Pressure on profits forces oil majors to the banks
The world's major energy companies, such as Dutch Shell, are forced to either divest assets or go to the bank, as their profits from regular operations are under pressure, according to several media.
BY TOMAS KRISTIANSEN
The first half of 2014 could have been better for the world's major oil and gas companies. Declining profits have forced many of the companies to slow down their investment programs, and this has in turn hurt the subcontractors.
Hafnia, Torm, Norden and Scorpio Tankers have seen big profits this year in a strong tanker market, which has been highly affected by Russia’s war in Ukraine. The carriers are now sending record-high dividends out to stakeholders.