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.
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.
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.
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.
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.
HSH Nordbank has reorganized its shipping portfolio and has thus significantly reduced its exposure to the container segment. Christian Nieswandt, global head of shipping, tells ShippingWatch about the future prioritization for the billions of euros the bank has invested in shipping.
"Despite the extremely challenging oil and gas market, we managed to deliver a significantly higher operating profit and operating margin," says Ramboll CEO Jens-Peter Saul in a comment on the 2016 annual report, published Wednesday.
One of Europe's top shipping and offshore banks, DVB, is hit hard by provisions for shipping and offshore. The shipping downturn may have bottomed out, but there are more offshore losses in store, says the bank.
South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering has won its first order this year, reports Korea Herald. The order for two vessels hits a dry spot for the yard which is in the midst of dire financial woes.
It is a fact that unmanned vessels will soon hit the water. VP of Innovation at Rolls-Royce, Oskar Levander, talks to ShippingWatch about his projections for which vessel types will be ready when, and what drives the development.
Danish Ship Finance booked a series of impairments in dry bulk and offshore, and the result for 2016 was thus more than halved compared to 2015. New impairments in 2017, especially for offshore, may be necessary, writes the bank.
A new report from the European Community Shipowners' Associations, ECSA, concludes that the EU's maritime industry is under pressure from new shipping hubs around the world such as Singapore and Dubai. Find the shipowners four-point wish list here.
Sweden's Stena RoRo expects that the carrier will not have to decide on ballast water for at least the next two years. As such, the carrier is holding off on investments, CEO Per Westling tells ShippingWatch.
One of Korea's three huge shipyards, Hyundai Heavy Industries, has now received a go-ahead from its owners to be spun off from the group's other activities. The move is part of the efforts to improve the yard's finances.
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.
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.
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.
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.
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.
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.
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
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.