Fredriksen's well company books major loss due to weak krone

A weak Norwegian krone hits well company Archer with a foreign exchange loss of USD 23.4 million. The bottom line also reveals a major deficit for the company, which is controlled by John Fredriksen.

by NIKLAS KRIGSLUND

John Fredriksen's well company Archer has seen a major foreign exchange rate loss due to the Norwegian krone's current weakness compared to the US dollar.

Already a subscriber?Log in here

Read the whole article

Get access for 7 days for free. No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

With your free trial you get:

Access all locked articles
Receive our daily newsletters
Access our app

Get full access for you and your coworkers

Start a free company trial today

John Fredriksen seeks heirs for several businesses
For subscribers
Archer gets five-year North Sea contract with Chevron
For subscribers

Sign up for our newsletter

Stay ahead of development by receiving our newsletter on the latest sector knowledge.

Newsletter terms

Front page now

Carriers

Singapore shipowners on green transition: Business comes first

Singapore Shipping Association (SSA) supports the IMO’s revised green transition requirements, but business will come first, says SSA President Caroline Yang in an interview with ShippingWatch.

For subscribers

To identify where the biggest savings can be made, Wärtsilä can create so-called digital twins of an existing vessel. | Foto: Sune Høegh, Mediaspektrum

Suppliers

Wärtsilä sees more carriers improving efficiency instead of switching fuel

For subscribers

The US Coast Guard is now mandated to investigate possible violations on foreign-flagged vessels in US waters. | Foto: Ben Margot/AP/Ritzau Scanpix

Container

US Coast Guard strengthens measures against violations on commercial ships

For subscribers

Tanker

Maersk Tankers moves into new segment with latest pool

For subscribers

MSC did not violate US law when it charged customers a congestion fee during the pandemic, according to a new ruling from the US Federal Maritime Commission (FMC). | Foto: Sina Schuldt/AP/Ritzau Scanpix

Container

MSC wins first case on congestion charge to customer

For subscribers

In connection with the christening of Maersk's first methanol-ready ship, the Laura Maersk, A.P. Moller Holding also established the company C2X which will contribute to producing three million tonnes of green methanol annually from 2030. | Foto: Steffen Trumpf/AP/Ritzau Scanpix

Regulation

Orders for LNG and methanol ships increased over summer

For subscribers

Typhoon closes 12 shipping routes off southern Taiwan
Local authorities expect the typhoon to hit Taiwan on Thursday, but large parts of traffic have already been shut down.
For subscribers
Small feeder ships headed for extinction in European market
The order book for new feeder vessels, especially the smaller ones, to the European market is almost non-existent, writes Alphaliner.
For subscribers
Maersk's new methanol venture moves forward with project by Suez Canal
C2X and the Egyptian government sign a framework agreement on the next steps for large-scale production of the green fuel in the country.
For subscribers
Three new cars stacked in one shipping container to reduce long waiting times
The major port company DP World and a Chinese car manufacturer have found a new way to put more cars in each container. This will reduce supply chain issues.
For subscribers
Liquidation company puts an end to crisis in North German shipping bank
EUR 4.7bn in non-performing loans from the former HSH Nordbank have now been sold by a public liquidation company that has cleaned up after the North German shipping crisis.
For subscribers
BW Group sells millions of shares in gas shipping company
In connection with the sale, the Singapore-based shipping group emphasizes that it remains confident in the LPG market.
For subscribers

Singapore shipowners on green transition: Business comes first

Singapore Shipping Association (SSA) supports the IMO’s revised green transition requirements, but business will come first, says SSA President Caroline Yang in an interview with ShippingWatch.

For subscribers

Container

MSC wins first case on congestion charge to customer

The ruling shows that the Swiss shipping company is not obliged to justify so-called congestion charges that it imposed on companies during the pandemic.

For subscribers

”The automotive industry has experienced significant changes and supply chain challenges in the last few years globally, and in Türkiye that ranged from microchip to RoRo capacity shortages. I’m proud that our team could implement an alternative solution,” says Rashid Abdulla, CEO of DP World Europe. | Foto: Casper Dalhoff/Ritzau Scanpix

Carriers

Three new cars stacked in one shipping container to reduce long waiting times

The major port company DP World and a Chinese car manufacturer have found a new way to put more cars in each container. This will reduce supply chain issues.

For subscribers

Tanker