J. Lauritzen has dropped its attempts to secure an extension of its NOK 300 million bond loans. The carrier will now pay the entire loan when it is due in October 2017, with money from its owner Lauritzen Fonden, which will increase its planned capital injection to USD 80 million.
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.
The old business model for how a carrier should be run could be dead and gone in the not too distant future, according to bank Danish Ship Finance. Chief Analyst Christopher Rex points to a need for breaking the habit.
APM Terminals lays off 160 in Gothenburg in a move to end the protracted port labor conflift. Shipowners look to postpone the ballast water convention by two years. Shippers worry about a shortage of reefer containers. Oil is headed for USD 40. Here are this weeks top picks.
A hacker attack has triggered a large-scale crash of Maersk Group's IT systems, the company tells ShippingWatch. It remains unknown how the group's customers will be impacted. APM Terminals has also been struck in ports in the US and Netherlands.
Just as a wave of mergers and acquisitions has consolidated container carriers in recent years, the many German tonnage owners need to join forces. One of the premier personalities in German shipping, Claus-Peter Offen, tells ShippingWatch that he is ready to spearhead the process.