Navios Maritime books impairment on vessels
Navios Maritime Holdings impairs its fleet by USD 136 million. However, operations improved significantly in 2018, says chairman Angeliki Frangou.
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Navios Maritime Holdings impairs its fleet by USD 136 million. However, operations improved significantly in 2018, says chairman Angeliki Frangou.
The search team, which located Stellar Daisy's wreck a little under a week ago, has now found remains from some of the 22 crew who perished.
Golden Ocean booked a profit in the fourth quarter but is currently navigating in an uncertain dry bulk market, in which the Vale accident has made an impact. Sentiment is negative, says CEO Birgitte Vartdal.
Dry bulk vessel Stellar Daisy has been located at the bottom of the sea, 1,800 nautical miles west of Cape Town.
One of the world's largest commodity traders, Cargill, which operates more than 500 ships, has changed its view of 2019 radically within just a few months. Dry bulk demand could go negative this year for the first time in many years.
Hansa Heavy Lift will close down shop for good in March, the interim administrator tells ShippingWatch. The ship operator filed for insolvency in December 2018.
A deficit was turned into a profit in 2018 for dry bulk carrier Star Bulk. However, an impairment in connection with a ship sale dragged down the New York-listed carrier in the fourth quarter.
The search wrecked ship Stellar Daisy and its black box has begun. Last week, a vessel with several autonomous underwater vehicles set sail from South Africa in search of the wreck.
First, Norden said that the dry bulk market had pretty much collapsed in 2019. Now, Western Bulk CEO Jens Ismar says that "there are some fundamental question marks" about 2019.
Dry bulk could be heading for a new recession similar to the dramatic downturn in 2016, reads the pessimistic assessment of shipping professor Roar Os Ådland after a prolonged dip in the Baltic Bry Index.
Less than 11 months from now, J. Lauritzen will start to tank new low-sulfur fuel in order to ensure compliance with the new sulfur regulations. But the shipping company does not yet know how the new fuels will react.
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Norvic Shipping has appointed a new CFO. Chief Executive Peter Borup has been working on setting up a new management team since joining the carrier in mid-2018.
After more than 20 years abroad, first at Maersk and then Torvald Klaveness, Niels Josefen will return home to Denmark to serve as J. Lauritzen's new CEO of Lauritzen Bulkers. He expects that the carrier will already be able to land its first profit in bulk since 2010.
Dry bulk association Intercargo is pleased with the new rules for high-risk cargoes prone to liquefy under excessive humidity. But the risk remains extremely high, warns the industry association.
Norden has secured a 10-year agreement with Indian utility Sembcorp Energy India. The dry bulk carrier will supply coal to the energy company's power plants.
The dry bulk rates have been rattling down to such an extent that Norden's head of dry cargo, Christian Vinther Christensen, tells ShippingWatch that the market has "pretty much collapsed" in recent weeks. This downturn is the result of a toxic cocktail, he explains.
A tragic accident at a Brazilian mine operated by Vale which cost 84 lives has impacted the share price for Norwegian bulk carrier Golden Ocean. The company lost a fifth of its market value this week, reports Norwegian business daily Dagens Næringsliv.
Bimco and Braemar ACM both project that trade disputes and a weak balance weigh down the dry bulk market and the Baltic Dry extraordinarily. "Right now it's a strained market all around," Norvic Shipping CEO Peter Borup tells ShippingWatch.
Scorpio Bulkers has presented the first and much anticipated result of the major carriers of the global bulk sector. A net loss of USD 12.7 million for the full year 2018.
In connection with the Stellar Daisy shipwreck case, a South Korean court has rejected an arrest warrant request for a Korean Register surveyor issued by domestic authorities, informs the Korean Register.
A trusted employee in Chile entered long-term loss making contracts on behalf of Western Bulk, shows the company's 2018 financial report. The bulk company did, however, book a profit for the whole year.
South Korean authorities have sought an arrest order for the CEO and two former employees of Polaris Shipping, owner of shipwrecked bulk vessel Stellar Daisy. However, the court has rejected the request. Updated.
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