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.
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.
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.
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.
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.
Norden off to a weak start in dry bulk in 2017, a record-large deficit for DSV, strong results from oil majors, and increased political focus on shipping by US and EU authorities were among this week's key stories on ShippingWatch.
Three US-based oil companies have filed three individual lawsuits against Airbus Helicopters, reports Norwegian TV2. The companies accuse the helicopter manufacturer of production flaws and of withholding information in the wake of the Turøy accident in April 2016.
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.
Several EU member states, including Denmark, are currently having their state subsidies to carriers and maritime businesses scrutinized, while John Fredriksen's efforts to take over DHT continue. And ShippingWatch was present at the major shipping conference in Singapore this week.
US shale oil is now being produced at such a rate that it could threaten the stability currently enjoyed by the sector, projects Rystad Energy. One of the major suppliers of offshore rigs, shipbuilder Keppel, does not see a recovery anytime soon.
Daewoo Shipbuilding & Marine Engineering and Hyundai Heavy Industries have both delivered large profits in the first quarter. According to local media, the improvement is largely attributed to comprehensive streamlining efforts.
Several EU nations are currently subject to comprehensive reviews of their subsidies to carriers and maritime businesses. The EU Commission is preparing a more restrictive practice, ShippingWatch is told.
Order intake for Wärtsilä's maritime business declined 15 percent in the first quarter, and the Finnish company points to continued overcapacity in the market. But there could be improvements in store by the end of this year, notes the company.
It will become extremely difficult for carriers to get financing from banks going forward, and even if they manage to do so, the price will be towering, Eddy Van de Voorde, professor of maritime economy, tells ShippingWatch ahead of a proposal for new bank regulations.
One of Europe's biggest logistics and forwarding companies, Kuehne+Nagel, will take the container carriers' abilities to go digital into account when signing orders in the future, CEO Detlef Trefzger tells ShippingWatch.
Shipping banks have impaired loans for USD 3.4 billion and DHT stopped an attempt by Fredriksen's Frontline to block the transaction with BW Group. These stories and more were featured this week on ShippingWatch.
Daewoo Shipbuilding and Marine Engineering, which has just averted collapse with help from South Korea's government, could be sold to one of the country's two other major yards as early as next year, says the chairman of the Financial Services Commission in South Korea.
Along with Japan, the EU has filed a complaint to the OECD regarding the South Korean government's aid package for the world's largest shipyard and one of the country's biggest employers, DSME, which is constructing Maersk Line's newest series of vessels.
Daewoo Shipbuilding & Marine Engineering Co. just barely averted a severe crisis now that a bailout plan has been approved by a major bondholder. Two other meetings of bondholders are due to meet tomorrow and they are also likely to approve, analysts say.
J. Lauritzen's bondholder dispute was resolved, the carrier relying on money from its owner. More details emerged about the EU approval of Maersk's takeover of Hamburg Süd. And Rickmers Maritime had to throw in the towel. Keep up with this week's top stories on ShippingWatch.
With huge subsidies behind them, Hyundai Merchant Marine (HMM) and shipyard Daewoo have cashed in on the government's new rescue package with an agreement for ten new super tankers, VLCCs. More orders are on the way.
Iceland's Financial Supervisory Authority (FSA) has imposed a fine on Eimskip for ISK 50 million because according to the FSA, the carrier did not report its improved first quarter result last year early enough.
The competition to supply fuel from of Denmark's Port of Skagen is growing more intense. Monjasa no longer has a permanent bunkering vessel affiliated with the company's oil terminal at the port. However, Monjasa's COO and the port CEO both expect that the vessel will return.
Significant resignations at J. Lauritzen, large deficits from Hapag-Lloyd and the rest of the container sector, the Maersk Group General Assembly, and massive volumes of oil left on two sunken Maersk vessels featured among this week's top stories.
Strong developments in the cruise business sends Italian shipbuilder Fincantieri into the black for 2016, though the crisis in offshore continues to weigh down the group. Fincantieri "has left behind the longest sector crisis on record," says CEO.
Shipbroker Lightship Chartering will open a new office in London and plans to have 20 employees in the UK capital within the next three years. The first quarter this year was broker's best since 2009, Chairman Morten Have tells ShippingWatch.
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.
Even though some of the Asian and, especially, South Korean shipyards are cutting costs, production capacity available at yards in Asia represents a fundamental challenge for the economy in the shipping sector, with an equilibrium being far off, DVB tells ShippingWatch.
Danish pension funds will invest big-time in shipping, a new COO at French container carrier, and a new deal between Denmark and oil majors for the North Sea are some of this week's top stories on ShippingWatch.
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.
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.
A new report outlines the main challenges related to introducing unmanned vessels in the years to come. Legal responsibilities and the vessels' co-existence alongside regular manned vessels are among the top priorities that need to be dealt with, according to the report.
Shipowner Johan Wedell-Wedellsborg opened up about the sale of Stena Weco to Stena Bulk, Maersk Group CEO Søren Skou is building a new CEO Office, and the dry bulk shares have skyrocketed in 2017 so far. Here are this week's top picks on ShippingWatch.
According to a news media, South Korea's government could be on track to inject upwards of KRW 3 trillion into ailing Daewoo Shipbuilding & Marine Engineering, which published its results on Wednesday this week.
Japanese shipbuilder Mitsubishi Heavy now follows in Hyundai Heavy Industries' footsteps as the group weighs spinning off shipbuilding operations and plans new partnerships to combat weak demand for vessels in ailing shipping sector.
Despite predictions that the market "might" be marginally better this year, Wrist Ship Supply's operating result will increase by approximately 20 percent, explains CEO Robert Kledal to ShippingWatch. Asia and the US will perform better.
UK-based Clarksons, the world's biggest broker, saw its operating profit decrease in 2016 due to sliding freight rates and lower asset values. But earnings remained strong, says management in a financial report Monday.
Maersk plans to sue a Spanish billionaire, Torm CEO Jacob Meldgaard talks to ShippingWatch after the release of the carrier's annual report for 2016, and dry bulk may be closer to recovery. All this and more on ShippingWatch this past week.
Hege Skryseth, CEO of new company Kongsberg Digital, offers ShippingWatch her predictions for the four biggest trends in digital developments within shipping. "Shipping is still conservative, but the sector is catching up," she says.
Revenue grew at Wrist Ship Supply, which with a 13 percent growth now considers itself the world's largest supplier to shipping and offshore. But the downturn in the two industries hurts the result, which management describes as unsatisfactory.
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.