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Debt strains South Korea's Daewoo Shipbuilding

Suppliers:

Debt items at South Korean shipbuilding giant DSME stand at USD 877 million this year alone, reports Korea Herald. Delayed payments to the yard account for part of the sum, which the company will likely be unable to pay back.


BY LOUISE VOGDRUP-SCHMIDT
Published 14.02.17 at 08:53

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Rolls-Royce's Bergen Engines in huge deficit

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Norwegian Bergen Engines, Rolls-Royce's engine factory, has in three years lost three quarters of a billion NOK, report Norwegian media. Last year alone saw a triple-digit million deficit on the bottom line.

Bunker trader made it to the top of Dan-Bunkering

Suppliers:

32-year-old Christoffer Berg Lassen grew up in the small Danish city Middelfart where Dan-Bunkering is also located. In 2004, he started a traineeship at the company, and 13 years later he has taken over the reins as CEO.

Daewoo leaves deficits behind in first half of 2017

Suppliers:

Daewoo Shipbuilding & Marine Engineering has, according to several sources, delivered a positive operating profit for the first half of 2017. This comes after several years of deficits, divestments, and layoffs.

Lars Møller will be held liable for the collapse of OW Bunker

Suppliers:

Lars Møller, former executive at OW Bunker's subsidiary in Singapore, has been charged with fraud worth DKK 800 million. "There is nothing here in the context of criminal liability," Møller's lawyer, Arvid Andersen, tells ShippingWatch.

The aftermath of the OW Bunker collapse has only just begun

Suppliers:

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Shipping investors will fill the gap left by the banks

Suppliers:

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Attorney General: Lars Møller acted in his own interest

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The former CEO of OW Bunker's Singapore subsidiary, Lars Møller, had no interest in manipulating the numbers, said his defense team recently. Wrong, says the Danish financial police. The chief exec could bag himself a better bonus, according to the indictment.

German family acquires SAL from Japan's K-Line

Carriers:

The Briese and Harren family have a firm grip on the global heavy lift segment after K-Line has agreed to sell SAL Heavy Lift to company Salto, owned by Martin and Peter Harren. With Briese owning BBC Chartering and working closely together with Harren, the concentration of the segment in North Germany seems absolute.

Seadrill prepares investors for considerable losses

Offshore:

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Subsea 7 projects rise in orders in first half of 2018

Offshore:

The offshore carrier achieved a higher revenue and improved bottom line in the second quarter. Recent acquisitions will contribute to a higher revenue for 2017 than last year, and the company expects a surge in orders in the strained offshore market.

Singapore's high court declares Ezra company bankrupt

Offshore:

Yet another company under Singapore's once-booming offshore company Ezra has collapsed. Subsidiary Lewek Champion, with the offshore vessel of the same name, has been declared bankrupt by Singapore's high court.

Oil hits USD 50, but Credit Suisse is slashing its forecast

Offshore:

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