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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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Altor allocates no funds for OW Bunker compensation suit

OW_bunker.jpg Services:

The risk of a negative outcome in the ongoing compensation case following the collapse of OW Bunker is very low, writes Altor Equity Partners in its 2016 annual report. The equity fund handled the IPO of the collapsed bunker company.

Maersk trains drone pilots for maintenance

Services:

Specially trained drone pilots will help with the inspection and maintenance of drilling rigs and wind turbines.

Media: New buyer in the running for HSH

Services:

A new buyer has entered the field as potential buyer of HSH Nordbank, according to the German business media Handelsblatt. The bank has been put up for sale after years of poor results, in particular due to its shipping investments.

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.

Moody's: These are the challenges faced by five German shipping banks

Services:

The scope of non-performing loans to shipping has increased big-time at the top shipping banks in Germany, and these banks face fresh losses, Moody's projects in a new report.

Danish tax authority: OW Bunker abused tax legislation

Services:

Equity fund Altor blurred the cash trail when it via Deloitte took DKK 1.2 billion out of Denmark. Now the Danish Customs and Tax Administration wants repayment of DKK 140 million, reports Danish media DR.

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"An industry downturn is exactly what we need"

Herman Billung.jpg Bulk:

The dry bulk carriers, sore after several tough years, are becoming increasingly optimistic about the future. But Herman Billung, who recently established dry bulk investor Songa Bulk, praises the slowdown in the sector. "Another six months and we'll be home free," he says.

Shippers: Reefer markets will feel the pain from carrier concentration

Container:

Shippers in the Global Shippers' Forum were already sounding the alarm this March about the consequences for importers and exporters of goods such as food. Their concerns surfaced in relation to the merger of Maersk Line and Hamburg Süd and have only grown in the months since.

Maersk Line in major CEO reshuffle in Singapore

Container:

Tim Wickmann steps down as CEO of Maersk Line's Asian subsidiary MCC and leaves the Maersk Group after 27 years. He will be replaced by an experienced Maersk exec who takes over as CEO of the Singapore office in August. Also, a new head of Southeast Asia has been appointed.

Cosco will challenge European dominance on key container routes

Container:

Chinese Cosco Shipping has ordered 14 new container vessels for USD 1.8 billion in order to boost its fleet between Asia and Europe, where carriers such as Maersk Line, MSC and CMA CGM currently dominate.

Ten analysts list the losers among shipping shares

Carriers:

Despite protracted and crushing pressure on the shipping sector, several companies may not have reached the bottom yet. Ten analysts list their pick for the shares they believe will lose additional market value. One company stands out in particular.

South Africa rejects Japanese container merger

Container:

Competition authority in South Africa rejects the planned merger between NYK Line, MOL, and K Line. A merger increases the risks of price fixing in the container market, says the authority.

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