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Torm's profit down big-time in Q1

Tanker:

Tanker carrier Torm exits the first quarter of the year with a profit of USD 4.8 million. The carrier no longer publishes guidance for earnings.


BY SØREN PICO
Published 16.05.17 at 08:40

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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.

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.

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.

Norden to continue tanker fleet expansion

Tanker:

Carrier Norden has been very active in terms of expanding its tanker fleet in 2017 through acquisitions and charters. The carrier is focusing especially on MR vessels, while also adding Handysizes to the fleet.

Torm and Hafnia are candidates in major merger wave

Tanker:

A group of 5 to 10 carriers could be swept up in the consolidation wave which has begun among dominant and equity fund-owned carriers in the product tanker sector, sources tell ShippingWatch.

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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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