The effects of the coronavirus outbreak have only just started to affect the multipurpose and heavy lift markets in earnest, at a time when operators are already looking into an offshore market that all but vanished overnight. All eyes are on one market in particular.
The world's fifth-largest multipurpose carrier AAL eyes three major challenges for the sector in the next couple of years. The shipping company increased its presence in Europe before the summer and is now ready to grow more in the region, CEO Kyriacos Panayides tells ShippingWatch.
The prospects for struggling owners and operators of multipurpose vessels are intertwined with especially dry bulk vessels which have poor hopes of higher rates anytime before the end of 2017, according to Drewry.
In December, the two major Dutch banks ING and ABN Amro forced the first large-scale consolidation through in the ailing multipurpose sector. Now the market is waiting on what the banks will do next in the German hub for specialized vessels. Drewry eyes slight improvement in late 2017.
Two of Germany's large and struggling lenders to shipping, NordLB and Bremer Landesbank, have 15 percent of their loans, EUR 2.7 billion, at stake in the collapsed multi-purpose and heavy lift industry.
The decision from major bank ING to stop financing the multi-purpose group Flinter is a premonition of what is yet to come for owners and operators in the suffering specialized bulk sector, predict sources to ShippingWatch.
While the competition keeps talking about the crisis, BBC Chartering projects another positive result this year, a fact the company has kept to itself so far. One of the carrier's strengths is the many offices working closely together, the Managing Director for Asia tells ShippingWatch.
The market for multipurpose vessels is hit hard by the dry bulk downturn, which has sent the struggling bulk vessels looking for cargoes outside their traditional segments. A much-needed recovery for multipurpose vessels will come in late 2017 at the earliest, writes Drewry.
Norden has for the first time transported wind turbines from South Korea to the US. "We have the ambition and the skills to enter a new area of business," says Ejner Bonderup, Executive VP and Head of Dry Cargo Department at Norden.
At a point where other segments are starting to cannibalize Thorco’s MPP market, the Danish carrier was presented with an opportunity so interesting that it decided to buy 5 newer ships, Thorco's CEO tells ShippingWatch.
Group CEO i Clipper, Gary Vogel, fratræder med øjeblikkelig virkning. For nylig fratrådte Kristian Mørch, og nu overtager bestyrelsesformand Frank G. Jensen ansvaret for den daglige ledelse i Clipper Group.
Container fylder i dag omkring 35 procent af shippingporteføljen hos den tyske bank NordLB. Det skal tilpasses markedssituationen, siger Oliver Faak, Head of Ship Finance, til ShippingWatch. "Vi er stadig lidt for tunge på containere."
Short contracts in the multipurpose market, a big and variable fleet and an intact organization. This is the recipe from Thorco Shipping's CEO Thomas Mikkelsen, facing what seems to be the perfect storm in multipurpose and dry bulk going forward, as he explains in an interview with ShippingWatch.
Korte kontrakter i multipurpose-markedet, en stor og variabel flåde og en intakt organisation. Det er opskriften fra Thorco Shippings CEO, Thomas Mikkelsen, forud for noget, der ligner den perfekte storm i multipurpose og tørlast flere år frem. Det fortæller han i et interview med ShippingWatch.
Thor Stadil og Christian Stadil ydede gennem Thornico-koncernen et lån på 38 mio. dollars til Thorco Shipping, der i 2014 kom ud med et nettounderskud på knap 20 mio. dollars eller ca. 130 mio. kroner.
Tab på egne skibe og et fuldstændig kollapset marked for store tunge løft har givet Thorco Shipping store økonomiske øretæver i 2014. "Heavy lift-markedet er værre nu end i 2014," siger bestyrelsesformand Thor Stadil til ShippingWatch.
Danske J. Poulsen fik et underskud på fem mio. kr. i 2014 og venter plus i år, selvom multipurposemarkedet er dårligt og fortsat presses af alt for mange skibe, siger CEO Anders F. Poulsen til ShippingWatch.