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.
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.
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.
Major German shipping bank HSH Nordbank is optimistic about the prospects of finding a potential buyer for the bank, which will begin a privatization process this year with a deadline in February 2018.
Interview with Maersk Tankers' new CEO, Christian Michael Ingerslev, a new Asian container alliance, a surge in dry bulk shares, and rigs ready to be scrapped in the North Sea were some of this week's top stories on ShippingWatch.
The OW Bunker bankruptcy estate still hopes to raise additional financing for a huge compensation claim against the company's former management after the estate has temporarily had to significantly reduce its ambitions.
Iron ore prices could face a setback in the year to come after registering a surprise recovery in 2016, projects RBC Capital Markets. Growing iron ore stockpiles in Chinese ports and record-high Brazilian export are contributing factors.
The French government could intervene in collapsed Korean STX's sale of shipyard STX France. The government owns one third of the yard, and Italy's Fincantieri is so far the only bidder on the yard, reports Reuters.
The forecasts are all positive when it comes to global economic development but the risk factors have not diminished. Finans can guide you through the bright spots and the pitfalls of the global economy in 2017.
The major South Korean shipyards will have to face massive bond payments during the year to come. Some of them may have trouble paying debts without help from the government or group firms, analysts note.
The US Coast Guard has approved ballast water management systems from two more suppliers. The approvals are crucial for the companies' standing in the major market for the systems, which emerged this year.
The flight ban against the Super Puma helicopter should be maintained even though European authorities have lifted their ban, according to unions for Norwegian oil workers, which are now demanding the ban be maintained in a letter to the country's minister of transport.
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.
In 2016, two transport companies were at the head of the game in terms of growth and progress. ShippingWatch met the CEOs of these firms to uncover the recipe for success. This article takes a closer look at CEO Jens Bjørn Andersen, and the next story will focus on the DFDS Chief Exec.
Royal Bank of Scotland is close to selling a loan portfolio consisting primarily of Greek companies totaling USD 600 million to a series of buyers, reports Reuters. Several investment banks are mentioned as possible buyers.
A collaboration between two of the world's largest miners, Vale and Fortescue, to supply iron ore for China has gone down the drain. The venture would have competed directly with Rio Tinto and could have seen Vale pick up a stake in Fortescue.
The maritime division at Kongsberg Group is under pressure from the crisis in the oil sector. On the other hand, there is progress in equipment for fishery research and deep sea observatories, the company tells ShippingWatch.
Brazilian miner Vale inaugurated the largest project ever in the mining industry over the weekend. The mine, Eliezer Batista, represents combined investments of more than USD 14 billion and is expected to commence operations in January 2017.
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.
The architecture of the global economy is changing and this is why Danish Ship Finance projects low annual growth of just one percent in seaborne transport over the next 15 years. Shipping is slowly transitioning, says Chief Analyst Christopher Rex to ShippingWatch.
The ad-hoc trustee of OW Bunker, Søren Halling-Overgaard, recommends filing two compensation claims for a total USD 310 million against equity fund Altor, former accountant firm Deloitte, and the group's former senior management.
A subsidiary of one of the world's largest shipbuilding groups, China's CSSC, will manufacture and install Wärtsilä's ballast water management systems on license. The deliveries will include newbuildings as well as retrofits.
Norwegian billionaire investor Endre Røsjø has joined a new shipping bank as major shareholder and will likely serve as chairman, while Germany's Henning Oldendorff (pictured) and Norwegian Arne Blystad will be the biggest shareholders, sources tell ShippingWatch.
A total of 35 yards within and beyond the EU have applied for the hotly-discussed status of an approved yard from the EU Commission. The European yards will get an answer this year, while the yards beyond the EU must wait until next year.
Several high profile Norwegian shipping and business people are behind the new shipping bank Maritime & Merchant, which will be announced in a few days after years of preparation, CEO Halvor Sveen confirms to ShippingWatch.
Hard-pressed shipbuilder Hyundai Heavy Industries gets a breather as the group has secured a new contract with Iran's state-owned carrier. The South Korean yard will build ten vessels for the Iranian carrier for a sum of USD 700 million.
Monjasa seemingly faces exclusion from the International Bunker Industry Association IBIA after the fraud conviction. "I expect that the board will discuss the situation soon," says Chairman Robin Meech to Finans and ShippingWatch.
LNG as fuel is one option for shipowners in their efforts to comply with global sulfur requirements set to come into force in 2020. However, shipowners have not exactly embraced the new fuel type, states new LNG organization.
Accounting firm EY will evaluate whether Monjasa should have its Entrepreneur of the Year award from 2012 revoked. If this happens, the Danish company would join the ranks of IT Factory, which also had its prize revoked after a fraud scandal.
Monjasa is replacing its director of the Danish business, Ricky Kenbjerg. The business in Denmark has shrunk significantly after the group moved its headquarters to Dubai. The bunker industry is relieved that a name has finally been attached to the case.
