Frontline to raise USD 100 million for growth
Tanker operator Frontline wants to raise USD 100 million from share divestments. The funds will be used to expand business, among other things.
ShippingWatch
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Tanker operator Frontline wants to raise USD 100 million from share divestments. The funds will be used to expand business, among other things.
Panalpina's office in Luxembourg becomes the latest place where DSV makes cuts as part of its integration of the Swiss company. Negotiations with union have been ongoing for months and have reduced the number of layoffs.
The sanctions imposed on Venezuela could have far-reaching consequences if all the tanker ships that have called at one of the country's major ports in the past six months have to be pulled from the market, show numbers from Clarksons.
A global ban on fossil fuels could be one tool for achieving climate neutrality, says Danish Shipping Chair Jacob Meldgaard. However, it is a bit too early, he adds.
When DSV Panalpina negotiates future contracts with shipowners, among others, new climate targets will be a deciding factor. "This will be much more prominent than it has been previously," CEO Jens Bjørn Andersen tells ShippingWatch.
Maersk Broker reports a profit of DKK 43.4 million for 2019 compared to DKK 55 million the year before. The corona crisis generates considerable uncertainty as to the 2020 result, which is, however, expected to finish in line with last year.
11.6 percent of the global container fleet were inactive at the end of May. HMM in particular has many ships lying idle, reports analyst firm Alphaliner, which does point to signs of improvement.
Four tanker ships with ties to Greece have been blacklisted by the US for sailing with oil from Venezuela. According to a ship database, the ships are ultimately controlled by several well-known Greek shipowners.
CMA CGM must be CO2-neutral by 2050, says CEO Rodolphe Saadé. As such, one of the world's largest container shipping lines follows in the footsteps of Maersk.
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DSV Panalpina now commits to fixed climate targets in 2030. Subcontractors play a significant part here, as shipping companies, among others, must deliver a 30 percent reduction.
While product tanker rates have been exceptionally high and have given Hafnia a record result, the company's stock has gone down 35 percent since the turn of the year. "Disappointing," says CEO Mikael Skov, who believes that there is only one way to change this.
Singapore-based X-Press Feeders foresees a dive in activities and has scaled down its fleet by up to 20 percent to address the impact of the coronavirus. In the long term, growth ambitions remain intact, COO Francis Goh tells Shippingwatch.
Strained offshore ship operator Solstad Offshore has secured support from its bondholders for a rescue plan. John Fredriksen and Kjell Inge Røkke have both pledged to subscribe to shares, though the former's position will be reduced.
Maersk CEO Søren Skou was very outspoken in his criticism of the state aid awarded to the container liner's former collaborator HMM, but Skou declines to comment on CMA CGM's state aid. Danish Shipping, however, sent ShippingWatch a comment on the matter of its own accord.
A growing number of tanker ships are queuing off the coast of China's busiest ports, waiting to offload crude oil to the country's refineries. China's demand for oil in May was almost back to levels seen prior to the coronavirus outbreak.
The number of capesize vessels scrapped in the first quarter is already about surpass the full year 2019. Golden Ocean expects that more will be scrapped this year. However, an improvement in rates is expected to slow the scope of scrapping, according to Bimco.
South Korea's three major shipyards have signed a billion-dollar deal with Qatar to reserve capacity to build more than 100 LNG vessels in the coming years.
Denmark's maritime interest group Danish Shipping has a clear ambition to become climate-neutral in 30 years. The entire domestic shipping cluster thereby falls in line with Maersk.
ShippingWatch will be closed on Monday, June 1, due to a bank holiday.
Thorco bought a lot of ships from its rivals after the financial crisis. But the market never recovered, and now the gamble has resulted in bankruptcies, large claims and a loss of DKK 1 billion. There was no other way out, says Thor Stadil, who has stepped down as chairman.
Finland as well as South Korea are ready with large-scale bailout packages to the countries' shipping companies and yards, which are hit by the coronavirus crisis.
John Fredriksen's gas carrier Flex LNG saw its deficit grow in the first quarter compared to the same period last year, when two factors in particular characterized the market.
Former Euronav CEO Paddy Rodgers gets a seat on the board of directors of major ship manager V.Group.
Australia's Maritime Safety Authority has detained a container vessel from shipping company APL after the ship lost at least 40 containers in the waters off Sydney. The authority is currently inspecting the vessel.
DFDS has been approved for wage compensation totaling almost USD 6 million during the coronavirus crisis, in which the shipping company had to send employees home and pull several ships from operations. Other maritime companies are also on the list.
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