The International Bunker Industry Association praises the Maritime and Port Authority of Singapore for suspending violators from the major bunkering port, and the association is working with Singaporean players to close loopholes associated with bunker fraud.
A random encounter at a copper anniversary party many years ago marked a turning point in Keld R. Demant's career. He currently serves as CEO of Bunker Holding. It is crucial to find a good boss in order to make a career for yourself, he says.
Equity funds make their foray into the North Sea, Maersk's lobbyists are at work in the US, several dry bulk carriers make gains, and a new investment fund from Maersk and a series of pension funds were among this week's top stories on ShippingWatch.
Hyundai Heavy Industries defies the otherwise positive developments noted among South Korea's shipbuilders with a bottom line that plunged almost 50 percent in Q2. This setback is caused by a lack of orders for expensive newbuilds, says the company according to local news agency.
When Hempel was hit by a bribery case last summer, the company opted to take the matter to the press of its own accord. A tough decision which subsequently turned out to be the right one, explains the CEO in the latest article in ShippingWatch's series on communication.
This summer week brought several key stories. ShippingWatch reported on the Danish Attorney General's indictment against Lars Møller of OW Bunker. The first half year results of bulk and container bode well for the two sectors. And the new Dan-Bunkering CEO unveiled his ambitious growth target.
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.
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.
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.
Among this week's highlights were interim reports from suppliers Alfa Laval and Wärtsilä as well as an interview with Dan-Bunkering's new CEO, while DSV and the Port of Gothenburg talked about communication in relation to unique situations.
Keppel's marine business, which covers several yards specializing in offshore, suffered a deficit in the first six months of the year, compared to a profit of USD 177 million in the same period last year. The offshore sector drags the business down.
Shipbuilder Hyundai Heavy Industries has now published figures revealing improvements booked in 2017 which has so far been significantly better than the dreadful year 2016. The orderbook grew 67 percent in the second quarter compared to the same period last year.
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.
One of Norway's richest businessmen was severely strained by the deep dive of the oil price. But now things are looking better, and the oil companies once again need rigs, though rates are low, Frederik W. Mohn tells Dagens Næringsliv.
The marine market is still challenging and characterized by low activity, though things are looking somewhat better for Wärtsilä in the second quarter. The Finnish supplier received more orders in the second quarter and was able to improve its bottom line.
Swedish supplier Alfa Laval can still feel the effect of carriers hesitating to invest in new ships. However, there is increasing demand for maritime environmental technologies such as ballast water systems, says the company in its second quarter interim report.
It is bad news for the environment as well as the IMO that the member states decided to push back the implementation of the ballast water rules, equipment supplier Desmi Ocean Guard tells ShippingWatch. Norway's Optimarin is similarly disappointed.
The impending case against the former head of OW Bunker's subsidiary DOT in Singapore, Lars Møller, is just one of several cases in the aftermath of the OW Bunker bankruptcy. Get an overview of the Danish cases here.
Blue Water has once again secured a contract with the oil consortium, TCO, which is working on the construction of the Tengiz oil field in Kazakhstan, The USD 50 million order comes on top of contracts for projects in the country, which have already been closed for a total of USD 5 billion.
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.
Dutch authorities have led an investigation of a possible cartel in the country's bunker industry. Various companies have entered illegal agreements concerning price fixing, says competitions authority ACM.
Norwegian yard and offshore company Kvaerner doubled its operating result in the second quarter this year relative to the same period last year and is now optimistic about the market: "We now see more prospects to bid for, compared to the market one year ago," says Kværner.
Denmark's Attorney General's office for fraud and economic crimes has revealed that it is charging a former executive of a Singaporean subsidiary of OW Bunker with committing fraud worth DKK 800 million.
Norwegian oil service company Aker Solutions sees signs of improvement in the market, especially off of Norway. Yet the second quarter was weaker than the same period last year, according to the interim report Wednesday.
