Singapore lawyer: Showdown underway after oil collapse

The drop in oil price has obliterated the foundation for numerous contracts, particularly in the offshore sector. But who will book the losses? This showdown has now begun, a Singapore-based shipping lawyer tells ShippingWatch.

BY TENNA SCHOER

SINGAPORE

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

Oil crisis triggers upwards of 260 layoffs in ABB
For subscribers
Goldman Sachs: Oil could reach USD 20 per barrel
For subscribers
Oil major fires 10 percent of its employees
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

Logistics

French DB Schenker rival aims to close "white spots" on the world map

Systematic acquisitions are aiming at turning state-owned French logistics company Geodis into a fully global player.

For subscribers

Container

"I just don't understand what they will do with all the conventional ships"

For subscribers

In recent months, the group has bunkered biofuels for everything from cruise and ferry companies to container ships. | Photo: Roslan Rahman/AFP/Ritzau Scanpix

Ports

Bunker Holding is now able to supply biofuel to 80 ports

For subscribers

The ownership of the rail operator must be shared equally with the Global Infrastructure Partners (GIP). | Foto: Max Rossi/Reuters/Ritzau Scanpix

Logistics

MSC acquires 50 percent of Italian railway company

For subscribers

Unifeeder expects the two new vessels to be delivered in 2026. | Foto: Pr / Unifeeder

Carriers

Unifeeder invests in new methanol-ready vessels

For subscribers

In August, Cargill International tested a new wind-powered ship. Now, in a joint development project with Lloyds Register and others, the commodities company is launching a new kamsarmax dry cargo ship that can run on methanol and wind power. | Foto: Cargill Bulgaria/Reuters/Ritzau Scanpix

Carriers

Lloyd's Register and partners have designed environmentally friendly bulk carrier

For subscribers

US dockworkers union files for bankruptcy after prolonged dispute
The bankruptcy comes in connection with a lawsuit with the port company ICTSI, which sued the union after labor strikes back in 2019.
For subscribers
Norway considers denying suspicious tankers access to its ports
Norway will impose a number of the same sanctions against Russia imposed by EU earlier this year.
For subscribers
Panama Canal once again limits the daily number of ships
The downward adjustment of the daily number of ships allowed to pass through the canal is done in order not to further exacerbate the water crisis.
For subscribers
Aker Solutions, Subsea 7 and SLB creates new joint venture
The new joint venture will have two headquarters in Oslo and in Houston.
For subscribers
Wärtsilä to introduce ammonia engine: "We are definitely not a bottleneck"
The Finnish company, like several other engine manufacturers, is on the verge of launching its first ammonia engine and is currently negotiating with several shipping companies.
For subscribers
Will the world come to need 12 million barrels of oil a day?
In a forecast, Jyske Bank predicts that the world will be hit by an oil shortage by 2030. A halt to new oil projects makes it worse.
For subscribers

"I just don't understand what they will do with all the conventional ships"

The equivalent of 1.6 million teu of container ships have been delivered in 2023. Next year it will be 3 million teu raising one question in particular, according to Alphaliner’s senior analyst.

For subscribers

Logistics

French DB Schenker rival aims to close "white spots" on the world map

Systematic acquisitions are aiming at turning state-owned French logistics company Geodis into a fully global player.

For subscribers

Logistics

MSC acquires 50 percent of Italian railway company

The major container carrier recently acquired a stake in the Spanish railway company Renfe and is now following suit with an ownership stake in the Italian rail operator Italo.

For subscribers

The price will determine whether the sale of DB Schenker will go through, sources tell DPA. | Foto: Marvin Ibo G'ng'r/AP/Ritzau Scanpix

Logistics

Media: Sale of DB Schenker enters next phase

After a long period of scrutiny, Deutsche Bahn is ready to pursue a sale of the major freight forwarder DB Schenker, report German media.

For subscribers

Ports

Bunker Holding is now able to supply biofuel to 80 ports

New climate measures for shipping are paving the way for Bunker Holding to take an important position as a supplier of biofuel to ports around the world.

For subscribers

Carriers