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Photo: Norden

Norden CEO believes in bulk – but tanker will be a challenge

Bulk:

While Norden anticipates that a "gradual improvement" of the dry bulk market will continue in 2017, the average rate level in tanker will be lower than in 2016. Yet various initiatives create a basis for profit, CEO Jan Rindbo tells ShippingWatch.


BY SØREN PICO
Published 01.03.17 at 12:34

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Most read Bulk

Analysts: Dry bulk shares will be winners in 2017

NORD POWER(A)L.JPG Bulk:

After a brutal start to 2016, it now seems that 2017 will be a much better year for dry bulk carriers such as Norden and Golden Ocean, which currently boast positive recommendations from Danske Bank as well as Clarksons Platou.

Boost for Scorpio Bulkers in the first quarter

Bulk:

Bulk carrier Scorpio Bulkers' earnings more than tripled in the first quarter, but the carrier is still sailing with losses on the bottom line. The carrier has made a USD 17 million impairment on ship values.

Multipurpose operators to expand fleet in new joint venture

Bulk:

New Dutch multipurpose joint venture Shipping Company Groningen, which includes Thorco Project, has growth ambitions in spite of the challenges currently plaguing the segment. ShippingWatch has interviewed one of the architects behind the venture, CEO Jan van der Laan.

Bimco: China will be driver of the bulk market this year

Bulk:

China is building its infrastructure and this constitutes the dominant factor in the development of the dry bulk market this year, Bimco writes in a new analysis. Brazil is playing an increasingly larger role in the transportation of iron ore.

Oldendorff has no ceiling, dress code or executive offices

Bulk:

All executives have day-to-day jobs – and no one has his or her own office. At one of the world’s largest dry bulk operators, Oldendorff Carriers, things are markedly different than the shipping industry is used to.

JP Morgan: Dry bulk market will be even worse in 2016

Bulk:

In a new report, investment bank JP Morgan points to bleak prospects for the dry bulk sector in 2016. Read on to learn what the bulk carriers are up against next year.

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Maersk Line: 2017 off to a good start

Robbert van Trooijen.jpg Container:

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.

Nordea increases loss provisions on shipping and offshore

Services:

In the first quarter, Nordea had to increase its loan loss provisions for, in particular, oil services and offshore in the segment Shipping, Oil, and Offshore, writes the bank in its interim report.

Scorpio Tankers' bottom line dropped in Q1

Tanker:

New York-listed Scorpio Tankers booked a first quarter result this year, which shrank since last year, while revenue landed in line with expectations. Second quarter looks much better, says one analyst.

Maersk in large digitalization venture with Microsoft

Carriers:

Maersk Group has formed a collaboration with Microsoft with the intention of ensuring that customers, as is the case at Fedex, can easily and precisely track their goods.

EU preparing restrictions on maritime subsidies

Carriers:

Several EU nations are currently subject to comprehensive reviews of their subsidies to carriers and maritime businesses. The EU Commission is preparing a more restrictive practice, ShippingWatch is told.

"The era of privately owned carriers is coming to an end"

Carriers:

That was one of the arguments cited when Hafnia Tankers CEO Mikael Skov and CEO of Teekay Corporation, Kenneth Hvid, participated in a debate in which they had to convince representatives from family-owned carriers that they belong to the past.

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