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.
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.
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.
The idea that bigger companies enjoy increased interest from major investors will now be put to the test in the wake of the merger between Navig8 and Scorpio Tankers, says Mikael Skov, CEO of Hafnia Tankers, who has IPO plans of his own.
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.
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.
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.