Thursday’s board election at tanker operator Euronav may determine the fate of the large-scale merger with Frontline. The newly elected board will have to reconfirm the merger, states Euronav CEO to ShippingWatch.
Shanghai, which has been shut down for weeks and caused chaos in logistics chains, is heading for a gradual return to normal. But it could take significantly longer before container traffic sees stability return, says shipping analyst.
The technology available for carriers currently fits freight ships better than ferries, according to DFDS. The carrier thus expects to launch ’green’ freight vessels first and will soon choose which fuel to bank on, says top exec.
South Korean container line HMM follows the trend of European competitors, which have already presented their first-quarter financials. Revenue doubled in a significant surge.
The EU Parliament wants to establish a major fund compensating shipping’s carbon quota expenses, but Danish Shipping warns against forgetting those who have already invested in green solutions.
Tanker carriers Euronav and Frontline, which are planning to merge, have different climate targets at present. Frontline is doing well within ESG but doesn’t sufficiently communicate its results, Euronav CEO tells ShippingWatch.
The container market upswing has entailed significantly more boxes on the market, and according to Sea-Intelligence, there will possibly be far too many once the market returns to normal.
The HHLA terminal in Odesa is closed due to the war in Ukraine and has caused a drop in container throughput at the German port operator’s international terminals. However, the company’s business did improve in the first quarter.
Elevated oil prices will lead to multi-year surges in the investments of the oil and gas industry, forecasts hotel rig firm Prosafe, which books a positive operating result for the year’s first quarter in the wake of increased activity.
Bimco estimates that Russian coal could be on its way to India as the country’s coal inventories reach critical levels. Trade is expected to accelerate especially as of mid-August, when the EU’s ban on Russian coal imports will have come into full force.
The container market has peaked after a long period with extraordinarily high freight rates, assesses Hapag-Lloyd. But this doesn’t make the German carrier doubt the durability of its long contracts, says CEO Rolf Habben Jansen to ShippingWatch.
Rig company Maersk Drilling is in the process of settling the final details with US-based Noble prior to their merger. CEO Jørn Madsen tells ShippingWatch about the work still to be done.
A majority of the EU Parliament wants to send income from CO2 quotas back into shipping. ”The important thing is that the money [...] will not be gone but given back,” states central German negotiator to ShippingWatch. ECSA supports the proposal.
Container carrier ONE tells ShippingWatch that more than 100 container vessels are queued up outside Shanghai, where Covid lockdowns have caused chaotic supply chain conditions.
Tanker carrier Euronav reduced its deficit in the first quarter. The company, which is proposed to merge with Frontline, is seeing a strengthening in freight rates.
The world’s largest provider of container ships, Seaspan, has a fleet, or has ordered ships for its fleet amounting to a capacity approaching 2 million teu, according to the financial report of its parent company.
Green transformation demands in shipping make Pacific Basin partner up with Japanese industry groups on development of zero-emission dry bulk vessels.
Last year’s improvements at Scan Global Logistics continued in the first quarter, prompting the logistics firm to up its outlook for 2022’s operating result. Meanwhile, the company confirms a potential ownership change.
Wind service operator Eneti, which last year completed its exit from dry bulk to focus on offshore wind, books black first-quarter figures.
When Covid was at its highest in 2020, up to 400,000 seafarers were stranded on their ships, unable to return home. Repercussions of this crew crisis may be long term, also for safety onboard vessels, forecasts new report.
The ShippingWatch newsletter will return on May 16 following an extended weekend due to a bank holiday.
Rig company Maersk Drilling, which is set to merge with US company Noble, saw its revenue decrease in the first quarter. The company maintains expectations.
The container line reports an extraordinary start to 2022, with an operating result of USD 5.3bn in the first quarter. CEO Rolf Habben Jansen also expects a strong second quarter, although there have been initial signs that the market has peaked.
Shanghai’s lockdown intensifies pressure on supply chains. The uncertain market is an ”extreme challenge,” says CEO from logistics company NTG. Hapag-Lloyd only brings half of the usual freight volumes out of the major Chinese city.
Ferry operator DFDS benefits from competitor P&O Ferries’ crisis, significantly increasing its traffic on the English Channel. And the P&O crisis might provide DFDS with other advantages, says CEO Torben Carlsen.
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