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.
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.