Danish bulk carrier J. Lauritzen has decided to give up an agreement with a group of recalcitrant bondholders ahead of a meeting Tuesday. At the meeting, bondholders will vote for the carrier's suggestion to set aside NOK 500 million of debt. J. Lauritzen is currently working on a new proposal.
The shipping business has been particularly noted for creating massive family fortunes around the world. The Maersk family occupies the 2nd place on Alphaliner's list of the 21 richest shipping families.
After for years having been buying and selling RoRo and RoPax tonnage, Stena RoRo is now putting its role as merchant on hold due to fiercer competition in the RoRo market in particular. The company's bet on Asia has yet to pay off, CEO Per Westling tells ShippingWatch.
Digitalization emerges as the theme when outlining the reasons behind the nomination of Jim Hagemann Snabe to chair Maersk Group and replace Michael Pram Rasmussen who is stepping down. Here is a portrait of Snabe and a focus on some of the digital challenges.
Maersk has developed 15 digital prototypes, says Maersk's departing chairman Michael Pram Rasmussen at the Maersk General Assembly in Copenhagen on Tuesday. He also expresses "pride" at the work being done by Maersk at shipbreaking facilities in India.
It was an aggressive Maersk Line which conquered nine percent of the global container market in 2016, says Hapag-Lloyd CEO Rolf Habben Jansen, who now risks losing longtime cooperation agreements with "neighbor carrier" Hamburg Süd to Maersk Line.
J. Lauritzens' head of dry cargo, Peter Borup, has stepped down from the carrier "following mutual agreement." The carrier is currently struggling to settle a refinancing agreement. The head of Lauritzen's gas vessels will serve as interim head of dry cargo.
John Fredriksen and his tanker carrier Frontline are offloading shares in DHT Holdings. The sale comes after Frontline's attempts to buy the competitor failed last week, as DHT made a deal with BW Group instead.