Gridlocked negotiations between APM Terminals and dockworkers in Gothenburg, a new full-year deficit for J. Lauritzen, and a change in strategy at Damco are among this week's top stories on ShippingWatch.
Dutch shipbuilder Damen is now acting on the dire state of the miserable offshore market. The group will reorganize three of its maintenance yards and also lay off employees. The crisis is also washing over the European yard sector elsewhere.
One of the world's top mining companies, Australia's Fortescue, believes that the Chinese government's plans to strengthen the country's infrastructure will help keep the company's iron ore shipments at 165 to 170 million tons for the full fiscal year.
While new niche banks are emerging in the maritime sector, several of the traditional banks active in shipping and offshore are reducing their exposure to the sector. DNB is one of them. The bank believes that bigger companies and lower costs represent the way out of the offshore crisis.
All workers at South Korean shipyard Hyundai Heavy Industries will strike for three days starting Thursday. The move comes in protest against the yard's large-scale cost reductions, which include divestments.
The top line dropped by almost one fifth for DNV GL's maritime business in 2016. And there are no signs that the activity level will significantly change anytime soon, CFO Thomas Vogth-Eriksen tells ShippingWatch.
The many small-scale private shareholders who lost their money in the collapse of OW Bunker could end up waiting years for a court case concerning damages, chairman of association OW Bunker Investor, lawyer Morten Schwartz Nielsen, says.
Norwegian shipbuilding group Kvaerner saw its revenue slide, though the group managed to increase earnings in 2016. Kvaerner should be able to increase its orderbook, says CEO Jan Arve Haugan about the prospects going forward.
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.
The downturn in the LPG market in 2016 took Avance Gas by surprise – and 2017 looks bleak as well. The company plans to remain calm in terms of consolidation and acquisitions until the market has improved, says CFO Peder C. G. Simonsen, to ShippingWatch.
The hard-pressed marine business unit contributed to the combined result landing in the red in 2016 at the major UK-based engine manufacturer. Rolls-Royce has opted to make a goodwill impairment for the business and doubts that the oil and gas market will improve this year.
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.
Unmanned vessels from Rolls-Royce will be ready for deployment by as early as 2020, report British media. Smaller tugboats and ferries will likely be the first to start operating without crews on board.
"The takeover of US-based UTi Worldwide in early 2016 confirms DSV's plans to partake in consolidation and perform acquisitions," says DSV chief exec Jens Bjørn Andersen to ShippingWatch. More acquisitions are thus in store.
Even though Commerzbank has been working for years to reduce its shipping portfolio, the sector hit the bank hard again in 2016, resulting in considerable loss provisions, shows the bank's annual report.
Norway's Bergen Group was able to increase its revenue in 2016 and deliver a profit after taxes, though this was realized through income from discontinued activities. Excluding these, the company suffered a negative bottom line.
Perhaps Maersk Line can expect a positive result in its interim report, set for release next Wednesday. The battle for the ballast water market has begun. John Fredriksen struggles with two separate issues. And Shipping and offshore are hurting banks. Read this week's top picks on ShippingWatch.
Pakistan has introduced a temporary ban against scrapping oil tankers and LPG vessels at the shipbreaking facilities in Gadani. The move comes after the area was hit by two fatal accidents which cost numerous people their lives. Safety is too poor, says local chief minister.
UK-based Global Water Intelligence projected in 2015 that the market for ballast water systems held potential for investments of up to USD 45.6 billion over five years. But the current crisis in the shipping sector makes today's estimate more modest.
The two major Nordic banks Danske Bank and DNB increased their impairments related to loans to the oil sector in 2016. Danske Bank is pleased with the rising oil price, but the bank expects that it will take time for the stabilization to benefit the subcontractors.
Producers of ballast water management systems are counting down to the billion-dollar market which will emerge when the convention comes into force in September this year. "2017 will be better than last year, but the boom will come in 2018," says Optimarin, one of the companies approved by the US Coast Guard.
