Western Bulk finished the first half of the year with a smaller deficit than last year, but the Norwegian dry bulk operator was still hit hard by the coronavirus pandemic in the second quarter. The company is cautiously optimistic about the rest of 2020.
In the slightly longer term, Concordia Maritime CEO Kim Ullman projects that the product tanker market will enter a period with a healthy balance that benefits the shipping companies, he tells ShippingWatch.
Søren Skou, CEO of the world's biggest container line Maersk, thinks three basic concepts create and define a skilled business leader. Hard work is only the third-most important.
Lim Oon Kuin, founder of bankrupt oil trading group Hin Leong Trading, has on Friday been charged with fraud at a court in Singapore, informs the country's police. Investigation of the founder's role in several cases continues.
Many feared that container lines would take a massive hit from the coronavirus crisis in the spring. But at German Hapag-Lloyd, the opposite happened. Part of the reason is help from a collapse in oil prices, CEO Rolf Habben Jansen tells ShippingWatch.
Singapore's High Court has appointed a new management for four subsidiaries under the Lim family's company Xihe Holding. The court has thus complied with the wish of bank OCBC.
The low oil price and the coronavirus outbreak made the first half of the year challenging for Swedish offshore shipping company Viking Supply Ships. There is considerable uncertainty in the market, writes the company.
Norden and Diamond S Shipping entered a large-scale strategic partnership earlier this summer for 28 tanker vessels. The vast majority of these have now been delivered as part of the venture.
The coronavirus pandemic hit volumes hard in the first half of the year, but Hapag-Lloyd still managed to increase earnings significantly. According to CEO, the virus outbreak continues to create "increased uncertainty".
Product tanker shipping company Concordia Maritime reports significant growth on the bottom line in the second quarter. For the rest of 2020, the shipping company and CEO Kim Ullman are preparing for lower rates and more subdued demand.
Tanker has long been the sector in which most vessels have already or are slated to be equipped with a scrubber. But the container segment overtook the tanker segment on that score in early July, shows new analysis.
Teekay Corporation, which covers Teekay Tankers and Teekay LNG Partners, turned a first quarter deficit into a profit for the second quarter. The biggest challenge created by the coronavirus is crew changes, says CEO Kenneth Hvid.
In a challenging period for the dry bulk market, Tor Olav Trøim's dry bulk operator 2020 Bulkers was able to deliver a million dollar profit. Following delivery of the last of a total of eight vessels, the company's focus is now to create returns for its investors.
The Japanese dry bulk vessel that has spilled nearly 1,000 tons oil into the waters off the coast of Mauritius is now almost empty, the country's prime minister and the owner of the vessel said Wednesday.
The US has published a video which allegedly shows how Iranian naval forces boarded a tanker vessel in international waters in the Strait of Hormuz.
It only had a marginal effect on the world's largest tonnage provider within the container industry, Seaspan, that shipping companies have returned vessels to owners in an effort to minimize the effects of the coronavirus crisis, the company's interim report reveals.
DFDS Chief Executive Torben Carlsen says that he is "pleased" with the second quarter despite a big setback in revenue as well as bottom line. Improved prospects does not change the fact that 650 employees must leave the company.
Product tanker rode a booming recovery in the spring,which is reflected in the interim reports. The market looks weaker going forward, and the threat from the pandemic is far from over. ShippingWatch has interviewed Italian d'Amico, which is not yet part of the consolidation in the sector.
Singapore's tanker shipping company Xihe leaves the technical management of its 16 vessels to V.Group, the two companies confirm. The shipping company is trying, among other things, to free itself from the collapsed Hin Leong group.
Hapag-Lloyd and CMA CGM have returned to the container terminal in the Port of Beirut following the huge explosion last week. The terminal only incurred minor damages.
South Korean HMM books a profit of USD 28 million for the second quarter, which is largely due to the partnership in The Alliance, the company writes. The coronavirus continues to create uncertainty.
Shipping and logistics company DFDS' revenue as well as profit dropped significantly in the second quarter. Meanwhile, the company adjusts its 2020 guidance. "Our outlook is improved," says CEO Torben Carlsen.
Product tanker shipping company Maersk Tankers appoints a new CCO, who will take on the position from Oct. 1. She has several years of experience from the telecommunications industry.
The International Chamber of Shipping declines to comment on whether the sector's climate targets should be increased. Instead, the association, together with World Shipping Council, calls for billions of dollars to be used for research.
Half-year reports from the first five pace-setting dry bulk shipping companies show a combined deficit of USD 600 million, thus reflecting a depressed market in the spring. Now a significant turnaround is needed to ensure the sector even a decent 2020.
Experienced accountant / accounting manager - Navision Group
Head of Finance for International Shipping Company - J. Lauritzen
Operations Manager - MOL Chemical Tankers
Head of IT - Copenhagen - Clipper Bulk