Trading house Trafigura finished the financial year 2015/16 with a setback on the bottom line, though the low commodity prices boosted volumes. Trafigura points to continuing difficult market conditions and pressure on producers through 2017.
The dispute concerning a failed oil transport from West Africa to Europe is now continuing in Dubai where carrier d'Amico Shipping has filed a claim for close to one million dollars against bunker company Endofa. The case has previously been decided in London, but the carrier is pursuing a court ruling in the desert state.
More vessels have been caught with too much sulfur in their fuel this year than in 2015 when the sulfur requirements in Danish waters took effect, according to the relevant records. This number is still relatively low, says Denmark's Environmental Protection Agency.
The South Korean government will order a long line of vessels over the next two years in an effort to help the country's struggling shipbuilding sector. The orders will have a total value of more than USD 6 billion.
It is not worthwhile to install scrubbers on old vessels in an effort to comply with the sulfur cap which will take effect globally from 2020. This is according to a new report, writes Ship and Bunker.
Danfoss company IXA has launched a a new sensor which collects data and can thus monitor whether a vessel complies with the looming global sulfur cap set to take effect in 2020. The investment will not be costly for shipowners, says CEO Frank Hansen to ShippingWatch.
Norway's BW Offshore suffered setbacks across the board in the third quarter where oil and gas markets are still being kept down by a low oil price. The company has also announced a reverse share split to ensure its place on the Oslo Stock Exchange.
Maersk Line is one potential buyer in huge transaction rumored to be imminent in the container market. OPEC may be inching closer to a deal that would benefit tanker carriers. And the crisis deepens among supply carriers. Here are some of this week's top stories on ShippingWatch.
Shipping bank NordLB closed the first nine months of the year with a significant deficit, largely due to loans to the shipping sector. The bank projects a total loss for 2016 of more than EUR 1 billion.
The labor union representing employees at shipyard Hyundai Heavy Industries is threatening a full-fledged strike if management does not abandon its plan to split the group into six business units. The move will lead to major divestments, the union claims.
Bergen Group has been closely shaved to the point of being unrecognizable, but managed to book a small profit in the third quarter. The company's creditors have forgiven debt of approximately USD 21 million.
The battle over carriers' debt to OW Bunker may take a long time to be settled in the US. Two recent rulings contradict each other on the question of whether ING Bank can arrest vessels in order to demand repayment. Shipowners could end up waiting a long time for clarity.
DFDS delivered another strong quarterly result during the past week of financial reports from several carriers, Maersk got burned by its own restructuring, and both bulk and tanker saw more setbacks. These were just some of the top stories this week on ShippingWatch.
Shipbuilder Hyundai Heavy Industries will be split up into six independent businesses as part of the efforts to lower the company's debt and strengthen its finances. The move will improve competitiveness among the individual entities, says the group.
DVB was pulled into a deficit in the first nine months due in particular to its massive exposure to shipping and offshore. The bank has reduced its shipping portfolio slightly in 2016 and booked huge impairments on loans to the sector.
Polish-born Magda Kopczynska has taken the reins of the EU's maritime directorate. ShippingWatch has interviewed an unconventional director, who enjoys extreme ocean sailing, about spearheading maritime politics at a crucial stage.
South Korea's three largest shipyards are currently undergoing large-scale restructuring to survive the crisis in the industry. 3,000 employees have been forced to leave their positions at the yards in the third quarter alone, writes local media Korea Herald.
The biggest news this week was without doubt Donald Trump's victory in the US presidential election against Hillary Clinton, which came during a week also characterized by interim reports from tanker carriers and offshore players.
Norwegian shipbreaker Grieg Green plans to open a new facility to scrap vessels and offshore installations in India or Bangladesh where recycling of vessels will be performed responsibly, as in China and Turkey. Beaching will never be an acceptable method, CEO Petter Heier tells ShippingWatch.
German shipyard Flensburger Schiffbau-Gesellschaft (FSG) plans to save millions of euros through a large-scale cost savings plan which will include wage reductions and firings. The plan ensures full financing for the orderbook, which includes two RoRo vessels for DFDS.
Seven Seas has found its new CEO, Ole Gulsvik, from within the company's own ranks. He will work to ensure global growth for the supply company. A high ethical standard will become a competitive edge over time, Ole Gulsvik tells ShippingWatch.
Already two years from now, the first unmanned offshore vessel will be operational in the North Sea, states Kongsberg Maritime and Automated Ships, interviewed by ShippingWatch about challenges in regulation and insurance.
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
Several north German repair yards by the North Sea are forming a new alliance by the name of German Dry Docks Group with the intention of optimizing utilization of their docking facilities in Bremerhaven and Cuxhaven.
At least five people have died after an LPG vessel caught fire during dismantling at the Gadani shipbreaking facility in Pakistan. The same region was hit by an explosion on a tanker vessel back in November in which 26 people were killed.