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Controversial Greek shipowner sued in series of accusations

Bulk:

George Economou, founder of dry bulk carrier Dryships, has been sued for breach of fiduciary duty and unjust enrichment after several lawyers have investigated the shipowner and the carrier.


BY OLE ANDERSEN
Published 05.07.17 at 12:40

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Most read Bulk

Diana Shipping lost USD 23.8 million in Q2

8starbulk.jpg Bulk:

The Greek dry bulk carrier exits the first half of the year with a net loss of USD 50.3 million, following a new deficit for the second quarter. Despite a low risk profile, JP Morgan voices concerns about growing credits to sister company.

Carriers have ordered more tankers and bulkers this year

Bulk:

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.

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.

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.

BBC Chartering: The project cargo market collapsed

Bulk:

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.

Oldendorff Carriers achieved a profit in 2015

Bulk:

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.

Current front page

New Dan-Bunkering CEO: We need to grow at least 10 pct

christopher.jpg Services:

Dan-Bunkering has in the past year streamlined its organization and laid off people. Not there is room to strengthen the core business, and also consider new areas, the company's CEO since May this year, Christoffer Berg Lassen, tells ShippingWatch.

US firm Brookfield takes control of Teekay Offshore

Offshore:

Teekay Corporation has entered a strategic partnership with New York-listed investment firm Brookfield, which will inject hundreds of million of dollars in Teekay Offshore. Brookfield will thus own 60 percent of the offshore unit.

Rystad Energy: At least 110 rigs must go to curb downturn

Offshore:

Massive overcapacity in the jack-up rig market means that 110 rigs need to be go before the market can return to balance and the downturn in recent years can be curbed, says Rystad Energy.

Finnlines beats its own record in first half of 2017

Carriers:

Italian-owned Finnlines presents record results for the latest quarter as well as the first half of 2017. CEO attributes the strong developments to soaring Finnish imports and exports.

EU Commission cancels tax discount for French and Belgian ports

Ports:

That Belgian and French ports are exempted from paying taxes on their profits constitutes illegal state aid, concludes the EU's competition commissioner Margrethe Vestager. But the ports will not be required to repay the received aid.

Statoil exceeds expectations and triples operating result

Offshore:

Higher oil prices and a major focus on cost reductions helped the Norwegian oil giant emerge in surprisingly strong form from the year's second quarter.

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