The third quarter looks set to be more difficult for Norway's Stolt-Nielsen, which has implemented several measures aimed at cutting costs, and the company has also just bolstered its liquidity by issuing bonds.
Selfinvest, the parent company of United Shipping & Trading Co., USTC, delivers a record result for 2019/2020 with a profit of DKK 1 billion before taxes. Prospects for the coming year are more uncertain.
A ship owned by tanker operator DHT Holdings was so delayed that the customer has torn up the time-charter contract. On the other hand, DHT can be pleased with a new two-year contract with an oil company.
USTC-owned product tanker operator Uni-Tankers delivers a significantly improved result for the year 2019/2020 compared to the year before. The shipping company is considering investing in new ships that pollute less.
Several banks and an oil company have made claims on Hin Leong's oil cargoes, reports Reuters. There are doubts about the ownership, as Hin Leong has been seeking financing for cargoes that did not exist.
The alleged fraud at Singapore-based Hin Leong Trading has definitively killed off the oil trading company, which is seen as having no possibilities of an independent future, according to an accountant report, writes Reuters.
Hafnia describes Norden's new partnership with Diamond S as an important step in consolidating the product tanker market. Hafnia also says the company is headed into a new market segment in a partnership with an unnamed player.
Developments in recent days have shown that Maersk Tankers is not alone in looking to add ships to its pools. Even though Norden bagged its partnership with Diamond S, the ambition remains intact, CEO Christian M. Inglerslev tells ShippingWatch.
New technology and digitalization in shipping are often used incorrectly or end up being a stress factor for officers, a new report from Danish university Aarhus University concludes based on data from eight vessels. At worst, it may lead to accidents.
Several Danish product tanker ship operators as well as one in London were vying for a tender from Diamond S for a strategic partnership for 28 MR ships, ShippingWatch has learned. Norden considers the victory a result of a previous arrangement with Diamond S and eyes big prospects.
The upswing in the first half of 2020 has been so strong that Maersk Tankers CEO Christian M. Ingerslev is confident in a better result for the entire year compared to 2019. However, the market will decline before long, he tells ShippingWatch in an interview.