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Insolvent OW Bunker has lost entire equity

OW Bunker overførsel olie Services:

OW Bunker has collapsed after the Singapore fraud case. "For the time being, the financial impact cannot be assessed, however, it must be assumed that the group's equity is lost," says the company.

DSV looking to acquire US-based transport giant


Logistics company DSV has expressed interest in acquiring US-based logistics group UTi Worldwide at a price of around USD 1.5 billion, says DSV in a brief to the stock exchange issued Wednesday night.

Maersk Broker in dry bulk join venture with Lightship


Maersk Broker and Lightship Chartering will combine their dry bulk chartering activities in new joint venture LMB Bulk Chartering. The company will consist of 80 employees in 12 offices around the world.

OW Bunker in fraud case of USD 125 mln


Fraud committed by senior employees at the Singapore based subsidiary Dynamic Oil Trading is threatening OW Bunker with a loss of USD 125 million, according to the OW management. OW is in discussions with banks.

OMT: Interest in retrofit growing significantly


Retrofit is more than just in demand at OMT, and the company expects to increase its revenue in the field. Fuel prices and ECA zones drive the development, CEO Kåre Groes Christiansen tells ShippingWatch.

German KfW: German shipping will stay in crisis mode


The status quo in German shipping is experiencing a crisis, says Carsten Wiebers, global head of maritime industries at German KfW IPEX-Bank. The poor climate will continue, and the crisis has thus become the new normal, he tells ShippingWatch.

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Scorpio Bulkers facing strong headwind among investors

26640413 - 03_01_2012 - Wall Street - Bebeto Matthews.jpg Bulk:

The Scorpio Bulkers share has dropped by around 80 percent during 2014, the company's first year on the stock exchange. Most recently Deutsche Bank has downgraded its expectations for the US-based dry bulk carrier. "We are guilty of being hopeful," says the bank.

Danish Fraud Squad arrests former OW Bunker exec


A former OW Bunker executive has been arrested today, Thursday, due to suspicions of involvement in fraud in Italy, says Attorney General Morten Niels Jakobsen in a statement.

Norden initiates billion dollar newbuilding investment


With three new credit facilities for a total USD 187 million the Danish dry bulk and tanker carrier has now secured partial financing for a massive newbuilding program worth a total of USD 1 billion. The first ships from a series of 37 will soon be delivered.

World's biggest scrapping yards looking to be approved


Following the EU's adoption of regulations stating that only approved shipbreaking yards and facilities will be featured on a new positive-list for carriers, the world's two biggest shipbreaking yards, both Chinese, applied for EU approval yesterday, Wednesday.

Clarksons: Third straight year with container growth


2015 will be the third consecutive year with growth in the global container traffic, says British Clarksons, upgrading its already positive expectations for the industry next year. "Strong trade growth lifts expectations for 2014 and 2015."

Bugbee: Oil slide extends potential significantly


The collapse of the oil price makes Scorpio Tankers President Robert Bugbee draw comparisons to the 1980s. "This will not just improve the rate environment for product tankers, it will significantly extend a potential upside."