"For now we don't expect significant improvements, and we're navigating on that basis," J. Lauritzen chairman Jesper Lok tells ShippingWatch about the prospects for the dry bulk carrier following the half-year report on Friday.
BY LOUISE VOGDRUP-SCHMIDT, TOMAS KRISTIANSEN & NIKLAS KRIGSLUND Published 19.08.16 at 15:18
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There are the optimists in dry bulk, who believe that a recovery is in progress. And then there are the ones who believe that it will likely be 2018 before the market is healthy again. And then there is Ultrabulk CEO Per Lange, who simply points to an imbalance that is hard to ignore.
In the latest newsletter from Alphabulk, the analyst agency has looked into how different types of dry bulk vessels have changed in size since 1990. Two vessel types in particular stand out from the crowd.
J. Lauritzens' head of dry cargo, Peter Borup, has stepped down from the carrier "following mutual agreement." The carrier is currently struggling to settle a refinancing agreement. The head of Lauritzen's gas vessels will serve as interim head of dry cargo.
The controversial restructuring, including the separation of Western Bulk Chartering, in 2016 was "very painful and unfortunate," Jens Ismar, CEO of the Norwegian dry bulk carrier, tells ShippingWatch. He does not rule out new downturns in the market.
Hapag-Lloyd CEO Rolf Habben Jansen heralds a pause in growth for the German carrier in order to digest the mergers with CSAV and UASC and cater to the owners who have lost vast sums in recent years. He does not share the optimism for the market expressed by other carriers.
The two Maersk Supply Service vessels which sank off the coast of France last year contained a total of 192,000 liters of oil and oil residues, according to an inventory of hazardous substances in the vessel's tanks. The carrier has confirmed the figures, while an environment expert says the ships must be emptied or salvaged.
The closure of the service that linked the Mediterranean to the US East Coast and parts of Latin America marks the end of a 60-year presence for the carrier on this trade. According to Alphaliner, the service is shut down due to persistent losses.
Monitoring of fuel consumption on Norden's fleet has secured savings of nearly USD 25 million at the carrier, while the oil price decline has contributed to a strong reduction in costs, according to Norden News.