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XO Shipping delivers first deficit ever

Bulk:

Contract breaches have contributed to XO Shipping's plunge into the red for the first time in the bulk carrier's history. Meanwhile, a case concerning double-payment in the wake of OW Bunker's collapse is still causing pain, says CEO Ejner Bonderup to ShippingWatch.


BY NIKLAS KRIGSLUND
Published 12.04.17 at 15:17

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Most read Bulk

Scorpio Bulkers cut its deficit in half in Q2

img_sect_homepage.jpg Bulk:

The New York-listed dry bulk carrier booked a net deficit of USD 13.4 million in the second quarter, almost a 50 percent reduction compared to last year. Rates stabilized in the quarter due to increased Chinese iron ore and coal output, notes the carrier.

It has been a bit more fun to be a dry bulk carrier in 2017

Bulk:

Rates have generally been higher in 2017, a year projected by many to be a year of beginning recovery – but a decline since the boom in the spring has curbed the budding optimism. And this could be a good thing, says J.P. Morgan.

Police raid Stellar Daisy carrier in wreck investigation

Bulk:

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.

Oldendorff Carriers remains in the black in 2014 and 2015

Bulk:

ShippingWatch interviews chairman Henning Oldendorff on how one of the world´s largest drybulk operators avoids deficits operating in an industry where even solid competitors are struggling.

Analysts: Dry bulk shares will be winners in 2017

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.

Intermarine bets big on 23 newbuildings

Bulk:

US-based multi-purpose carrier Intermarine, which merged with Scan-Trans in 2012, has changed its business model and now holds the sector's largest orderbook. Too much poor tonnage in the market, says Ask Michael Munck, Managing Director Worldwide Chartering Services, Intermarine, in an interview with ShippingWatch.

Current front page

Scorpio Bulkers cut its deficit in half in Q2

img_sect_homepage.jpg Bulk:

The New York-listed dry bulk carrier booked a net deficit of USD 13.4 million in the second quarter, almost a 50 percent reduction compared to last year. Rates stabilized in the quarter due to increased Chinese iron ore and coal output, notes the carrier.

Torm buys four MR vessels from Chinese yard

Tanker:

Product tanker carrier Torm has purchased four MR vessels from Guangzhou Shipyard International. The order comes with options for up to four additional vessels, CFO Christian Søgaard tells ShippingWatch.

Oil rises as Saudi Arabia pledges deep cut to August exports

Offshore:

Saudi Arabia said Monday that it will make deep cuts to its crude oil exports in August and encourage improved compliance with supply reductions from other petroleum exporters. The news made the oil price rise.

Rolls-Royce's Bergen Engines in huge deficit

Suppliers:

Norwegian Bergen Engines, Rolls-Royce's engine factory, has in three years lost three quarters of a billion NOK, report Norwegian media. Last year alone saw a triple-digit million deficit on the bottom line.

Employees at container carriers point to lack of career opportunities

Container:

Employees at the major container carriers point first and foremost to a shortage of career opportunities, and they are not necessarily pleased with senior management, according to new data from recruitment firm Glassdoor. The data bring good as well as bad news for Maersk Line and MSC.

Songa Offshore wins round one in dispute with DSME

Offshore:

An arbitration tribunal has ruled in favor of Songa Offshore in the protracted dispute between the drilling company and South Korean shipbuilder DSME. But the yard can still appeal the decision, writes Songa.

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