The South Korean shipbuilding sector could see upwards of 27,000 jobs disappear in the first half of the year, reports Korean media, citing new data. The number of new orders for the sector is expected to remain under pressure.
Alfa Laval saw its earnings decline in 2016 compared to the year before, in spite of the fourth quarter being better than the third. The company projects a somewhat lower demand in the first half of 2017, although the ballast water business is expected to grow.
Rolls-Royce Marine has offered all its around 1,650 employees in the group's Norwegian marine division a voluntary severance packages. This comes as part of the company's plans to cut some 800 employees from its global marine business.
Three new shipbreaking facilities in India's coastal Alang region now comply with the Hong Kong Convention. This means that there are now seven certified scrapyards in the region, classification bureau Class NK tells ShippingWatch. The newly certified yards include one facility that Maersk will use in the near future.
HSH Nordbank's shipping loans will go on sale in a later divestment round, after the bank failed to get rid of the loans in an initial firesale of its non-performing loan portfolio. There is little appetite for shipping out there, says a source to Reuters.
More than six months without orders for new container ships have not gone unnoticed at Odense Maritime Technology. In an interview with ShippingWatch, CEO Kåre Groes Christiansen explains his expectations for the market, where he still eyes opportunities in niche areas.
Besides the extreme crisis year of 2009, 2016 could go down in the history books as the year where fresh capital to the maritime sector - in the form of shares, loans and bonds - dropped to the lowest level in a decade, says an analysis from Marine Money.
The ferry carrier and the Norwegian yard have signed an agreement to construct the largest hybrid ferry yet. It will be operational in 2019 and marks the latest step in Color Line's bet on hybrid ferries for the carrier's short sea routes.
Australia's BHP Billiton produced more iron ore in the first half of the fiscal year 2016/2017, especially due to a record output from subsidiary WAIO. Prices for the key commodity increased during this period.
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.
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.
Damen Shipyard, the largest shipbuilding group in the Netherlands, was subjected to a dawn raid this week by the country's tax authority. According to several media reports, the raid is part of investigations into a case related to corruption and bribes.
An engine factory will strengthen and upscale Wärtsilä's position as supplier of engines for the Chinese shipbuilding industry. In spite of the yards being under pressure, the supplier eyes a big market for, in particular, vessels for Chinese companies, says James Han, managing director of Wärtsilä China, to ShippingWatch.
The chief executive of struggling Korean shipbuilder Daewoo was questioned by state prosecutors on Tuesday over allegations that the yard tried to cover a major deficit in 2015 by underreporting losses.
In a revised forecast, the International Monetary Fund expects that global growth in 2017 will increase to 3.4 percent and 3.8 percent the year after. President Trump is a wild card in terms of the growth estimate.
Dismissals at J. Lauritzen, new cases in the wake of OW Bunker, and the crisis in the oil and gas sector leading to fresh firings at Maersk Oil – these were among the top stories on ShippingWatch this week.
A New York court has ruled that physical bunker suppliers do not hold any rights to OW Bunker's outstanding debt in three specific cases. Thus the suppliers suffer yet another defeat in the legal aftermath of the bunker company's collapse in 2014
Several north German repair yards by the North Sea are forming a new alliance by the name of German Dry Docks Group with the intention of optimizing utilization of their docking facilities in Bremerhaven and Cuxhaven.
At least five people have died after an LPG vessel caught fire during dismantling at the Gadani shipbreaking facility in Pakistan. The same region was hit by an explosion on a tanker vessel back in November in which 26 people were killed.
Major German shipping bank HSH Nordbank is optimistic about the prospects of finding a potential buyer for the bank, which will begin a privatization process this year with a deadline in February 2018.
Interview with Maersk Tankers' new CEO, Christian Michael Ingerslev, a new Asian container alliance, a surge in dry bulk shares, and rigs ready to be scrapped in the North Sea were some of this week's top stories on ShippingWatch.
