2017 showed the first signs of improvement in the struggling container market, according to a comparison of first quarter results from the major carriers carried out by SeaIntel. It also shows that Maersk Line has fallen behind several of its competitors on the earnings front.
The deals between Hapag-Lloyd and UASC have been signed and the merger is thus finalized after a delay of almost two months. There are many indications, however, that the announcement of the deal will not take place until next Wednesday.
Shipping group Weco A/S saw revenue and earnings decrease from 2015 to 2016, and 2017 will also be a tough year. Shipowner Johan Wedell-Wedellsborg has scaled down several of his shipping activities during the same period.
The RoRo carrier beat its own record in the first quarter, and the CEO expects continuing strong performance due to, in particular, positive developments in the Finnish market. The company is launching a new large-scale investment program.
An improved profit of no less than USD 1 billion for 2017 may sound like a bold prediction from Maersk Line, but Danish and international analysts speaking to ShippingWatch all seem confident that CEO Søren Skou is on track to reaching his goal. The group's first quarter results will be released Thursday.
Navigare Capital Partners, a new investment company targeting the shipping industry, has made its first investment in two product tankers. "We will invest in different segments," CEO Henrik Ramskov tells ShippingWatch.
One of the last remaining obstacles to forming a deal at the OPEC meeting in Vienna this week has been removed. Now Iraq will back a Russian and Saudi Arabian proposal to extend oil output cuts for 9 months.
The share price of John Fredriksen's drilling company Seadrill has declined drastically since the turn of the year. Ahead of the interim report set for release Wednesday morning, analysts note that the company has been unable to settle its announced restructuring.