Brazilian miner Vale inaugurated the largest project ever in the mining industry over the weekend. The mine, Eliezer Batista, represents combined investments of more than USD 14 billion and is expected to commence operations in January 2017.
The first six months of 2017 saw a rise in orders for new tanker and dry bulk vessels compared to the first half of 2016. For one segment, no newbuild orders have been placed so far this year, show new numbers from VesselsValue.
It looked like a huge boom for project and heavy lift vessels in the first half of 2015 but the freight volumes trickled right out of the market, says Svend Andersen, CEO of BBC Chartering, the world's largest operator in the segment.
Police in South Korea have raided Polaris Shipping's offices in Seoul and Busan. Investigators are hoping to find new information concerning the cause of the tragic accident in April in which the carrier's vessel, Stellar Daisy, sank in the South Atlantic.
German Oldendorff Carriers has made it through the severe bulk crisis again and is able to present yet another positive annual result for 2015, a spokesman tells ShippingWatch. The company sees no improvement in the bulk market in 2016.
The former CEO of OW Bunker's Singapore subsidiary, Lars Møller, had no interest in manipulating the numbers, said his defense team recently. Wrong, says the Danish financial police. The chief exec could bag himself a better bonus, according to the indictment.
The Briese and Harren family have a firm grip on the global heavy lift segment after K-Line has agreed to sell SAL Heavy Lift to company Salto, owned by Martin and Peter Harren. With Briese owning BBC Chartering and working closely together with Harren, the concentration of the segment in North Germany seems absolute.
The drilling company has secured an extension of its deadline to negotiate a rehabilitation, but time is still running out and the company is now preparing its investors and other stakeholders for coming losses.
The offshore carrier achieved a higher revenue and improved bottom line in the second quarter. Recent acquisitions will contribute to a higher revenue for 2017 than last year, and the company expects a surge in orders in the strained offshore market.
Yet another company under Singapore's once-booming offshore company Ezra has collapsed. Subsidiary Lewek Champion, with the offshore vessel of the same name, has been declared bankrupt by Singapore's high court.