The Danish bankruptcy court has declared the current trustee of a series of the Stadil family's bankrupt shipping companies disqualified to act in the matter. Law firm Bech-Bruun now takes over as trustee in the two estates.
US pressure on the shipping sector to halt trading with Venezuela has made several classification bureaus terminate agreements with tanker vessels. Insurance companies and flag states are also tightening requirements.
MPC Container Ships just held an extraordinary general assembly at which all proposals in the ongoing recapitalization were approved. The meeting is "an essential final step" in the process, says CEO Constantin Baack.
Three seafarers from a quarantined Uni-Tankers vessel have now tested negative for coronavirus and have left the hospital in Spain. The rest of the crew has been replaced, and the ship will be sanitized before it continues its voyage.
Hafnia continues its efforts to take over Ardmore, but the company is not preparing a new, improved offer for the competitor, says CEO Mikael Skov. He denies that Hafnia's offer is far too low, and he calls on shareholders to focus on the long-term benefits of merging the two companies.
Over a dozen maritime nations have agreed to declare seafarers key workers, giving them enhanced rights when crossing borders. The list includes countries such as Denmark, the Philippines, US, UK and Greece.
The administrator of Ocean Tankers points to two options for a restructuring of the tanker shipping company, which is part of the Lim family's business empire. Negotiations with the family will begin next week.
The shutdown of a factory in China meant that Maersk Container Industry produced 2,000 fewer reefer containers in February and March. Maersk Container Industry's Danish business booked black figures for 2019 but expects a decline in 2020.
Thursday evening, 12 countries promised to find a solution for the thousands of stranded seafarers around the world. The increasing international focus is positive, says Anne Steffensen, CEO of Danish Shipping. "But we also have to be honest and say that now is the time to act."
The world's stock-listed rig companies have debt totaling USD 37 billion and a market value of USD 2.3 billion, according to calculations made by Norwegian analyst Lukas Daul of ABG Sundal Collier. The banks need to make brutal decisions, he tells Dagens Næringsliv.
The container shipping lines' voiding of sailings in the third quarter is a clear indicator that the build-up to Christmas sales has not happened, says Lars Jensen, CEO of Sea-Intelligence Consulting. It will be at least 2021 before things turn around.
Maersk did not violate any rules when the shipping line out-flagged and scrapped four older ships in India, concludes the Danish Environmental Protection Agency after investigating the case since November 2019.