Shell is looking to grow demand for fuel in transport and looking to develop a global network of LNG supply hubs for vehicles including ships, says Shell exec Steve Hill at the World Petroleum Congress in Istanbul.
Major internal battles in the UN IMO regarding shipping's role in terms of the climate and environment, accounts from the world's second-largest bunker group, and the Maersk Group's problems after a hacker attack and chemical discharge in the North Sea made headlines this past week.
All signs seem to indicate that the implementation of the IMO's ballast water rules will be postponed. A large majority in the IMO supported a proposal to postpone the implementation Monday, however a final decision will not be made until Friday.
The results of company Selfinvest, which consists of the USTC group's businesses, dropped 50 percent to DKK 201 million after taxes. "The industry is experiencing rough seas like never before," says Torben Østergaard-Nielsen about the result.
The large-scale cyber attack on Maersk crippled significant parts of the group and characterized a week in which future capital and ownership conditions also took center stage among the week's top picks on ShippingWatch.
Green Ship of the Future has now appointed its management team for the next two years, with senior executives from MAN Diesel & Turbo and DFDS filling the top positions in the network that consists of 48 stakeholders in the maritime sector.
Denmark has informed the IMO that it will, as the seventh member state, ratify the Hong Kong Convention, which aims to improve shipbreaking conditions at yards across the globe. But the convention still needs a lot of additional ratification before it can come into force.
Chinese leasing companies have stormed into shipping and offshore accounting for 15 percent of new loans in 2016, according to new figures. ShippingWatch has met two of the new bankers which the maritime industry should start getting used to. "It's strictly commercial," they say.
A hacker attack has triggered a large-scale crash of Maersk Group's IT systems, the company tells ShippingWatch. It remains unknown how the group's customers will be impacted. APM Terminals has also been struck in ports in the US and Netherlands.
APM Terminals lays off 160 in Gothenburg in a move to end the protracted port labor conflift. Shipowners look to postpone the ballast water convention by two years. Shippers worry about a shortage of reefer containers. Oil is headed for USD 40. Here are this weeks top picks.
Alfa Laval has signed two framework agreements to supply ballast water management systems for a triple-digit million dollar figure. The Swedish supplier points to activity in a market currently characterized by uncertainty ahead of a decisive IMO environmental meeting.
Svitzer and Rolls-Royce have formed a new partnership aimed at developing remotely operated vessels. The first test sailings have already been performed in Copenhagen. "Sooner than anticipated," says Rolls-Royce.
The International Chamber of Shipping has announced its support for the move to postpone the deadline for installation of ballast water management systems. ShippingWatch has asked carriers such as Gaslog, Höegh LNG, Scorpio, Hafnia Tankers, and American Shipping Company about whether they agree.
The International Chamber of Shipping fully supports a postponement of the installation requirements for ballast water systems, which several of the major developing nations have requested. "Extremely disappointing," says Norwegian supplier Optimarin.
Bunker company Endofa has positive figures on its bottom line for the first time since the company was founded by three Monjasa breakaways and Kenn Søndergaard in late 2012. Revenue grew by more than DKK 100 million.
A few weeks from now the IMO will decide when carriers must install ballast water management systems. Ahead of the key MEPC meeting, uncertainty among suppliers has only grown, and Norway's Optimarin has already had to lower its full-year guidance.
A bomb threat on a Maersk vessel in the US, a shortage of containers in Latin America's largest economy, and several member states urging the EU not to change national subsidy rules were among this week's top stories on ShippingWatch.
Classification bureau DNV GL projects a "modest recovery" of the newbuild market up until 2019 – perhaps even 2020, says the CEO of the company's maritime business, Knut Ørbeck-Nilssen, to ShippingWatch.
The two Japanese shipbuilders Mitsubishi and Oshima have formed a new partnership aimed at utilizing synergies and ensuring sustainable growth in the struggling shipbuilding sector. Mitsubishi has already entered similar alliances with two other yards earlier this year.