The OW Bunker bankruptcy estate still hopes to raise additional financing for a huge compensation claim against the company's former management after the estate has temporarily had to significantly reduce its ambitions.
Iron ore prices could face a setback in the year to come after registering a surprise recovery in 2016, projects RBC Capital Markets. Growing iron ore stockpiles in Chinese ports and record-high Brazilian export are contributing factors.
The French government could intervene in collapsed Korean STX's sale of shipyard STX France. The government owns one third of the yard, and Italy's Fincantieri is so far the only bidder on the yard, reports Reuters.
The forecasts are all positive when it comes to global economic development but the risk factors have not diminished. Finans can guide you through the bright spots and the pitfalls of the global economy in 2017.
The major South Korean shipyards will have to face massive bond payments during the year to come. Some of them may have trouble paying debts without help from the government or group firms, analysts note.
The US Coast Guard has approved ballast water management systems from two more suppliers. The approvals are crucial for the companies' standing in the major market for the systems, which emerged this year.
The flight ban against the Super Puma helicopter should be maintained even though European authorities have lifted their ban, according to unions for Norwegian oil workers, which are now demanding the ban be maintained in a letter to the country's minister of transport.
Mitsui OSK Lines was blamed for a dramatic 2013 wreck, Hyundai Merchant Marine lashed out at Maersk Line, while Kristian Mørch talked about his turnaround of Odfjell this week on ShippingWatch, which also brought news about Thorco, Rickmers Maritime, and the oil sector.
In 2016, two transport companies were at the head of the game in terms of growth and progress. ShippingWatch met the CEOs of these firms to uncover the recipe for success. This article takes a closer look at CEO Jens Bjørn Andersen, and the next story will focus on the DFDS Chief Exec.
Royal Bank of Scotland is close to selling a loan portfolio consisting primarily of Greek companies totaling USD 600 million to a series of buyers, reports Reuters. Several investment banks are mentioned as possible buyers.
A collaboration between two of the world's largest miners, Vale and Fortescue, to supply iron ore for China has gone down the drain. The venture would have competed directly with Rio Tinto and could have seen Vale pick up a stake in Fortescue.
The maritime division at Kongsberg Group is under pressure from the crisis in the oil sector. On the other hand, there is progress in equipment for fishery research and deep sea observatories, the company tells ShippingWatch.
Brazilian miner Vale inaugurated the largest project ever in the mining industry over the weekend. The mine, Eliezer Batista, represents combined investments of more than USD 14 billion and is expected to commence operations in January 2017.
Maersk finally presented its plan for what the group will look like going forward, and what will be sold off. The group also received some rare criticism from Denmark's conservative government. A new shipping bank saw the light of day, and another wants to be global. Here are this week's top picks on ShippingWatch.
The architecture of the global economy is changing and this is why Danish Ship Finance projects low annual growth of just one percent in seaborne transport over the next 15 years. Shipping is slowly transitioning, says Chief Analyst Christopher Rex to ShippingWatch.
The ad-hoc trustee of OW Bunker, Søren Halling-Overgaard, recommends filing two compensation claims for a total USD 310 million against equity fund Altor, former accountant firm Deloitte, and the group's former senior management.
Trendsetting companies in sectors such as tanker presented financial reports, APM Terminals opened up about the future partnership with Maersk Line, and we got to know a shipping company which usually subscribes to a great degree of discretion. This week's top picks on ShippingWatch.
So far, shipyards have kept the offshore crisis at bay with the help of orders placed before the oil price plunged. But the last ships are now being delivered, and the next two years thus look challenging, the CEO of Dutch Damen tells ShippingWatch.
A series of renowned shipping names, including Blystad Group, are behind the new company Maritime Asset Partners, which will offer alternative financing to shipping companies. USD 150 million are ready to be invested. "We can raise more money according to our needs," head of the company Nick Roos tells ShippingWatch.