MAN's manipulation of fuel tests does not just date back to 2006, as it has been reported. Engines delivered several years prior have also been tampered with, according to documents accessed by ShippingWatch.
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.
100 companies from across the globe hold large financial claims in OW Bunker following the company's bankruptcy. Claims from the 20 biggest companies alone total more than USD 150 million. ShippingWatch has the complete list.
The idea that bigger companies enjoy increased interest from major investors will now be put to the test in the wake of the merger between Navig8 and Scorpio Tankers, says Mikael Skov, CEO of Hafnia Tankers, who has IPO plans of his own.
Hapag-Lloyd and UASC are now officially merged after the two container carriers have agreed on the last remaining formalities in the deal. The merger will create the world's fifth-largest carrier by capacity. Get the latest details here.
The Fredriksen-controlled rig unit exits the first quarter with a slide in revenue and an operating result virtually slashed in half compared to the same period last year. A new investor could be about to enter the company.
A fishermen's strike and a fine from Iceland's Financial Supervisory Authority were factors in a reduction of Eimskip's profit in this year's first quarter. Growing expenses in freight rates and fuel also had a negative impact.
The consolidation wave in product tanker is now reality. Robert Bugbee's Scorpio Tankers will merge with Navig8 and issue new shares for USD 200 million. The new behemoth will have a fleet of 105 vessels and will compete directly with carriers such as Torm, Ardmore, and Hafnia Tankers.