An imminent improvement for the crude oil segment will be short-lived, projects JP Morgan. A large number of orders weighs down and will send the market toward the bottom by 2020 at the latest, notes the bank.
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.
A financial restructuring of Rickmers Group could mean that Bertram Rickmers loses his entire stake in the storied German shipping group. One of the biggest symbols of German shipping's power is about to fall.
DHT Holding has completed its acquisition of BW Group's fleet of nine VLCCs together with contracts on two VLCCs. "Our fleet has been expanded by 50 percent at what we think is an opportune time in the cycle," says management.
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.