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Daewoo chairman asks workers to take pay cut

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Everyone must share the burden if crisis-stricken Daewoo Shipbuilding & Marine Engineering (DSME) is to survive, says the shipbuilder's chairman, asking his employees to take a pay cut as part of the coming lifeline granted by the state.


BY NIKLAS KRIGSLUND
Published 29.03.17 at 14:23

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MAN engine manipulation more extensive than first assumed

MAN.JPG Suppliers:

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.

Media: Deloitte to receive penalty for role in South Korean yard scandal

Suppliers:

South Korea's Financial Services Commission will bar accounting firm Deloitte for a year following the scandal related to accounting fraud at Daewoo Shipbuilding & Marine Engineering.

Wärtsilä: Engine manipulation took place for years

Suppliers:

Test results of hundreds of engines were manipulated by Wärtsilä employees before they were sent to customers. Yet another scandal with marine engine performance has hit the European maritime industry. In Wärtsilä's case, it has been going on for years.

Wärtsilä hit by engine-fraud scandal

Suppliers:

Following an internal audit, it has surfaced that Wärtsilä is dealing with a case regarding fraud with the test results of its engines. Two percent of the engines may be affected. Employees at the company are responsible.

Monjasa risks exclusion from bunker association

Suppliers:

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.

Six dead in crane accident at Samsung Heavy Yard

Suppliers:

Six people are dead and another 22 have been injured in a crane accident at a Samsung Heavy Industries yard in South Korea, report media. Workers were in the process of construct modules for a platform destined for a Norwegian oil field. Updated 16:00 CET.

Current front page

Lloyd Fonds: Endgame underway for shipping in Hamburg

Torsten Teichert.jpg Services:

There are no real values of note in the German shipping sector right now, according to Lloyd Fonds. The company is scaling down its investments in the segment and would prefer to be on the sideline of what CEO Torsten Teichert describes as the endgame in Hamburg.

CMA CGM achieved a profit in strong Q1

Container:

Container carrier CMA CGM increased its net earnings in the first quarter 2017, which marked a big improvement compared to the same period last year. The acquisition of APL contributes positively to the business for the first time.

Monjasa confirms deficit of USD 26 million

Offshore:

Danish bunker group Monjasa presented financial figures Tuesday showing a USD 26 million loss. "It's hard to protect yourself from a global shipping crisis," says CEO Anders Østergaard. First quarter 2017 saw a profit, informs the company.

Competitors overtake Maersk Line in 2017

Carriers:

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.

The Gothenburg port conflict enters a new stage of deadlock

Ports:

The Port of Gothenburg has now been hit by APM Terminals' lock-out in the intense conflict with port workers. For this reason, the port company has been forced to limit service throughout the rest of May and the month of June. Customers are leaving the port due to the conflict.

MPC Capital is now buying container ships

Services:

German asset manager MPC Capital has now tapped into USD 100 million the company raised back in April. MPC has purchased seven container ships, while another six are headed for delivery. Hamburg Süd's CEO will join the board of directors at MPC Container Ship.

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