2019 was supposed to be the year in which shipping investors would finally profit from a low supply of vessels, new environmental regulations and economic growth. So far, things have not at all gone according to that plan. ShippingWatch takes a look at some of the benchmark shipping shares.
The dry bulk market was weaker in the first quarter of this year than the last, reports Pacific Basin. The second half of the quarter was, however, uplifting for smaller bulkers, says the shipping operator, which took delivery of three vessels in the first months of the year.
A voyage transporting fertilizer ended in disaster for ship M/V Cheshire, though the crew made it to safety. Stakeholders now call for clearer classification for cargoes consisting of ammonium nitrate fertilizer that can decompose and emit toxic gases.
Norwegian carrier Western Bulk Chartering's second quarter result went red after a profit in the same period last year. Owner Bulk Invest's bankruptcy and the weak dry bulk market are cited as reasons for the deficit.
Western Bulk Chartering, which was acquired by Norwegian shipowner Christian Sveaas in a controversial transaction in February this year, sees a tough dry bulk market ahead and is still impacted by the Bulk Invest bankruptcy earlier this year, according to the interim report.
The Group Executive VP of Western Bulk Chartering's key business unit has decided to step down after spending more than 15 years with the Norwegian dry bulk carrier. The resignation happened on friendly terms, according to ShippingWatch's sources.
When Kistefos Equity Operations took over Western Bulk Chartering from Bulk Invest, it all happened by the book, says CEO Jens Ismar in an interview with ShippingWatch. Kistefos had left the room while the board discussed the price and sale of Western Bulk Chartering, he says.
CEO of ABG Sundal Collier acquired more than two million shares in Bulk Invest while the negotiations for restructuring were taking place. The intention was to gain access to investing in Kistefos Equity Operations, he tells.
One of the first things the Bulk Invest bankruptcy estate's trustee will look into is the contested divestment of Western Bulk Chartering. Lawyer and partner Hårvard Wiker tells ShippingWatch which elements of the sale he plans to scrutinize.
The aftermath of the bankruptcy of Norwegian Bulk Invest is in full swing, and six Japanese shipowners continue to contest the sale of Western Bulk Chartering. All legal means will be used, say the shipowners through their attorney.
Suffering Norwegian dry bulk carrier, Bulk Invest - formerly Western Bulk - is openly assessing the consequences of a bankruptcy. Claims come to no less than USD 250 million. "We have a few weeks to find a solution," management writes.
Japanese shipowners who are creditors to struggling Bulk Invest are not pleased with the sale of Western Bulk Chartering and have filed an injunction against Bulk Invest. "We don't think they'll get anywhere with this," Bulk Invest CEO Jens Ismar tell ShippingWatch.
All executives have day-to-day jobs – and no one has his or her own office. At one of the world’s largest dry bulk operators, Oldendorff Carriers, things are markedly different than the shipping industry is used to.
Norwegian Golden Ocean made big impairments in the fourth quarter and booked a giant deficit for 2014. The weak market could send less robust dry bulk players tumbling down, and open up for consolidation possibilities, according to the carrier.