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Hyundai and Daewoo invoke rescue plan with 10 tanker vessels

Tanker:

With huge subsidies behind them, Hyundai Merchant Marine (HMM) and shipyard Daewoo have cashed in on the government's new rescue package with an agreement for ten new super tankers, VLCCs. More orders are on the way.


BY OLE ANDERSEN
Published 10.04.17 at 09:19

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Most read Tanker

Torm buys four MR vessels from Chinese yard

D3S_9878.jpg 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.

Drewry: This is why shipowners should invest in FSRUs

Tanker:

FSRUs, floating LNG terminals, are a better investment than new LNG vessels, writes Drewry in a new analysis. This is despite declining rates on the floating terminals.

JP Morgan: Crude oil could bottom out in two years

Tanker:

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.

Bertram Rickmers could lose his entire empire

Tanker:

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.

Scorpio Tankers merges with Navig8

Tanker:

The consolidation wave in product tanker is now reality. Robert Bugbee's Scorpio Tankers will merge with Navig8 and issue new shares for USD 200 million. The new behemoth will have a fleet of 105 vessels and will compete directly with carriers such as Torm, Ardmore, and Hafnia Tankers.

BW Group orders a series of new product tankers

Tanker:

BW Group is now entering the LR2 segment with an order for at least six new product tankers with an option for two more. CEO of BW Pacific, Tina Revsbech, confirms the order to ShippingWatch.

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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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