Daewoo Shipbuilding & Marine Engineering is looking into its options to prepare for the maturation of massive debt in April, and the company is in talks with certain customers, the CEO tells Korean media. The yard faces close to USD 900 million in debt maturing this year.
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 country's three biggest shipbuilders looks set to note an all-time high combined loss in the past year. If this holds, it will be the first time that all three yards book simultaneous deficits. And 2016 looks bleak.
The employees at Daewoo Shipbuilding & Marine Engineering are prepared to discuss reduced wages in an effort to save the ailing shipyard. Employee union will now meet with management, reports Korea Herald. The yard could be facing huge state assistance.
Monjasa seemingly faces exclusion from the International Bunker Industry Association IBIA after the fraud conviction. "I expect that the board will discuss the situation soon," says Chairman Robin Meech to Finans and ShippingWatch.
When US company Supreme acquired Norwegian Seven Seas in 2014, the growth ambitions were unmistakable, but since then things have been relatively quiet. CEO Theo Reichert explains why in an interview with ShippingWatch.
14 foreign seafarers are charged by Nigerian police of engaging in illegal trading of bunker oil. The case involves Danish bunker company Monjasa, which denies the alleged illegal activities when asked by ShippingWatch, as well as UK-based Glencore Energy.
"The bottom line is still that this result is not satisfactory," says Rolf Habben Jansen, CEO of Hapag-Lloyd, which has just published its report for last year. 2017 also saw a tough start for the carrier.
Chilean-owned but Denmark-based Ultrabulk can, unlike many of its competitors, present yet another profit in its books for 2016. Speaking to ShippingWatch, CEO Per Lange describes 2017 as a year which showed several positive trends for dry bulk.
Several critical observers question US Secretary of Commerce Wilbur Ross' continued ownership of product tanker carrier Diamond S Shipping. The carrier's ties to China in particular are being criticized by ethics experts who point to possible conflicts of interest.
Things have not moved quite as fast in Asia as expected since Svitzer opened office in Singapore in early 2016. The strategy in the region will change when the new overall strategy for Svitzer is settled in the second quarter this year, Managing Director Alan Bradley tells ShippingWatch.