The world's largest classification bureau, DNV GL, plans to lay off around 1,000 due to the crisis in the oil and gas sector. The announcement comes in the wake of the company's annual report 2015, which showed a revenue of close to USD 3 billion.
BY NIKLAS KRIGSLUND Published 12.05.16 at 15:31
Log in to read articles
Some of our content is exclusively for subscribers.
Maritime companies face plenty of risks when they enter into a deal with a counterparty with whom they are not familiar, or whom they thought they could trust. Although a highly discrete company, InfoSpectrum Ltd grants ShippingWatch a glimpse of the most severe pitfalls.
Without providing any specific reason, Claus Hyldager has stepped down as CEO of London-based but Arabian owned Inchcape. Hyldager has served as chief executive for nine years and spearheaded a massive expansion of the company.
The shipping industry is too conservative - and too passive - says departing DNV GL CEO Henrik O. Madsen. The industry should get up to speed in terms of environmental and safety regulations, he says in a farewell interview with ShippingWatch.
The European rebound is still at such an early stage that the market remains characterized by a certain price pressure, says Blue Water Shipping CEO Kim Hedegaard Sørensen in an interview with ShippingWatch following publication of the company's 2013 results.
Whether a ship is big is not necessarily the key factor deciding the scope of an accident shipwreck occurs, explains one of the world's leading global consulting firms, LOC, in an interview with ShippingWatch. The biggest threat lies elsewhere, says the firm.
Two thirds of the bondholders need to vote in favor of repayment of their loans being postponed, otherwise J. Lauritzen's entire, new refinancing package, including backing from the banks and owner Lauritzen Fonden, will collapse. ShippingWatch has interviewed CEO Mads Zacho about the prospects.
While new niche banks are emerging in the maritime sector, several of the traditional banks active in shipping and offshore are reducing their exposure to the sector. DNB is one of them. The bank believes that bigger companies and lower costs represent the way out of the offshore crisis.
Hard-pressed dry bulk carrier J. Lauritzen was hit with yet another deficit in 2016, a result management deems unsatisfactory. However, the carrier's CEO Mads Zacho has been able to settle the main terms of the refinancing deal with banks that was crucial for the company's future.
Transocean received a large one-off income in October when an Indian offshore company canceled a long-term contract for a drilling vessel. The figure offsets a decline in revenue from the drilling activities in the fourth quarter.
Gridlocked negotiations between APM Terminals and dockworkers in Gothenburg, a new full-year deficit for J. Lauritzen, and a change in strategy at Damco are among this week's top stories on ShippingWatch.