The biggest losers are not the oil companies themselves, but rather their subcontractors, who have spent years living large on the industry's enormous investment level, says Nordea in a assessment of the offshore sector published Monday, on a day when the oil price dropped even further, this time down to USD 68.
"The collapsing oil price has sent shock-waves through the stock market. A situation such as this has winners as well as losers. The obvious losers are the oil companies, which stand to make less money on the oil they extract from the underground. But the biggest losers are not the oil companies themselves, but rather their subcontractors," says the major Nordic bank.
Already a subscriber? Log in.
Read the whole article
Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.
- Access all locked articles
- Receive our daily newsletters
- Access our app
Get full access for you and your coworkers.
Start a free company trial todayMore from ShippingWatch
Safeen Feeders and Invictus Investments create dry bulk company
Safeen Feeders, a company under AD Ports Group, signs an agreement with Invictus Investment to create a new international dry bulk company.
Jan Dieleman has seen rates slide from above USD 70,000 last year to below USD 4,000 this year
Dry bulk spot rates have fallen dramatically throughout 2022 compared to the high levels seen last year, and there are no prospects of rates reaching the 2021 level any time soon, Cargill Ocean Transportation CEO Jan Dieleman tells ShippingWatch.
CMB chief acknowledges waning enthusiasm for green shift in shipping
Last year’s enthusiastic display in shipping regarding the green energy transition is harder to see now, after elevated costs and energy prices have stolen the spotlight, says chief executive of Belgian shipping group CMB Alexander Saverys to ShippingWatch.
Stormgeo will "add power" to Bunkermetric, also eyeing more tech acquisitions
With the sale to Alfa Laval-owned Stormgeo, bunker planning system Bunkermetric will be applied to thousands of ships. Now it’s about helping vessels navigate increasingly complex supply chains and environmental demands. The new owner is looking for more acquisitions.
Daewoo Shipbuilding makes deal with conglomerate on conditional sale
Shipbuilding group DSME has signed a memorandum of understanding with conglomerate Hanwha Group about a sale of Korea Development Bank’s 50-percent equity position, according to a news agency. The state-owned bank has previously stated that the yard ought to be sold quickly. Updated.
IT Specialist 
Student Assistant for Program Management 
Technical Superintendent 
Freight and Logistics Officer 
Fleet Manager 
Purchase & Logistics Manager based in Copenhagen 
Commercial Director - Europe