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DNB: Bigger companies and lower prices are the way forward for offshore

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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.

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Avance Gas will stay in its own lane

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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.

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This week's top stories on ShippingWatch

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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.

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Danske Bank and DNB hit by oil slump in 2016

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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.

Class NK has approved more Alang shipbreakers

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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.

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Container downturn impacts OMT

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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.

Media: RBS has divested shipping loans

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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.

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Dutch shipbuilder raided by tax authority

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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.

Wärtsilä to bet on engine sales for Chinese vessels

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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.

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Last week's top stories on ShippingWatch

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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.

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Last week's top stories on ShippingWatch

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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.

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Last week's top stories on ShippingWatch

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.

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Shipping investors will fill the gap left by the banks

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.

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