Royal Bank of Scotland has, according to Reuters, divested parts of shipping loan portfolio. Sources tell the news agency that the bank has sold loans to Greek buyers in particular for EUR 600 million. The bank declines to comment on the story.
Daewoo Shipbuilding & Marine Engineering (DSME) will implement a cost reduction initiative totaling USD 2.1 billion and which is expected to see 2,000 jobs made redundant before the end of the year. The plan is part of a large-scale restructuring ahead of 2019.
A Danish bunker company under court-ordered anonymity has been found guilty on Thursday of perpetrating fraud against one of its customers, Malaysian Pacific Inter-Link. A senior executive was also found guilty and given a prison sentence of 3 years and 6 months.
The container carriers divided themselves into three major alliances during 2016, and in April these alliances will start to battle it out on the industry's key tradelane from Asia to North Europe. SeaIntel tries to pick a winner among 2M, Ocean Alliance, and The Alliance.
The European Community Shipowners' Associations, ECSA, has voiced fierce criticism toward the EU's list of approved ship recycling facilities. But the association is now taking a more positive stance, viewing the list as a means that can help ensure implementation of the Hong Kong convention.
The countries behind the agreement to reduce the oil output have so far been able to cut production by 1.5 million barrels per day. This happens while the number of active oil rigs in the US is on the rise, notes Global Risk Management.
Svitzer will more than double the number of tugs under Brazilian flag, so that the fleet will reach ten vessels by the end of the year. The Maersk Group's carrier is also expanding its Brazilian business, which has secured two new execs.