While the carrier was advocating a different stance externally, 14 of its vessels were sent to be scrapped in Asia, report several media. "This is something we should not be doing," Maersk CFO Trond Westlie tells Danish daily Politiken.
BY RITZAU Published 17.10.16 at 08:49
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Seven banks impaired shipping loans by over USD 3.4 billion last year, shows a report from Bloomberg Intelligence. There are, however, signs of improvement, which is good news for banks such as DNB, ABN Amro, Nordea, and Danske Bank, which altogether have loaned approximately USD 74 billion to the sector.
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.
Bertram R.C. Rickmers is ready to transfer 75.1 percent of his shipping empire, Rickmers Group, to HSH Nordbank and other lenders in a new debt agreement. Rickmers currently sits on 100 percent of the shares.
Shipping banks have impaired loans for USD 3.4 billion and DHT stopped an attempt by Fredriksen's Frontline to block the transaction with BW Group. These stories and more were featured this week on ShippingWatch.
Singapore's shipping industry is struggling and this is especially true of offshore. Many foreign employees of big companies have left the country, all while the government is open to the corporate demands and trying to keep the shipping industry afloat, several companies tell ShippingWatch.
One of Europe's biggest logistics and forwarding companies, Kuehne+Nagel, will take the container carriers' abilities to go digital into account when signing orders in the future, CEO Detlef Trefzger tells ShippingWatch.
Since the turn of the year alone, numerous new financing opportunities have emerged for the shipping companies as alternatives to the traditional shipping banks. ShippingWatch provides an overview below.
Despite its indisputable role as the world's shipping center, financing for maritime companies has been lagging behind in Singapore, and the country will now work to bring carriers and investors closer together. The understanding of shipping as an investment represents one of the challenges.
Pacific Basin has hired a new CFO who is joining the company from tanker carrier BW Pacific. He has a background in the finance sector and will start in his new position in August when the current CFO steps down.