Think again if you believed that Euronav or Frontline were the Kings of Crude. Number 1 is Iranian NITC, which after months under embargo is now negotiating pool deals, Commercial Director Nasrollah Sardashti says in an interview with ShippingWatch.
Too many vessels are eating into the recovery enjoyed by crude oil and product tanker carriers one year ago. Two new analyses outline the challenges, the greatest being the 265 new vessels delivered in 2016, and these problems could hit the industry in 2017 and 2018.
The fourth quarter 2016 did not end well. This is the concurrent assessment from the head honchos of tanker; CEO of Euronav, Paddy Rodgers, and CEO of Torm, Jacob Meldgaard. And 2017 looks set to be weighed down by the many new vessels entering the fleet.
BW Pacific, which is in the midst of establishing a new global office in Copenhagen, has picked the first name for its new team after appointing CEO Tina Revsbech. A manager from a competitor which BW Group CEO Carsten Mortensen is very familiar with.
Two thirds of the bondholders need to vote in favor of repayment of their loans being postponed, otherwise J. Lauritzen's entire, new refinancing package, including backing from the banks and owner Lauritzen Fonden, will collapse. ShippingWatch has interviewed CEO Mads Zacho about the prospects.
While new niche banks are emerging in the maritime sector, several of the traditional banks active in shipping and offshore are reducing their exposure to the sector. DNB is one of them. The bank believes that bigger companies and lower costs represent the way out of the offshore crisis.
Hard-pressed dry bulk carrier J. Lauritzen was hit with yet another deficit in 2016, a result management deems unsatisfactory. However, the carrier's CEO Mads Zacho has been able to settle the main terms of the refinancing deal with banks that was crucial for the company's future.
Transocean received a large one-off income in October when an Indian offshore company canceled a long-term contract for a drilling vessel. The figure offsets a decline in revenue from the drilling activities in the fourth quarter.
Gridlocked negotiations between APM Terminals and dockworkers in Gothenburg, a new full-year deficit for J. Lauritzen, and a change in strategy at Damco are among this week's top stories on ShippingWatch.