2021 has started with continuing weak markets and high fuel costs for Odfjell. This is expected to impact results in the first quarter, where the company expects to bag a weaker result. 2020 finished with significant bottom line growth.
Product and chemical tanker operator Team Tankers gives up its ambitions to spearhead consolidation in the tanker market. Instead, the shipping company could be sold to a bigger player in 2021, says chairman.
E&S Tankers, the new pool venture between Essberger and Stolt Nielsen, plans to invest around USD 200 million in new ships that can increase efficiency by 25-30 percent, says CEO Jan Eghøj in an interview with ShippingWatch.
A strong chemical tanker market boosted Odfjell's result significantly in the second quarter of the year. The virus outbreak has yet to have a noticeable effect on the shipping company's financial results, even though it is cause for uncertainty.
Hans Feringa has for four years been working to merge Team Tankers with other players in the market. Twice he had to give up shortly before the finish line. He speaks to ShippingWatch about a process that wound taking more than four years.
Chemical and product tanker operator Team Tankers reports a small bottom line profit for the first quarter, in which the shipping company entered deals with Maersk Tankers and V.Group. The deals provide more flexibility for more divestments and investments, according to CEO.
MOL Nordic Tankers incurs a loss for the third consecutive year. 2019 was off to a weaker start than expected, and the market recovery was disappointing, management writes. The company has changed its name again.
Chemical tanker rates increased 25 percent in 2019. Still, there is some way to go before Odfjell's CEO would call the market sustainable. Seven years of feet-dragging are noticeable, he tells ShippingWatch. And now another black swan has emerged.
The boom in the tanker market could mean that pure-play chemical tanker operators once more get their market to themselves, says the CEO of Stolt-Nielsen, which published its results for 2019 on Thursday.
Lower volumes transported by chemical tanker ships hurt Odfjell's earnings, says CEO Kristian Mørch. He projects improvements in the fourth quarter, as customers, among other factors, seem prepared to pay more in relation to the IMO's sulfur regulations.
While competitor Stolt-Nielsen says that it will be sometime in 2020 before a meaningful recovery emerges in chemical tanker, CEO Kristian Mørch and Odfjell feel that things are already looking better now. "We're seeing all the right things," Mørch tells ShippingWatch.
Shipping group Stolt-Nielsen has put it plans on pursuing an independent listing of its tanker shipping company on hold for now. Investor interest in shipping is a significant reason, CFO tells ShippingWatch.
A "definitive upturn" in the chemical tanker market has yet to materialize, believes Stolt-Nielsen, which books a lower profit for the second quarter than for the same quarter the year prior. The company just secured a number of refinancing agreements.
Team Tankers and CEO Hans Feringa point to positive trends for the chemical tanker market in the second half of this year and up into next year. The company booked another deficit in the first quarter.
Odfjell CEO Kristian Mørch stubbornly insists that the chemical tanker market will now recover, even though he made similar predictions throughout 2018, a year that ended with the company's largest deficit in a decade. ShippingWatch has interviewed him.
2018 was unable to keep up with the growth rates previously seen for chemical tanker cargoes, according to a report from Shipsfocus. Several shipping companies believe the strained market may have bottomed out last year.
Navig8 Chemical Tankers sells four ships to state-owned Chinese bank ICBC. The transaction is a leasing agreement in which the company will lease the ships from the bank and is obligated to buy them back when their contracts expire.
MOL Chemical Tankers has now completed its acquisition of Nordic Tankers from equity fund Triton. The sale means that the chemical tanker shipping company will now operate under the name MOL Nordic Tankers.