Daewoo Shipbuilding and Marine Engineering's (DSME) has allegedly swindled for the equivalent of USD 1.26 billion in its accounts, while huge bonuses have also been doled out despite the massive losses accrued by the company, reports Yonhap following a dawn raid at the shipbuilder.
The extremely dire container market has now bottomed out, notes Drewry, pointing to increasing rates going forward. However container carriers have aimed too low in their contract negotiations and still face significant losses in 2016.
American World Fuel Services and Danish Bunker Holding have set themselves apart as the world's two biggest bunker companies. "We are in effect playing a part in the future development of the industry," says Bunker Holding CEO Keld Demant in an interview with ShippingWatch.
Shipping magnate John Fredriksen continues the battle to take over DHT as the move could give his tanker carrier Frontline a superior position in the VLCC market. "Size does matter," one analyst tells ShippingWatch. "Very insufficient offer," says DHT.
2017 has already been hailed by Maersk Line and several of its biggest competitors as the year in which the miserable results from last year will be replaced by a de-facto turnaround. Things have developed positively so far, Maersk Line's head of Asia and the Pacific tells ShippingWatch.
Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries have both delivered large profits in the first quarter. According to local media, the improvement is largely attributed to comprehensive streamlining efforts.
2017 did not begin as well as last year for Seaspan. However, the shipowner has faith in the future and is ready to benefit from the reconstruction of the container market which is currently underway, says CEO Gerry Wang.