A complaint from the US Government Accountability Office has made Wallenius Wilhelmsen "look at the alternatives" in a large billion-dollar contract the car carrier has signed with the US Department of Defense. The complaint concerns the role played by the Department of Defense.
A new investigation concludes that a dangerous cargo that spoiled was likely the cause of the fire that broke out in the cargo hold of container ship Maersk Honam. Five seafarers were killed in the accident.
V.Group expands its partnership with Greek shipowner Costamare, which will add another 41 vessels to the ship management company's portfolio. Costamare's office in Shanghai will furthermore be integrated with V.Group's as part of the deal.
Finnish shipping company Viking Line, which competes with companies such as DFDS, is hit hard by the coronavirus crisis. Sales have gone down by more than 60 percent in the third quarter, and the Finnish government has stepped in with a state-backed loan to ensure liquidity.
Hydrogen looks like the best contender for ship fuel of the future, says Shell. The oil major's global head of shipping notes that other parts of the transport sector are also looking to hydrogen, which reduces costs related to infrastructure.
Credit rating bureau Moody's now has a more positive outlook for four European container lines, including Maersk, than it did prior to the coronavirus crisis. Things are looking different for the Asian carriers.
At an extraordinary general assembly, offshore ship operator Solstad has received approval for a rescue plan. CEO says the resolutions of the agreement, which has taken a year and a half to settle, "mark a new beginning for Solstad."
Norwegian ferry operator Fjord Line has canceled all sailings between Hirtshals in Denmark and Bergen and Langesund in Norway. "It's a dramatic situation," says Fjord Line, which cancels the sailings for the rest of the year.
The new management of Ocean Tankers, accountancy EY, estimates that the operator could run out of money soon, and therefore plans to return the company's fleet of nearly 150 chartered vessels to their owners.
Kuehne + Nagel has utilized a short-time scheme during the coronavirus crisis to lower the working time of some employees, this initiative saved the company costs totaling CHF 77 million. The bottom line grew despite a drop in revenue in the third quarter. Updated.
It cuts into US agricultural and forestry exporters' earnings when container lines do not sufficiently communicate when the exporters are able to drop off their containers at port terminals, reveals a survey by Agriculture Transportation Coalition.
Maersk Tankers CEO Christian Ingerslev explains why the first influential shipping companies call for the industry to embrace regional climate legislation. Bimco fears that this could undermine the IMO process, the organization tells ShippingWatch.
Drilling company Transocean has received a warning from the New York Stock Exchange, as the company's equity has been trading below USD 1 for a period of 30 days. The company now has six months to correct the price before its listing becomes at risk.