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IMF scales up growth projections in 2017

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The International Monetary Fund (IMF) is dialing up growth expectations for the global economy in 2017, according to the latest report which has just been released. See the report here.


BY SØREN PICO
Published 18.04.17 at 15:58

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Danske Bank maintains shipping and offshore portfolio

Wrist1.jpg Services:

While German banks are battling to get rid of their bad shipping loans, Danske Bank is holding on to its portfolio, which is currently worth DKK 40 million. "We are not intending to reduce it," says Øivind Haraldsen, who is global head of shipping, to ShippingWatch.

Maersk spending millions to keep struggling Damco afloat

Services:

Maersk has been forced to inject USD 451 million into the group's problematic logistics unit Damco. The figure corresponds more or less to Damco's combined losses from the past five years.

HSH Nordbank's non-performing loans hurt German states

Services:

The state-owned company that took over the non-performing shipping loans from HSH Nordbank, as part of the rescue plan for the bank, had to make significant impairments last year.

HSH Nordbank has received offers from several interested buyers

Services:

Several potential buyers of Germany's biggest shipping bank have submitted preliminary offers for the struggling bank, which the state owners have pledged to sell and privatize.

Shipowners dig Japanese funding

Services:

A rising number of carriers are now turning to Japanese leasing companies to finance new vessels, writes Lloyd's List. The leasing companies can offer 100-percent financing with lower interest rates than banks.

Weak offshore market drags down Boskalis

Services:

Dutch Boskalis was hit by the weak offshore market in the first half of the year, as the net result dropped almost 50 percent to EUR 75.1 million compared to last year.

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Maersk Supply is starting to see longer contracts

steen-s-karstensen.jpg Carriers:

Hard-pressed offshore carrier Maersk Supply Service recently signed an 18-month contract in Mexico and the carrier will soon be able to announce even longer contracts, CEO Steen S. Karstensen tells ShippingWatch. However, the tough market conditions will continue.

Seadrill's problems have sent share price down the drain

Offshore:

The share price for John Fredriksen's drilling company Seadrill is at its lowest level in five years, ahead of the publication of the company's interim report tomorrow Thursday. This year alone, the stock market value of the company has dropped more than 90 percent.

Media: Johan Uggla appointed CEO of Maersk Training

Carriers:

The Maersk-heir Johan Uggla will soon take over the CEO position at the business division Maersk Training which trains offshore employees on safety, reports Danish media Søfart.

Danske Bank maintains shipping and offshore portfolio

Services:

While German banks are battling to get rid of their bad shipping loans, Danske Bank is holding on to its portfolio, which is currently worth DKK 40 million. "We are not intending to reduce it," says Øivind Haraldsen, who is global head of shipping, to ShippingWatch.

John Fredriksen's bulk carrier expects huge rate fluctuations

Bulk:

In just three weeks, rates have more than tripled on the spot market for the large Capesize vessels, Golden Ocean CEO Birgitte Vartdal tells ShippingWatch. A Norwegian analyst firm estimates that rates for major bulk vessels could rise to over USD 40,000 in the second half of the year.

Svitzer takes over contracts and expands fleet in Portugal

Carriers:

Svitzer has signed a deal with Portuguese Rebosado, meaning that the Danish company is taking over several arrangements in the port in Setubal and will double its fleet in Portugal.

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