats Berglund about where the optimism comes from.
The year-long conflict in the port of Gothenburg involving APM Terminals has proved expensive for Swedish industry. Swedish chamber of commerce projects that the conflict could trigger bankruptcies, according to newspaper Dagens Nyheter.
Shipyards in South Korea have surpassed China again in terms of receiving the most orders for new ships and platforms. The major South Korean yards have been in the doldrums in recent years, but 2017 has been positive so far.