Maersk Line and IBM are completing their so-called blockchain solution aimed at reducing the shipping sector's reliance on documents. The industry as a whole can save billions of euros, says IBM's head of global trade digitalization, Norbert Kouwenhoven, in an interview with ShippingWatch. Read on to learn how the many billions of euros will be saved.
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Diamond S Shipping, controlled by current US Secretary of Commerce Wilbur Ross, is pulling its vessels out of Norden's tanker pool and Scorpio for strategic reasons. "Not a problem for us," says Søren Huscher, CEO of Norient Product Pool.
It cost Monjasa founder Jan Jacobsen a prison sentence of 3.5 years and a DKK 10 million fine for the firm when they were convicted of extensive fraud last year in a municipal court in Denmark. Now the appeal case will begin at the Danish national court Vestre Landsret.
Investors are now also thought to believe in a stable recovery in bulk, where the largest shares have been through significant price increases throughout 2017. One carrier in particular has experienced a huge price increase.
Norwegian oil company Statoil will sign huge contracts for the development of the oil field Johan Castberg despite the fact that Norway's parliament has not approved the plans. Politicians want to change this system, reports local media Aftenposten.
Carriers scrapped the most ships in Bangladesh in the third quarter, followed by India. Altogether, 124 vessels were scrapped in South Asia from July to September, shows a study from NGO Shipbreaking Platform.