As high-flying as the end of 2019 was, as suddenly the tanker market has plunged in early 2020. Frontline CEO Robert Hvide Macleod says it at times has felt like "a horror movie". But the shipping company is still making money in today's market, he notes.
Former J. Lauritzen CEO Torben Janholt steps down as chief executive of Greek dry bulk operator Pioneer Marine, which he has headed since 2017. COO takes over.
Strained Norwegian offshore shipping company Solstad Offshore lost a little over NOK 1 billion in the fourth quarter of 2019, pushing the year's combined deficit to NOK 2.9 billion.
Consultancy firm Drewry outlines three possible scenarios for how the coronavirus could develop and impact global trade, and thus the container sector. They range from optimism to a worst-case scenario that could have severe consequences.
If Maersk wants to maintain its credit rating, the shipping line cannot use more than one billion dollars on acquisitions in the next two years, projects analyst firm. CEO Søren Skou says that acquisitions may not put rating at risk.
The banks' exit from shipping has created a hole in the market for new lenders such as Breakwater Capital, which bets on values such as trust and deep knowledge of the sector. Shipowners need continuity and security in an insecure world, says CEO.
John Fredriksen's drilling company Seadrill finished 2019 with a new deficit, pushing its combined loss for the year to USD 1.2 billion. CEO expects improvements in 2020, even though "the pace of the recovery has slowed" at the start of the year.
Logistics major Kuehne + Nagel increased its number of transported containers in 2019 by 3.6 percent, shows its annual report Thursday. The next step is growth in Asia, says chairman.
Danish Ship Finance has incurred a major loss from its investments in 2019, cutting a significant portion off the final result. The cause is real estate owners' massive conversions of mortgage bonds.
Pacific Basin finished 2019 with an operating profit, and the shipping company is preparing for uncertainties related to the coronavirus. But the company is equipped for the turbulence, says CEO Mats Berglund.
Bo Cerup-Simonsen, one of the driving forces behind Maersk's Triple-E series, will return to Maersk a few days from now. He will be part of the team tasked with implementing the shipping line's CO2 strategy.
There are increasingly fewer vessels in the German ship register. However, Germany remains the fifth-largest shipping nation, but it should look to other EU countries regarding one area in particular, urges Ralf Nagel, CEO of the German Shipowners' Association.
Frontline's net earnings came to USD 108.8 million in the fourth quarter 2019, the highest result in more than 11 years. 2020 has started off well, but the coronavirus outbreak creates uncertainty, says CEO Robert Hvide Macleod.
Higher rates pushed Avance Gas' earnings up in the fourth quarter. According to the shipping company, the IMO's sulfur cap has helped ensure that the strong freight market continues into 2020.
Bunker Holding will lead the charge in consolidating the bunker market, says an analyst with extensive knowledge of the market. He points to a competitor with a for-sale sign as an obvious target for the bunker group.
Chemical tanker rates increased 25 percent in 2019. Still, there is some way to go before Odfjell's CEO would call the market sustainable. Seven years of feet-dragging are noticeable, he tells ShippingWatch. And now another black swan has emerged.
Maersk has secured a new credit facility worth 5 billion dollars. The new arrangement is linked to whether Maersk realizes its emission reduction targets.
US-based dry bulk carrier Genco Shipping plans to sell a total of 25 ships as part of the company's plan to rejuvenate its fleet. Most recently, the shipping company announced that it intends to sell all its handysize vessels.
The Maersk group burned less bunker fuel oil in 2019, lowering the group's overall carbon footprint as a direct result.
A subsidiary of shipping line Wilson Offshore, previously named A1 Offshore, has been sued for bankruptcy by a former co-owner. The company is surprised by the development.
Growing rates helped increase Flex LNG's top and bottom line in the fourth quarter of 2019, says CEO in the financial report.
Maersk Chairman Jim Hagemann Snabe's total pay package is significantly larger than that of other chairs among the 25 most traded companies in Denmark – much to the astonishment of several pension investors.
There is still no scientific clarification in the matter concerning washwater from scrubbers, which has created a lot of debate in the sector. A work group has several recommendations for member states of the IMO's Marine Environment Protection Committee.
Maersk has decided that employees who have traveled to South Korea or parts of northern Italy must work from home for a period of 14 days.
The price difference between chartering a container ship equipped with a scrubber and chartering one without one is now so big that analyst firm Alphaliner describes the market as being split into two tiers.
Business intelligence analyst - Clipper
Stowage Planner at Royal Arctic Line
Financial Accountant - Trithorn Bulk
Competent & experienced Supramax brokers - Arrow Shipbroking Group
