The offshore shipping companies are renegotiating contracts on a large scale. In some cases rates in the North Sea are reduced by one third, estimates broker Clarksons Platou in an interview with ShippingWatch.
2020 could end up as a highly toxic combination of what the dry bulk sector experienced in 2009, with an all-time low demand, and a 2016 in which there were far too many ships, according to ominous report.
Germany becomes the first major European nation to announce a state aid package to help kick-start the country's economy after the coronavirus crisis. EUR 1 billion are earmarked for the shipping sector and EUR 9 billion for hydrogen production.
Rig operator Borr Drilling has reached an agreement with its lenders and yards, which ensures the company's operations until mid-2022. The deal includes postponement of the delivery of five rigs by two years.
HMM Algeciras, which can carry close to 24,000 containers, this week arrived to Europe from China on its maiden voyage. The ship arrived in Rotterdam on Wednesday and will continue to Hamburg on Saturday.
Scorpio-controlled Hermitage Offshore has launched negotiations with its lenders and casts doubts on its future as a going concern. The offshore ship operator reports a new million-dollar deficit for the first quarter.
Navigare Capital Partners does not expect to be hit significantly by the coronavirus crisis, as the fleet has been secured on long-term contracts that last throughout 2020. And the investment plan is also more or less intact, says CEO Henrik Ramskov.
The future of 150 furloughed Total employees in Denmark is at the center of meetings currently held between the oil company and its key contractor Muehlhan, says the company's managing director, who aims to limit the impact.
Panalpina's office in Luxembourg becomes the latest place where DSV makes cuts as part of its integration of the Swiss company. Negotiations with union have been ongoing for months and have reduced the number of layoffs.
Nordic Shipholding is still negotiating with an unidentified company on a potential merger. The corona crisis and economic uncertainty have made the conditions tougher, but Chair Knud Pontoppidan is confident the firm will succeed.
Ship management company OSM Maritime has settled a deal with Kristian Gerhard Jebsens Skibsrederi to take over operation of 37 ships. And several of the shipowner's employees will move to OSM in a newly established subsidiary in Bergen.
The EU Commission expects to finish its review of the merger between two of South Korea's biggest shipbuilders in September. The previous deadline was in June, but it was exceeded due to the coronavirus.
Major Norwegian oil field Johan Sverdrup will in June produce markedly smaller amounts of oil per day than hitherto seen as part of Norway's efforts to lower the nation's oil production, reports local media citing Bloomberg.
When DSV Panalpina negotiates future contracts with shipowners, among others, new climate targets will be a deciding factor. "This will be much more prominent than it has been previously," CEO Jens Bjørn Andersen tells ShippingWatch.
The sanctions imposed on Venezuela could have far-reaching consequences if all the tanker ships that have called at one of the country's major ports in the past six months have to be pulled from the market, show numbers from Clarksons.