Martin Gaard Christensen wants to move on and Wrist Ship Supply wants to cut costs in Asia. As such, both sides agreed to part ways, says CEO Robert Kledal. The company is now looking to China where the market is growing.
Bunker group Monjasa has halted its ambitions in shipping larger oil cargoes, a venture which was launched two years ago. An office in London dedicated this venture has been shut down. We want to focus on our core business, the group's COO tells ShippingWatch.
Six months after the launch of Maritime & Merchant, the Norwegian shipping bank is now in talks with carriers and investors beyond its home market, CEO Halvor Sveen tells ShippingWatch. Small and medium-sized carriers in particular are showing interest.
Wrist Ship Supply has parted ways with the managing director of its business in Asia, as Martin Gaard Christensen has left the position. An internal replacement will take over until a permanent solution has been found, the company confirms to ShippingWatch.
Arab boycott of Qatar with the potential to create difficulties for Hapag-Lloyd, the collapse of Germany's Rickmers Group, and tanker carriers such as Torm and Hafnia in play in an expected consolidation wave, were among this week's top stories on ShippingWatch.
Singapore and three other nations have this week ratified the IMO's ballast water convention, which is set to come into force later this year. Altogether, close to two thirds of the global fleet have now ratified the convention.
German software firm Hanseaticsoft, a specialist in digital solutions for the shipping sector with customers including UASC, will move in with partner Lloyd's Register at the latter's offices in Copenhagen. Read on to learn why.
When the oil price was at its lowest, it paid off for many carriers to once again sail south of Africa instead of using the Suez Canal. According to SeaIntel, this has changed as the oil price has increased.
Another consolidation in the tanker industry. US President Donald Trump will pull the US out of the Paris Climate Accord. 180 years of shipping may come to a end at Rickmers Group. News from Nor Shipping. Read this week's top picks on ShippingWatch.
The ambition is to double revenue in coming months, while from 2019 the Kongsberg group's new digital company will deliver "exciting results," says Hege Skryseth, President of Kongsberg Digital, to ShippingWatch.
The major Finnish supplier has established a new digital division. New people have been hired and 400 current employees from other divisions have been transferred to the division, which will focus in particular on cyber crime.
Several new orders for South Korea's three top shipyards kindle a growing optimism in the country's strained shipbuilding sector. One factor is a surge in demand for VLCC newbuilds, reports news agency.
Monjasa suffered massive deficit, while broker Lightship lost a dramatic court case to a former partner. And Dong found a buyer for the company's oil and gas business. Here are this week's top stories on ShippingWatch.
MAN Diesel & Turbo will pay back USD 8 million to Norwegian carrier Skaugen in the protracted fraud case related to diesel engines which used more fuel than stated in contracys. "MAN Diesel & Turbo SE has substantial outstanding claims against Skaugen," says MAN in a comment to ShippingWatch.
What at first looked like an ordinary oil trade in West Africa has developed into a court dispute in London, Dubai, and Lagos. ShippingWatch has reconstructed the events which involve Danish businessman Jesper Øhlenschlæger, tax shelter company Nordic Oil & Gas, bunker company Endofa, and tanker carrier d'Amico International Shipping.
Samsung Heavy Industries has reopened the yard which has been closed since the fatal accident last Monday, which cost six lives. The yard group is in dialogue with affected parties regarding compensation.
After many years of unusually low rates, DSV Chief Exec Jens Bjørn Andersen is now preparing for higher rates. "Big changes are taking place right now on the sea freight market, and it's all about staying close to the development," he tells ShippingWatch in a post-report interview.
Underlying growth and synergies from last year's acquisition of US company UTi Worldwide could be the ingredients for improved earnings at DSV, according to analysts ahead of the Q2 report, set for release tomorrow Wednesday.
Despite an overall increase in revenue at Rolls-Royce, the marine division is still in a state of crisis with a new plunge in revenue. The company is focusing on its restructuring plan aimed at providing major savings.