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.
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 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.
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 two Maersk Supply Service vessels which sank off the coast of France last year contained a total of 192,000 liters of oil and oil residues, according to an inventory of hazardous substances in the vessel's tanks. The carrier has confirmed the figures, while an environment expert says the ships must be emptied or salvaged.
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.